57 innovations that will reduce the cost of electricity from European offshore wind farms
This report is an update of a previous report published by InnoEnergy in 2016 and uses the same input data. The analysis has been expanded, extended and updated, including via fresh engagement with industry. The purpose of this report is to document the cost of energy for offshore wind projects reaching financial investment decision (FID) up to 2030, by modelling the impact of a range of technical innovations and other effects including financing and supply chain impacts. More than 50 technology innovations were identified as having the potential to cause a substantial reduction in LCOE through a change in the design of hardware, software or process. In this report, InnoEnergy extends the temporal horizon of the previous offshore wind study to 2030 and increases the turbine capacity to 10MW to look at longer-term trends in the innovation pathways. All these analyses contribute to the InnoEnergy DELPHOS online cost of energy tool.