The European Offshore Wind Industry - Key Trends and Statistics 2014

Report

Title: The European Offshore Wind Industry - Key Trends and Statistics 2014
Publication Date:
January 01, 2015
Pages: 25

Document Access

Website: External Link
Attachment: Access File
(2 MB)

Citation

Corbetta, G.; Ho, A.; Guillet, J.; Pineda, I. (2015). The European Offshore Wind Industry - Key Trends and Statistics 2014. Report by European Wind Energy Association (EWEA). pp 25.
Abstract: 

Offshore wind power market in 2014

  • 408 new offshore wind turbines in nine wind farms and one demonstration project, worth between €4.2 billion and €5.9 billion, were fully grid connected between 1 January and 31 December 2014. The new capacity totals 1,483.3 MW - 5.34% less than in 2013;
  • 536 turbines were erected during 2014, an average of 5.9 MW per day. 373 of these turbines are awaiting grid connection;
  • Work is on-going on 12 projects.

 

Cumulative offshore wind power market

  • 2,488 turbines are now installed and grid connected, making a cumulative total of 8,045.3 MW in 74 wind farms in 11 European countries;
  • 78.8% of substructures are monopiles, 10.4% are gravity foundations, jackets account for 4.7%, tripods account for 4.1%, and tripiles account for 1.9%;
  • There are also two full-scale grid-connected floating turbines.

 

Market outlook for 2015 and 2016

  • Once completed, the 12 offshore projects currently under construction will increase installed capacity by a further 2.9 GW, bringing the cumulative capacity in Europe to 10.9 GW.

 

Trends: turbines, foundations, water depth and distance to shore

  • The average offshore wind turbine size was 3.7 MW, slightly less than in 2013 due to the increased proportion of installation of the Siemens 3.6 MW wind turbines;
  • The average size of a grid-connected offshore wind farm in 2014 was 368 MW, 24.1% less than the previous year. This is the result of the 2013 completion of the record breaking London Array (630 MW);
  • The average water depth of wind farms completed, or partially completed, in 2014 was 22.4 metres (m) and the average distance to shore was 32.9 km.

 

Financing highlights and developments

  • Project finance is increasingly becoming an important tool in financing offshore wind. The industry raised €3.14 billion of non-recourse debt in 2014 – the highest ever level reached in the industry;
  • Nearly half of the final investment decisions made in 2014 were billion-euro projects, in total 2,323 MW of new gross capacity was financed;
  • Partnerships are becoming a key to success, and as liquidity is back in the financial markets, developers will be more likely to align their interests with those of potential investors.
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