Global offshore wind investment faces a period of tremendous opportunity, but also immense challenges. In the more established northern European markets, many new projects continue to be developed, with nine European countries having recently pledged to multiply the capacity of offshore wind farms in the North Sea eight fold by 2050. However, rising inflation and capital costs and wider supply chain issues create concurrent uncertainty for these established markets.
In the Americas, the industry is building momentum on the East Coast of the USA, and new frontiers are coming forwards on the West Coast of the USA and in Canada. The Asia Pacific region also has great potential, with governments setting ambitious targets in markets such as Taiwan and Japan and progress beginning in newer markets such as Australia and Brazil.
Our Global Offshore Wind report examines the potential in key markets across eleven jurisdictions globally. The report also contains a focus chapter on floating offshore wind, the rapidly maturing technology that the potential to transform the offshore wind sector.
Global offshore wind: Australia
Technical studies have shown that Australia has some of the best wind resources in the world, with the ability to support 2,000 GW of power.
Global offshore wind: Belgium
With nine operational offshore wind farms, Belgium is amongst Europe’s leading offshore wind markets and is the 4th largest offshore wind energy producer globally behind the UK, Germany and China.
Global offshore wind: Canada
Canada has great potential for offshore wind development due to the quality resources on its coasts and offshore, however no offshore wind has been built to date.
Global offshore wind: France
Norton Rose Fulbright has a very attractive practice, both in France and globally.
Global offshore wind: Germany
By the end of 2022, more than 1,500 offshore wind turbines (with a total capacity of about 8 GW) were connected to the grid in Germany.
Global offshore wind: Japan
The renewable energy sector in Japan has been rapidly growing since the Government introduced the feed-in tariff (FIT) program in July 2012.
Global offshore wind: Poland
To date, there are no operational offshore wind projects along the Polish coast of the Baltic Sea.
Global offshore wind: Taiwan
The offshore wind market in Taiwan is in its infancy but is developing rapidly.
Global offshore wind: UK
The UK remains a world leader in offshore wind, accounting for roughly 20 percent of global offshore wind capacity, with 11.3 GW operational. It is forecast that installed capacity will rise to 19.5 GW by mid 2020s.
Global offshore wind: US
The Block Island Wind Farm, the first operating offshore wind project in the US, started commercial operations in 2016. This US$360m, 30 MW project is located in Rhode Island state waters within three nautical miles offshore.
UK Energy Act 2023: Merger control and competition law changes
On 26 October 2023, the Energy Act 2023 (Energy Act), the largest piece of primary energy legislation in over a decade, received Royal Assent and became law. The breadth of the Energy Act is impressive, covering areas such as energy infrastructure, energy efficiency, regulation of nascent technologies such as CCUS and hydrogen production and strengthening the regulatory landscape around more established sectors including offshore wind and oil and gas.
UK Energy Act 2023: Environmental commitments for offshore wind
On 26 October 2023, the Energy Act 2023 (the Act), the largest piece of primary energy legislation in over a decade, received Royal Assent and became law.
Client Alert: The European Commission has released its Wind Power Action Plan
The European Commission (EC) has just published a European Wind Power package including a Wind Power Action Plan, which aims at helping the European wind industry navigate the current challenging cont...
EU scales up green subsidies: How to benefit from support for clean investments
On March 9, 2023, the European Commission (EC) adopted changes to its State aid framework to support its “Green Deal Industrial Plan for the Net-Zero Age” (the Net Zero Plan) presented in February 2023. The Net Zero Plan is part of the European Green Deal, which aims to make Europe the world’s first climate-neutral continent by 2050.
Revenue stacking: Getting the balance right for fixed-bottom offshore wind
The offshore wind sector is in the midst of a turbulent period, driven by increased construction costs, project delays, supply chain constraints and market uncertainties.
New EPBC Act Key Factors Guidance for Australia’s Offshore Wind Industry
Swiftly following the declaration of an area in the Pacific Ocean off the Hunter as suitable for offshore renewables development and the proposal to declare an area in the Southern Ocean.
Offshore wind power in Greece
The introduction of a workable regulatory framework to harness the offshore wind potential of the Greek Seas has been in the works for quite some time.
Developing offshore wind energy in India
In June 2022, it was reported that India’s Ministry of New and Renewable Energy (MNRE) would open bids for offshore wind energy blocks.
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