The costs of offshore wind development can be reduced to below €80/MWh (£61.6/MWh) by 2025.
That’s the claim of a joint statement signed by 11 energy companies. Their estimate includes the cost of connecting the projects to the grid.
The companies; Adwen, EDPR, Eneco, E.ON, GE, Iberdrola, MHI Vestas, RWE, Siemens, Statoil and Vattenfall, added the sector will be fully competitive within a decade.
The sector is “on track” to achieve its cost reduction targets and will be an essential technology in Europe’s energy security and decarbonisation goals, they added.
The firms insist the price reduction target is only possible with a stable, long-term market for renewables in Europe and they call on EU policymakers to work together to set clear laws to give investors confidence in investing in offshore wind projects.
They added: “If the offshore industry is to realise its cost reduction goals, a strong pipeline of projects is needed to scale up offshore deployment and identify efficiencies in the supply chain.
“Policymakers at European and national level must set out clear visions for the industry after 2020 with robust laws that give investors peace of mind and visibility well into the future. Renewables such as offshore wind are steadily displacing conventional forms of power generation.
“As costs come down rapidly, the wind industry continues to meet its commitments. We now urge Europe’s governments to work together to ensure offshore wind can be central to the continent’s energy mix in the years to come.”