Post by IntelStor

Global #offshorewind energy cost of energy vs non-renewable sources from the IntelStor - The Future of Renewables #marketresearch report. The levelized cost of energy (LCOE) for offshore wind has shown the same aggressive cost reductions over the past 25 years that are prevalent in solar PV and onshore wind as well. While this can be attributed in part to economies of scale, there is a reduction of more than 50% in the past 15 years alone. More recently, the average LCOE has gone well below US$100 / MWhr partly driven by China removing federal subsidies in 2021 and setting the technology on course for “cost parity” with coal, onshore wind and solar PV in their electricity markets. Onshore wind has the potential to achieve a LCOE that would be within 25 - 35% that of onshore wind with continued scale. This will be mainly due to further improvements in construction techniques that can lower CapEx cost as well as better O&M practices. Buy online access to the report content today at https://lnkd.in/eJfXigW7