Floating offshore wind has significant potential to contribute to the UK’s future energy security, but realising that potential will require coordinated efforts to reduce costs and move towards greater competitiveness with other forms of electricity generation.
Government and industry want to build on our early success in the floating offshore wind sector to support growth and jobs across the UK, and enhance our energy security through home grown, clean power. As we invest to develop the technology, we can only ensure the long-term growth of floating wind is sustainable by making sure it is affordable for consumers.
This report is a major step forward in our understanding of what will drive cost reductions within floating wind. What ORE Catapult has laid out, with support from the Floating Wind Centre of Excellence and FLOWEX, is a clear, evidence based methodology for assessing cost reduction in the sector, one that is the first of its kind for the industry.
Importantly, the findings give us confidence in the direction of travel. They demonstrate that through the deployment of FOW there are credible opportunities for substantial cost reduction. Learning from the lessons of fixed offshore wind and other renewables, the findings provide a clearer basis for understanding how the technology can move towards cost
competitiveness with other large-scale, low carbon power sources.
By making the methodology and modelling for the Cost Reduction Monitoring Framework (CRMF) available now, this report will enable all interested parties to use this as a foundation to explore the questions most relevant to them.
There is still significant work ahead for floating offshore wind, but this analysis gives us good reason for optimism. We now have a stronger foundation for understanding the route to lower
costs, and through the CRMF, we will have a way to demonstrate progress as the industry develops.
SARAH JAMES
FLOWEX Co-Chair
Director of Renewable Electricity, Department for
Energy Security and Net Zero
TARA SINGH
FLOWEX Co-Chair
CEO, RenewableUK
