Floating wind power gains traction but can it set sail?

After a bumper year for floating offshore wind farm tenders, the nascent industry is poised for explosive growth in the coming decade as countries strive to cut their carbon emissions.

But it's unlikely to be all plain sailing.

Rising costs and supply chain bottlenecks have hit some projects and without investment in infrastructure to launch the vast turbines and tow them to sea, hopes of harnessing the full power of the ocean's winds to hit climate targets could be dashed, industry experts say.

"If the next decade is to see the adoption of floating offshore wind, and its growth into a leading market, the work that we do in 2023 will dictate just how successful this is," said Felipe Cornago, commercial director offshore wind at BayWa (BYWGnx.DE), which is developing a wind farm off Scotland.

About 80% of the world's offshore wind power potential lies in waters deeper than 60 meters, according to the Global Wind Energy Council (GWEC), meaning floating turbines will be vital for some countries with little space left on land and steep coastal shelves to decarbonize their power sectors.

Winds are stronger and more continuous further out to sea so floating turbines can generate more power than those fixed to the seabed near to shore - and they less visible from the coast, reducing the risk of resistance from local communities.

By the end of 2022, plans for about 48 gigawatts (GW) of floating wind capacity around the world were in place, nearly double the amount in the first quarter last year, according to Fitch Solutions, with European companies driving the expansion.

Since then, new tenders have been launched in Norway and more are planned this year - but so far there are only just over 120 megawatts (MW) in operation worldwide.

Consultancy DNV forecasts that about 300 GW will be installed by 2050, representing 15% of all offshore wind capacity, but wind turbine makers are already struggling to meet rising demand due to rising inflation and raw material costs.


Reuters