Offshore wind power costs will drop by 15% by 2022

International Energy Newsletter: The British Industrial Group Renewable Energy Company issued a new report on July 4, 2011, stating that in the next 10 years, the cost of offshore wind power in the UK will fall by 15% and may drop by as much as one third.

Based on the assumption that the installed capacity of offshore wind power generation is 30 GW by 2022 and in-depth research using more than 67 projects of consulting group BVG, the report shows that under the most favorable conditions, energy costs may drop to 0.10 pounds by 2022 /kWh, although the cost is close to 0.12 pounds / kWh is also more likely. Future offshore wind farms will increasingly be built farther and deeper offshore. Looking into the future, it is very likely that the costs will continue to follow through to 2022 during this period.

In the foreseeable future, the United Kingdom is likely to be the largest market for offshore wind power, with a total investment of nearly 50 GW for these projects.

Large-scale deployment of offshore wind power in the UK will bring great benefits, including up to 60 billion pounds (100 billion US dollars) of industrial development, and in 2011 and 2022 will further increase government revenue 14 billion pounds (22.4 billion US dollars). At the same time, CO2 emissions can be reduced by up to 800 million tons during the same period.

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