For the first time, robust, industry-validated forecasts of full-life costs were presented in our report “Offshore wind: Forecasts of future costs and benefits”. It contained a detailed analysis of the wide range of economic and environmental benefits of offshore wind. This significantly informed the industry-government dialogue about offshore wind and helped to harmonise diverse views by bringing together available evidence in one informative, credible and clear report.
To extend the scope of its influence, RenewableUK invited tenders for what was at the time ground-breaking analysis of the economics of offshore wind, to be entitled “Offshore wind: Forecasts of future costs and benefits”.
BVG Associates won the right to prepare a report that modelled the whole-life costs of offshore wind, producing forecasts out to 2022. The purpose was to provide a reference document for use by Government, industry, investors and the public. The analysis considered industry learning rates and the physical parameters of projects such as water depth and distance from shore as well as turbine and rotor size to calculate likely changes in offshore wind CAPEX, OPEX and cost of energy between 2011 and 2022.
It is available to download on our publications page.