Oil and fuel companies personal simply 7% of world floating offshore wind initiatives within the pipeline, in accordance with evaluation.
Westwood International Power Group has been monitoring the worldwide outlook for put in capability by 2030, protecting key sectors together with South Korea, Norway and the UK.
Senior analyst Peter Lloyd-Williams mentioned: “Though oil and fuel builders are getting into the floating wind market, they’re at present making safer bets by directing the vast majority of their offshore wind funding in fixed-bottom initiatives.”
Talking on a webinar earlier this month, he added: “ oil and fuel firms, though their involvement can help the floating wind market to develop because of their expertise with floating platforms within the oil and fuel sector, it’s price noting that almost all of their capability shares make up solely 7% of the full international floating wind pipeline that we’re at present monitoring.”
That’s regardless of Massive Oil taking sizeable stakes in initiatives for the ScotWind leasing spherical final yr, a lot of that are floating developments.
Nearly all of possession – 72% – of the worldwide initiatives tracked by Westwood are made up by “new entrants” within the general market, who don’t have any fixed-bottom or floating initiatives below building or operation.
Westwood mentioned the rest of the fairness is managed by operational and EPCI stakeholders (21%).
By 2030, Mr Lloyd-Williams’ evaluation positioned South Korea within the lead with put in capability of 2GW, adopted by Norway (round 1.6GW) and China (round 1.3GW).
Following which can be France, Portugal and the UK across the 500MW mark.
Westwood highlighted in its presentation the latest INTOG leasing spherical within the North Sea.
The “TOG” aspect of that is the most important of its sort globally, with a possible 5GW to be put in for offshore wind to energy oil and fuel platforms within the sector, relying on how most of the 9 initiatives rise up and operating.
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