Ocean winds have the potential to meet all electrical needs in Europe, the United States, and China, and by the last IEA report, thousands of billions will be invested by 2040. We can also provide opportunities for the Norwegian supplier industry.
This was stated in the agency's recent report from the IEA in Offshore Wind Outlook 2019, which is part of the larger and more comprehensive "energy bible" of the World Energy Outlook in November.
According to the IEA, by 2040 the offshore wind market could be greater than fifteen times today, and could invest $ 1,000 billion ($ 9.1 billion). It is the size of the entire Norwegian Oil Fund.
The trend stems from falling costs and political support. In the last decade, the technology has generated huge money from nearly two megawatts of turbines, from the US GE to the world's largest 12-megawatt turbines, which Equinor and SSE said they will use in the huge Doggerbanken project.
“In the last decade, technological innovations have changed the rules of the energy system by reducing costs: the shale revolution and the rise of solar cells, Fatih says IEA head Fatih Birol.
– Ocean winds have the potential to do the same thing in the form of significant cost reductions.
According to IEA, the best areas for offshore wind can contribute more to globally generated electricity. The organization has measured wind resources in shallow water globally up to 36,000 terawatt hours (TWh), and today's global electricity consumption is 23,000 TWh.
"By moving further into deep water, floating turbines can trigger enough potential to meet 11 times the world's total electricity demand by 2040," the IEA says.
Although only part of it is exploited, it means that offshore wind can be a much more important factor in moving forward in the global power supply.
Equinor and SSE prefer GE to a giant project: to use the world's largest turbines
There are 11 million wind turbines in Europe: – Potential absurd large
Sees money in the sea breeze
Norwegian players have also found that there are large sums of money for offshore wind power in this market:
– Great potential
The Norwegian Equator was also early to launch offshore wind turbines with the Hywind concept, and the IEA emphasizes, among others, that this year the company has been approved to develop a project of about 200 megawatts outside the Canary Islands.
The IEA believes that this can provide enormous benefits in the future. According to the IEA, liquid ocean winds help to significantly increase the potential, and in theory, ocean winds alone can meet all the power requirements for key markets such as Europe, the United States and Japan several times.
– Birol says ocean wind currently provides only 0.3 percent of global electricity production, but the potential is enormous.
He sees great business opportunities for oil and gas suppliers to use their expertise in overseas operations. According to the agency, it is a $ 400 billion ($ 3,600 billion) market in Europe and China over the next 20 years.
Over the next five years, 150 new sea wind projects are planned worldwide.
Has a European leadership
In Europe, the sea wind accelerated for the first time. Today, this form of energy has reached a capacity of about 20 gigawatts or 20,000 megawatts. But much more is being developed and parks are growing in size.
The largest Danish Danish project to date is Hornsea, the British project of over 1,200 megawatts of Ørsted. Given the 4,000 operating hours per year, this project alone will provide approximately five terawatt hours of electricity generation (TWh), and probably the operating time is much higher. Norway's total annual electricity generation is around 145 TWh.
According to the IEA, Europe's capacity has reached 130,000 megawatts by 2040, given the right political framework conditions. If the region achieves its climate targets, capacity can reach 180,000 megawatts and make offshore winds the largest power source in Europe greater than coal, gas and nuclear power.
In the IEA report, in addition to hydrogen production from offshore wind, capacity can be "significantly higher".
Aker Solutions invests in a giant overseas wind project in Korea
China and USA
Outside Europe, China is concerned about offshore wind, and as early as 2025, the country will take over Britain's leadership in offshore wind capacity.
According to the IEA, China today is expected to increase the capacity of the Hornsea 1 project to 90 times from 110,000 megawatts from 4,000 megawatt sea wind levels to 2040. Potentially, China has reached 170,000 megawatts.
The US also began developing offshore wind projects. The Norwegian Equator won the right to expand the Empire Wind project to $ 25 billion.
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