Emerging offshore wind market in Northern and Eastern Europe are set to benefit from both domestic and external developments, resulting in a likely addition of 4.4GW in new capacity by 2027, Wood Mackenzie’s MAKE Consulting forecasts in a new report.

“Plummeting strike prices have made offshore wind emerge as an attractive substitute across markets in Northern and Eastern Europe, which look to curb greenhouse gas emission, enhance energy security, and avert the risk of a generation deficit,” the researchers say.

The report encompasses Ireland, Norway, Sweden, Finland, Poland, and the Baltic states of Lithuania, Latvia, and Estonia.

Of those, only Sweden and Finland already have operating wind parks, albeit with a relatively small volume, while Norway has floating offshore pilot.

Poland’s offshore sector could be the most promising for the early 2020’s as the government currently is mulling amending its renewables legislation to make first offshore wind tenders possible.

The low strike prices in established offshore markets in Europe and the growing competition in emerging markets such as Taiwan and the US have increased the attractiveness of the emerging offshore markets in Northern and Eastern Europe for offshore developers, MAKE reckons.

Wind

Emerging European markets to add 4.4GW offshore by 2027: MAKE