The precipitous drop in the cost of offshore wind in recent years – as is now increasingly being recognised in the wider industrial world – has moved this once-marginal power source into position as a main engine for the global Energy Transition.

The levellised cost of energy (LCOE) reductions seen in 2017 and 2018 were truly spectacular. Auctions for offshore wind farms in the UK, Germany, the Netherlands and Denmark yielded results that would have been unimaginable only a few years earlier.