Wind power set records in 2023, but offshore projects lagged behind

[JACK AYLMER]

NEVER BEFORE IN HISTORY HAS SO MUCH POTENTIAL WIND POWER BEEN UNLOCKED.

2023 WAS A BANNER YEAR FOR THE INDUSTRY, AS THE PLANET’S WIND POWER CAPACITY SURGED BY A RECORD 50 PERCENT.

THE RESULTING ENERGY FROM THAT INCREASE IS ENOUGH TO POWER NEARLY 90 MILLION HOMES.

54 COUNTRIES CONTRIBUTED TO LAST YEAR’S WIND POWER EXPANSION, WITH CHINA ALONE ACCOUNTING FOR ALMOST TWO THIRDS OF THE TOTAL.

BUT DESPITE THIS RAPID BUILD UP OF RENEWABLES, THERE WAS STILL A GOOD AMOUNT OF WIND ENERGY THAT WAS LEFT ON THE TABLE IN 2023.

OFFSHORE WIND PROJECTS ULTIMATELY LAGGED BEHIND THE SUCCESS SEEN BY THEIR LAND BASED COUNTERPARTS.

ALONG THE U.S. EAST COAST, HUNDREDS OF MILLIONS OF DOLLARS WORTH OF THESE INITIATIVES WERE EITHER DELAYED OR CANCELED ALTOGETHER.

THE AFFECTED PROJECTS ACCOUNTED FOR MORE THAN A FIFTH OF THE POWER THE BIDEN ADMINISTRATION HAD BEEN HOPING TO PRODUCE FROM OFFSHORE WIND FARMS BY 2030.

THIS HAS BEEN ATTRIBUTED TO rising COSTS AMONG THE MATERIALS NEEDED TO BUILD THESE TURBINES IN THE SEA.

AS A RESULT, THE PREVIOUSLY AGREED UPON CONTRACTS TO BUILD THEM no longer make financial sense. 

HOWEVER, EXPERTS AT S&P GLOBAL BELIEVE THESE STRUGGLES WILL SUBSIDE COME NEXT YEAR.

THEY EXPECT OFFSHORE WIND TO EXPERIENCE A TURNAROUND

-POTENTIALLY MORE THAN DOUBLING THE NUMBER OF TURBINES CURRENTLY SPINNING OFF THE EAST COAST.

THIS WILL HELP CONTRIBUTE TO EVEN GREATER ANNUAL EXPANSIONS OF WIND POWER IN THE COMING YEARS.

BLOWING AWAY PREVIOUS TOTALS.

BY 2025, THE WORLD IS EXPECTED TO SEE EVEN MORE WIND ENERGY OPTIONS ADDED THAN IT DID DURING A RECORD SETTING 2023.