• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 5 hours Oil prices going Up? NO!
  • 15 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 14 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 19 hours Oil prices going down
  • 1 hour Saudi Arabia turns to solar
  • 22 hours Could oil demand collapse rapidly? Yup, sure could.
  • 2 days Oil Buyers Club
  • 2 days Gazprom Exports to EU Hit Record
  • 6 hours Are Electric Vehicles Really Better For The Environment?
  • 13 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 6 hours Kenya Eyes 200+ Oil Wells
  • 21 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 days Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 2 days Could Venezuela become a net oil importer?
  • 21 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 12 hours OPEC soap opera daily update
Precise Consultants

Precise Consultants

’Precise Consultants is a London based technical recruitment consultancy that supplies specialist personnel to the offshore oil and energy industry. The company was founded by…

More Info

Trending Discussions

The Winners Of 2017’s Renewable Revolution

Wind

2017 was a great year for the world of offshore wind power. Here’s a recap of what we saw, and a look at what’s ahead.

“A New Era in UK Energy”

One of the most significant points in the calendar came in September, when energy from offshore wind became cheaper to generate than energy from nuclear power stations.

Even more impressive was the fact that this occurred so quickly. When companies were awarded contracts to generate power in 2021–22, the price to produce was £74.75 per MWh. The companies that received contracts to produce power in 2022–23 were getting subsidies of £57.60. To contrast, EDF Energy got contracts to build Hinkley C, which stood at £92.50.

RenewableUK’s Hugh McNeal called the breakthrough astounding. “Record-breaking cost reductions like the ones achieved by offshore wind are unprecedented for large energy infrastructure,” he said.

It’s thanks to the technological advances that have created bigger turbines and higher voltage cables, as well as the abilities of wind farms to be increasingly situated in deep water. Prices have merrily slid to 47 percent lower than they were just two and a half years ago, when the last competitive auction results came out.

As Michael Grubb, professor of international energy and climate change policy at University College London said, this “confirm(s) a new era in UK energy.”

The Ørsted Revolution

This year, we said goodbye to what was DONG Energy and hello to Ørsted.

Related: Oil Prices Steady After EIA Reports Crude Draw

This signaled the completion of the company’s evolution from Danish Oil and Natural Gas to one now divested of its entire oil and natural gas business. It is now a renewable energy company working toward a world that runs entirely on renewable energy. As they state on their website, they had become “too green for our name”. New business cards had to be ordered.

Ørsted CEO Henrik Poulsen proclaimed, "It has never been more clear that it is possible to create a world that runs entirely on green energy. The time is now right for us to change our name to demonstrate that we want to help create such a world."

And in case you’re scratching your head at what Ørsted stands for, this is where it comes from: “As of 6 November, we become Ørsted, named after the Danish scientist Hans Christian Ørsted. In 1820, he discovered electromagnetism, which helped lay the foundation for the way we produce power today. His curiosity, dedication and interest in nature are essential to creating a world that runs entirely on green energy.”

To boldly go where no wind farm has gone before...

This year, we also saw the world’s first floating wind energy project become operational—the 30 MW Hywind farm park offshore Peterhead in Aberdeenshire. This has been closely watched by the industry, which is keen to discover whether it’s possible for floating farms to scale up, and costs to come down, just as they have for farms that don’t float.

This could be a game changer by meeting not only existing demand but also open up new markets in the U.S. and Japan. It was developed by Statoil, which is already working on its next large-scale project, though the final destination hasn’t yet been decided. The company is confident that floating wind farms will deliver the same benefits to costs as conventional wind farms have done in the recent past.

New World Catches Up with Old World

More good wind news as this banner year for wind closes, and a promising new one begins… Related: Venezuela To Launch Oil-Backed Petro Cryptocurrency Within Days

In October, New York Lieutenant Governor Kathy Hocul declared: “New York intends to be the preeminent global hub for the next generation of the wind industry. Offshore wind is essential to meeting New York’s ambitious energy goal and developing 2400 MW of offshore wind will generate thousands of jobs in our state.”

There’s a good reason for the U.S.’s growing appreciation of offshore wind power: “I’m pretty shocked with all the cost reduction developments we’re seeing by the Danish, the Dutch, the Germans,” said Stephanie McClellan, a wind power expert at the University of Delaware.  “Everything is moving in the right direction.”

By reminding ourselves of the plan in place for three states (New York, Rhode Island and Massachusetts) to develop farms with eight GW of offshore wind capacity by 2030, it’s hard not to be impressed.

And It’s not just limited to those states. As Cleantechnica reports, Offshore wind is also a hot topic in Maryland, California, and other coastal states. “You can feel the urgency to harness this new ocean energy resource coming from states and businesses competing to be first movers,” said Tom Kiernan, CEO of AWEA. “Unlocking America’s vast offshore wind potential will reliably deliver large amounts of clean power, grow jobs, and cement American energy dominance.”

By Precise Consultants

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News