• 3 minutes China's aggression is changing the nature of sovereignty.
  • 8 minutes Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 9 minutes US oil facts
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 hours Europe gas market -how it started how its going
  • 8 hours Amazing!...see article: "Turkmenistan To Close "Gates Of Hell" Gas Fire" by Irina Slav
  • 2 days Russia oil production live month after month starting from November 2021 - official stats from Rosstat agency
  • 2 days Is $100 Crude Bad For US Shale? That's what Oil CEOs Say
  • 2 days Nuclear power in Russia
  • 3 days Сryptocurrency predictions
Europe's Gas Crisis Eases Slightly

Europe's Gas Crisis Eases Slightly

Europe has had a warmer…

Natural Gas Prices Spike On Colder Weather

Natural Gas Prices Spike On Colder Weather

The East Coast is experiencing…

Europe Offshore Wind Power Gets US$15 Billion Boost In H2 2016

New investment in offshore wind energy in Europe saw a spike of EUR14 billion, the equivalent of US$15.4 billion, in the first half of 2016, although a decline in the industry may be ahead.

According to WindEurope, there were seven projects that reached a final investment decision in the period. Three-quarters of the new investments came from the United Kingdom, which at the same time has been experiencing a serious decline in the solar power segment.

WindEurope CEO Giles Dickson commented: “The record investment numbers show a clear industry commitment to offshore wind. We expect installations will pick up significantly in 2017 but there are a lot of challenges out there still on offshore wind. Not least the uncertainty over future volumes and regulation in many key markets for the period after 2020. We’re a long way from being able to say job done on offshore wind.” He added that while the costs for offshore wind energy are falling, the industry will still require “healthy volumes in the market” to keep the industry sustained.

Dickson explained that the number of projects currently in the pipeline is not enough, and that the commitment to offshore wind by the member states beyond the year 2020 is short of what the European wind industry needs. He added that while Europe is number one at present, the United States and China are working to expand their investments in the field.

He noted that should the trend continue Europe might lose its competitive position in the market. According to Dickson, Europe currently has 90% of the world’s wind capacity. WindEurope’s website notes that in June, the energy ministers of nine countries in Europe signed a “Memorandum of Understanding and Work Programme” which would enhance their countries’ cooperation in offshore wind development. Eleven energy companies signed a pledge to reduce the cost of offshore wind to below EUR80/MWh by the year 2025.

By Lincoln Brown for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News