Energy Transitions Commission (ETC) Urges Government and Industry Collaboration to Overcome Perceptions of Offshore Wind Energy 'in Crisis' [Yahoo! Finance]
IBERDROLA SA S/ADR (IBDRY)
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Source: Yahoo! Finance
Sector , highlights the need for governments and the offshore wind industry to join forces to restore confidence in the market, drive down costs and accelerate the clean energy transition. The ETC's membership includes offshore wind industry players: bp, Iberdrola, Octopus Energy, Petronas, Shell, SSE, and Vattenfall. Offshore wind is already delivering large-scale clean electricity at a competitive cost around the world. In Western Europe , costs fell 60% between 2015-2022. Installations are growing rapidly. From 2015 to 2023, global capacity has expanded sixfold from 12 to 74 GW, already producing energy for around 90 million households, and with vast potential to scale further. But in 2022-2023, inflation, supply chain bottlenecks, and higher interest rates led to rising offshore wind costs in some markets. A perceived offshore wind "crisis" ensued, in the UK and US markets in particular, as many projects and contracts were cancelled. While increases were significant, they're
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