Offshore wind FIDs imminent after slow start to 2024

Offshore staff

LOWESTOFT, UK — Last year the global offshore wind sector commissioned 7 GW of new capacity and added a further 592 MW during the current quarter, according to TGS’s latest Market Overview Report, supported by 4C Offshore market intelligence.

The new additions include

• Vattenfall’s 344-MW Vesterhav Nord/Syd offshore Denmark;
• Ørsted’s 132-MW South Fork, the first commercial-scale project in the US;
• The 112-MW Ishikari Bay New Port project in Japan; and
• China’s 4-MW Longyuan Nanri Island floater.

TGS foresees a steep increase in corporate power purchase agreements this year, with close to 1 GW of offshore wind capacity already transacted through long-term contracts.

In the Asia-Pacific region, India has initiated its first offshore wind tender in Tamil Nadu, while Taiwan has been reviewing its environmental impact assessment process.

So far this year no new investment decisions have been announced, although some are thought to be imminent.

3/21/2024