Investment Cost of Wind and Solar Energy Storage Power
Investing in wind and solar energy storage power stations requires balancing technology choices, policy frameworks, and geographic conditions. With costs declining and efficiency rising, now
More than $30 billion in investment has been put on hold as at least 10 offshore wind projects in the US and Europe experience delays, according to The Wall Street Journal. Developers of onshore and offshore wind projects are facing rising costs, but offshore investments are bearing the brunt of the current industry challenges.
Back when project outgoings were lower, many wind farm developers entered into long-term agreements to sell electricity at low fixed prices. Soaring costs mean these electricity prices are now unviable. Soaring costs are causing some offshore wind projects to be delayed or halted. Image: Unsplash/timusic
“Offshore wind developers are not going to invest if project economics don't work,” Rebecca Williams, Head of Offshore Wind at trade group the Global Wind Energy Council told the Financial Times.
Developers of onshore and offshore wind projects are facing rising costs, but offshore investments are bearing the brunt of the current industry challenges. So, what exactly is happening, why is it important, and what needs to happen to safeguard this vital part of the global energy transition and keep the turbines of tomorrow turning?
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