1. TGS has released a comprehensive Market Overview Report on the global offshore wind industry for 2024, building on insights from the previous year.
2. The report highlights a healthy offtake auction schedule for 2024, with 32.9 GW of capacity set to be included globally, and notes a surge in corporate power purchase agreements.
3. Significant developments in the offshore wind industry include project commissions, auction launches, and progress in various regions such as the US, Europe, Asia Pacific, and Australia.
TGS, a global energy data and intelligence provider, has released its latest Market Overview Report, offering an early assessment of the global offshore wind industry for the rest of 2024. The report builds upon insights from the previous year, anticipating a record-breaking auction year for the sector. The offtake auction schedule for 2024 reflects a healthy outlook, with 32.9 GW of capacity set to be included globally, Europe leading with 24.5 GW. The first quarter of 2024 saw significant developments, including new projects commissioned in various regions.
The report predicts a surge in corporate power purchase agreements (PPAs) for offshore wind in 2024, with nearly 1 GW of capacity already transacted through long-term contracts. Despite challenges like grid delays in Germany and cautious reference price applications in the UK, the industry remains resilient with strong political ambition globally. TGS adjusted its 2030 forecast slightly downward to 261 GW under construction or operational, while the longer-term prediction for 2040 increased to 563 GW, demonstrating the industry’s commitment to growth. The report highlights key developments from various regions, including the US, Europe, Asia Pacific, and Australia, underscoring the industry’s ambition and growth potential.
For more detailed news and articles on the renewable energy industry, readers can find the latest issue of Energy Global magazine featuring technical articles on various topics within the sector.