October 25, 2018 Read More →

Wood Mackenzie predicts 43GW of Asia offshore wind by 2027

ET Energy World:

The Asia-Pacific region’s offshore wind power capacity would rise 20-fold to 43 Gigawatt (GW) through 2027, according to a recent report by global natural resources consultancy Wood Mackenzie.

It said that China, leading in the race, is expected to see offshore wind capacity grow from 2 GW last year to 31 GW in the next decade.

Taiwan, which comes next, would account for 20 per cent or 8.7 GW of offshore wind capacity by 2027. This would make it the largest offshore wind market in Asia-Pacific excluding China (APeC) by 2020. “Taiwan presents the biggest offshore market in APeC due to a relatively stable regulatory regime, a supportive government, and openness to foreign investment,” said Robert Liew, senior analyst, Wood Mackenzie.

At present, Taiwan relies heavily on coal, gas and nuclear for power. “However, the government has pledged to shut down nuclear plants by 2025, thereby leaving a void of 5 GW of power capacity to be filled. Offshore wind is poised to fill this gap as more than 5.7 GW of projects have been approved and planned for commissioning by 2025,” the research firm said in a report.

[Liew] added that prices are coming down and thus future offshore wind prices were projected to be competitive with traditional thermal prices by 2025.

More: Asia-Pacific offshore wind energy capacity to rise 20-fold in next decade: Wood Mackenzie

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