High Level workshop on Offshore Wind Outlook

Background

Attendance is by invitation only.

The future for offshore wind power looks very promising. Interest in offshore wind is increasing around the world given the fast pace of technology improvement and cost reductions, as indicated by a series of record-low bids in recent auctions in Europe. With these advances, new markets for offshore wind are developing, evidenced by China on the rise and the United States poised to grow rapidly. Policy support for renewables in general continues to gain momentum, accelerating in mature markets and establishing new markets.

Renewable energy set a new record high in 2018, but power sector CO2 emissions rose and drove global energy-related CO2 emissions to the highest level on record. All renewable energy sources, including offshore wind, are needed to peak global CO2 emissions in the near term and transition to a sustainable energy pathway.

Given these trends, the International Energy Agency (IEA) will undertake an in-depth look at offshore wind for the first time in the flagship World Energy Outlook (WEO). The objectives of the analysis include:

- Quantify the technical potential for offshore wind by region, incorporating considerations of wind resource quality and technology characteristics.

- Assess the market potential for offshore wind by region based on market-specific considerations, including simulations of the evolving market value of offshore wind.

- Regional outlook for offshore wind based on the latest market data, technology developments and government policies.

- Assess the potential role of offshore wind in contributing to the secure and cost-effective decarbonisation of electricity supply and the enabling policy framework.

- Explore key uncertainties that could change significantly the outlook for offshore wind.

In support of this work, the IEA is organising a high-level workshop that will bring together leading policymakers, industry representatives, experts and other stakeholders to shed light on the outlook, opportunities and challenges for the offshore wind industry. The results of this workshop will provide essential input to the key findings and key messages. The meeting will be informal in nature and held under the Chatham House rule. Invited experts will open each session, followed by a roundtable discussion. Attendance is by invitation only.