A recent report from RenewableUK, the UK’s leading renewable energy trade association, and the joint UK Government-Industry Floating Offshore Wind Taskforce, outlines a compelling vision for the future of floating offshore wind. The report showcases how the UK’s engineering prowess and natural resources can power a £1 trillion global wind energy industry.
Unlocking Economic Growth and Energy Independence
The report emphasises the substantial opportunity floating offshore wind presents for UK energy security and economic growth. The report highlights the significant opportunity presented by this technology, projecting that it could generate a gross value added (GVA) contribution to UK GDP of £25bn by 2050 and create 97,000 additional jobs.
Floating offshore wind is positioned as a vital component in achieving the UK’s 2030 zero-carbon electricity goals. The report emphasises the potential for floating wind to generate 175 terawatt-hours (TWh) per year by 2050 — enough to power every home in the country. The UK’s floating wind project pipeline, already one of the world’s largest, is at a more advanced stage than any other, with seabed already leased for up to 24GW of floating wind capacity.
Scaling to Reduce Costs
By 2030, the cost of building floating wind projects is expected to decrease by 30%, reaching a cost-per-megawatt-hour below £100. This cost reduction will drive the competitiveness of floating wind as a reliable, clean energy source, reducing dependency on fossil fuels.
The document also emphasises the economic benefits of developing a floating offshore wind industry, with projections of a £47 billion contribution to UK GVA from domestic supply and exports by 2050.
Strengthening the UK’s Competitive Advantage
The report highlights several key areas where the UK has a competitive edge in the global floating offshore wind market:
- A world-leading track record of offshore wind investment and build-out
- Abundant offshore wind energy resources
- A broad and deep industrial capability and innovation ecosystem
Importantly, the report outlines five industrial missions to guide the development of the floating offshore wind industry in the UK:
- Driving Cost Reduction: Maintaining focus on sustainable cost reduction trajectories and coordinating cost reduction interventions
- Building Our Pipeline: Learning from experience while delivering the UK’s floating offshore wind project pipeline
- Enabling Infrastructure: Delivering essential enabling infrastructure in the UK, with a focus on ports and transmission
- Commercialising Supply Chain Opportunities: Converting high-potential UK supply chain opportunities into UK value
- Innovating to Win: Keeping the UK at the forefront of the global industry through technology, know-how, and a world-class innovation system
These missions are designed to foster robust coordination across the industry, driving a sustainable and thriving floating wind sector. MPs have voiced strong support for the report’s insights, recognising floating wind as a critical part of the UK’s energy future.
A Vision for Global Leadership
The report concludes with a call for collaboration across the UK to position the nation as the natural home of global floating offshore wind.
We are extremely encouraged by the clear evidence of growing market demand and the pivotal role floating offshore wind will play in our energy future. The industrial missions defined in this report are set to drive strong coordination across key value chain components, fostering a thriving industry and positioning the UK to lead the global race in floating offshore wind.
The final mission includes a strategic objective to unlock this significant global opportunity by identifying and validating a commercially viable UK foundation design, paving the way for the UK to spearhead the energy transition.
MPS’ engagement across a wide range of stakeholders and industry partners puts us in a prime position to secure this backing and meet the target to certify a UK-led floating substructure design by 2027 and secure our position as the UK’s leading deep-water foundation technology provider.
Download the report here – https://bit.ly/4hCrxUb