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U.K.Offshore wind emerges as the clear winner! UK's latest renewable energy auction sees funding soar to a record-breaking £1.5bn. This substantial investment, primarily directed towards offshore wind projects, marks a significant shift from the previous year's disappointing results. In addition to offshore wind, solar, onshore wind, and emerging technologies are also set to benefit from an increased budget allocation, reflecting a broader push towards renewable energy sources. Industry leaders have welcomed the enhanced funding, with a strike price of £73/MWh for offshore wind projects, signaling positive prospects for capacity expansion and competition in the sector. The auction aims to drive progress towards decarbonizing the UK's power network by 2030, with expectations of significant offshore wind capacity being generated. As the bidding window for Allocation Round 6 (AR6) opens from 5–9 August, the renewable energy industry is gearing up for a competitive process that could reshape the country's energy landscape. With the winners set to be announced in September, stakeholders are optimistic about the prospects of a greener, more resilient energy infrastructure that aligns with the UK's sustainability goals. #wind #solar #greenenergy #energystorage #decarbonizing 'familyoffices #hedgefunds #wealth

🌬️ Exciting times for the global renewable energy sector! Congratulations to the Global Wind Energy Council (GWEC) Iberdrola Renewables on the publication of the Global Offshore Wind Report 2024! 🎉 Key highlights from the report: 🌍 Offshore wind is set for global growth, with 2023 being the second-highest year for annual installations. The technology is maturing into a competitive, scalable industry across diverse global markets. 🔋 By the end of 2023, 75 GW of global offshore wind capacity was operational. 📈 GWEC’s ten-year outlook predicts a total offshore wind capacity of 487 GW by 2033, assuming the right policy frameworks are in place. This represents a significant increase from the 24% growth rate observed last year. 🌏 The next wave of offshore wind markets has arrived, with governments across Asia-Pacific, Latin America, and Europe adopting offshore wind as a key solution for clean, affordable power. This report underscores the critical role of offshore wind in the global energy transition, highlighting its potential to drive sustainable growth and energy security worldwide. 🌱💡 Read the full reporte here --> https://lnkd.in/gWDqa7W6 #RenewableEnergy #OffshoreWind #EnergyTransition #Sustainability #CleanEnergy

WindEurope's 2023 report highlights a landmark year with 16.2 GW of new wind energy capacity added in the EU, marking progress towards the 2030 target. Key to this achievement were permitting enhancements and investment rebounds, supported by the EU's Wind Power Package. Despite challenges in grid expansion, wind energy's contribution to the EU's electricity mix reached 19%, with renewables at 42%. The industry aims to increase wind's share to 35% by 2030, emphasizing the need for accelerated grid development. #WindEnergy #RenewableEnergy #EU2030Targets #WindEurope #SustainableDevelopment https://lnkd.in/eAqiWCVH

The outlook for European wind power is brightening due to improved permitting and a rebound in investments, which bring the EU wind energy target for 2030 within reach, WindEurope said on Wednesday as it released its 2023 statistics. Last year, Europe installed 18.3 GW of new wind power capacity, of which a record 16.2 GW of new capacity was installed in the EU. WindEurope expects that Europe will install 260 GW of wind in the 2024-2030 period. The EU is forecast to build 200 GW, or 29 GW a year on average, reaching 393 GW in 2030. This will be around 30 GW short of the 425 GW needed to meet the EU’s 42.5% renewable energy target. #renewableenergy #windenergy https://lnkd.in/gmzG8BVT

🌬️ Exciting Updates in Offshore Wind Energy! 🌊 The offshore wind industry has taken significant strides over the past year, particularly in the U.S. Here are some key highlights: 1. **Major Capacity Goals**: Eight states are leading the charge with procurement mandates aiming for 45,730 MW of offshore wind by 2040. Recently, 15 contracts for 12,378 MW have been signed—this momentum is crucial for achieving our renewable energy targets! 2. **Infrastructure Support**: Investment in port infrastructure and domestic supply chains is essential for fostering a robust offshore wind market. By manufacturing and deploying wind turbines locally, we can reduce our dependency on international suppliers and boost economic growth. 3. **Floating Offshore Wind Potential**: The U.S. floating offshore wind market is making waves with about 25,116 MW in the pipeline! The Bureau of Ocean Energy Management has unveiled a leasing plan through 2028 that includes seven promising auctions for deep-water installations. However, we also face challenges. Recent research from *Wind Energy Science* has shown that interactions between turbines can lead to a potential reduction of over 30% in power output due to the "wake effect." Yet, even with this in mind, these wind farms could still meet around 60% of New England's electricity demand! How do you see these developments influencing the future of renewable energy? What are your thoughts on the balance between challenges and opportunities in this space? Let's engage and share insights! Read more here: [Source Link] #OffshoreWind #RenewableEnergy #WindEnergy #Sustainability #CleanEnergy #EnergyTransition #USWind

The global pipeline for floating offshore wind has increased by 9% in just one year, reaching an impressive 266 GW according to RenewableUK! 🚀 With the number of projects rising from 285 to 316, the future of renewable energy looks bright. Currently, 245 MW of floating wind capacity is operational across 15 projects in seven countries. Norway leads the charge with 94 MW, followed by the UK and China with 78 MW and 40 MW, respectively. 🌍 As South Korea and the Philippines gear up with significant pipelines of 14.09 GW and 13.56 GW, this growth highlights the expanding potential of floating wind technology. Exciting times ahead for the renewable energy sector! Global floating offshore wind projects up 9% in 12 months: https://lnkd.in/eBNSJFjf #FloatingOffshoreWind #RenewableEnergy #Sustainability #WindEnergy

The global pipeline for floating offshore wind has increased by 9% in just one year, reaching an impressive 266 GW according to RenewableUK! 🚀 With the number of projects rising from 285 to 316, the future of renewable energy looks bright. Currently, 245 MW of floating wind capacity is operational across 15 projects in seven countries. Norway leads the charge with 94 MW, followed by the UK and China with 78 MW and 40 MW, respectively. 🌍 As South Korea and the Philippines gear up with significant pipelines of 14.09 GW and 13.56 GW, this growth highlights the expanding potential of floating wind technology. Exciting times ahead for the renewable energy sector! Global floating offshore wind projects up 9% in 12 months: https://lnkd.in/eUXkezk9 #FloatingOffshoreWind #RenewableEnergy #Sustainability #WindEnergy

Finnish company Enersense International Oyj and French developer VALOREM have reached a target to develop a 1 GW onshore wind power pipeline. Enersense and Valorem said they reached the targeted development phase more than a year earlier than expected, originally targeting May 2025 for the wind portfolio, after the two companies entered into a cooperation agreement in May 2022. The 1 GW wind portfolio from Enersense and Valorem is currently under land use planning and EIA processes. “We are glad that Enersense was quicker than expected to submit this new 1 GW portfolio and excited for our collaboration for the next milestones,“ said Gwenaël Jestin, Head of International Development for VALOREM Group. “Enersense Wind, part of Enersense’s Power business area, has proven that the expertise of its skilled and professional team in the identification of potential areas and the development of projects is paying off,” stated Sirpa Smids, Vice President of Renewable Energy in Enersense’s Power business area. “Apart from the 1,500 MW portfolio now under development with VALOREM Group, a total of 6,900 MW of onshore wind power projects in Enersense’s wind power portfolio and all upcoming new onshore wind power projects are owned and managed by Enersense solely and support the company’s target of starting its own energy production.” #cleanenergy

📣 Some good news for the offshore wind industry with the announcement of the results of the Contracts for Difference (#CfD) Allocation Round 6 (#AR6). ⚡ A total of 131 #renewable #energy projects have been successful in the CfD process including onshore wind, solar, tidal, and offshore wind, totaling 9.6 GW of renewable energy capacity. Offshore wind secured the highest capacity at just over 3.3 GW. 💰 After the disastrous AR5 result, AR6 should increase investor confidence in the renewable sector in the UK, and unlock the capital necessary to develop the #innovative technologies required to deliver projects at scale. 💡 A link to the Energy Voice article is in the comments. 👇 #innovation #energytransition #research #offshorewind

Another setback for New York's renewable energy ambitions as major offshore wind projects face cancellation. This highlights the ongoing challenges plaguing the viability of offshore wind. The cancellation underscores the high costs and technical complexities involved in offshore wind projects, making them financially unfeasible. Regulatory hurdles and concerns over utility bill increases further exacerbate the situation. Despite being touted as a key solution for achieving renewable energy targets, offshore wind continues to face significant obstacles. It's time for a thorough reevaluation of offshore wind's role in our energy transition. #RenewableEnergy #OffshoreWind #EnergyTransition