In a recent survey conducted by Wind Energy Update (WEU), five sub-areas of wind power plant installation were selected for cost reduction. The sub area selected by the senior executives with most potential for cost reduction was foundations, with almost twice as many responses as the next closest. Foundations make up 19% of an offshore wind power plant’s LCOE according to Lindoe Offshore Renewables Center [LORC]. Foundation cost reduction, and the cost of the logistics to their installation, constitute a very relevant means of further lowering the LCOE of offshore wind projects. Partnerships and integration key to success
For offshore wind to remain relevant, installation and operational costs must reduce.