New research from energy consultancy firm Westwood Global Energy Group highlights potential risks to offshore wind projects valued at $883 billion (£695bn), representing 380GW of pre-sanctioned capacity expected to reach Final Investment Decision (FID) between 2024 and 2030.
The analysis underscores that almost 40% of this pipeline is deemed “risked,” suggesting a considerable vulnerability within the sector.
The Project Certainty White Paper identifies major players like TotalEnergies and bp with high risk profiles, citing substantial pipelines but limited or no operational capacity.
Bahzad Ayoub, Senior Analyst – Offshore Wind, Westwood said: “Offshore wind market uncertainty is rife. Growing diversity of developers in the marketplace, combined with evolving development and commercialisation approaches has created a complex landscape.
“This is compounded further by the diversification of the investor landscape, with oil and gas majors, public investment funds and even fashion houses entering the sector.
“However, despite this uncertainty, there is significant opportunity ahead to be capitalised on, but we must first understand the risk.”