Posters - WindEurope Annual Event 2024

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Come meet the poster presenters to ask them questions and discuss their work

We would like to invite you to come and see the posters at our upcoming conference. The posters will showcase a diverse range of research topics, and will give delegates an opportunity to engage with the authors and learn more about their work. Whether you are a seasoned researcher or simply curious about the latest developments in your field, we believe that the posters will offer something of interest to everyone. So please join us at the conference and take advantage of this opportunity to learn and engage with your peers in the academic community. We look forward to seeing you there!

PO132: Analysis of alternative routes to market for offshore wind farms

Tom James, Senior Consultant , Baringa


The UK market is one of the most advanced offshore wind markets in the world. Over the last decade, this growth has been fuelled by subsidy contracts and clear government ambition for decarbonisation. Subsidy contracts have made offshore wind competitive with other forms of generation. However, high inflation and a sustained increase in commodity prices have placed a significant strain on project finances, resulting in no offshore wind bids for Auction Round 5 (AR5) and in some projects giving back their AR4 contract. Given this environment, project developers are increasingly looking to find commercial models that support both private/commercial objectives and wider societal objectives aligned with Net Zero ambition. In this presentation, we explore alternative routes to market such as power-to-X and increased merchant exposure through Corporate Power Purchase Agreements (CPPA) agreements or a merchant tranche; together with options to mutualise asset costs in the context of oil and gas platform electrification and Multipurpose Interconnectors (MPIs) that connect Offshore Wind (OSW) to different markets. We present an assessment of the benefits and drawbacks of each. This insight informs both developers and decision-makers on the policy design and commercial requirements to successfully develop offshore wind, and associated infrastructure as part of a coordinated offshore grid. We find that while alternative routes to markets and innovative business models have begun to emerge, subsidy contracts will likely continue to be needed to provide revenue certainty for developers. However, developers may choose to combine several of these options to increase their project viability.

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