Posters
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 industry and the academic community.
PO457: Why the offshore wind playing field isn’t level: Fixed vs Floating strategies uncovered
Manon Derelle, Director, Baringa
Abstract
With the competitive landscape in offshore wind seeing ambitious regional targets, new technologies and strategic ventures, it is becoming more important to have a comprehensive view of the projects and competitors at play. In this abstract, we will outline the methodology and findings from analysis that we conduct for renewable auctions, with particular focus on our latest analysis on the GB CfD AR7. The analysis identifies key strategies and drivers that give fixed and floating offshore wind projects their competitive edge. We will investigate impacts on competitors’ CAPEX, OPEX and targeted returns across drivers such as supply chain, partnerships, internal capabilities and strategic imperatives. We conducted competitor analysis, with deep dives into individual projects and their owners, producing reviews of their potential bidding strategies in upcoming auctions. We convert a mix of qualitative and quantitative scores into project-specific adjustments that more accurately reflect the specific scenario each project is in. From this, we form an informed understanding of what key drivers are for making projects fall on the winning side of the margin. We consider fixed-bottom and floating project separately, as the competitive landscape around them differs considerably. Fixed-bottom foundations are more established, often encompassing large projects with considerable investments from their sponsors. This results in many projects in close competition for offtake agreements, with minor changes in assumptions significantly changing the placement of projects in the bid stack. Floating foundations remain more nascent, with most projects having a key focus on providing technological proof for certain foundation types, locations and sizes being commercially viable. To this end, costs vary significantly more, causing bids to become increasingly dependent on the competitor’s strategic imperative and willingness to pay. With far fewer projects and uncertainty around costs, understanding competitors’ strategies and imperatives is paramount to navigating floating offshore wind auctions.
No recording available for this poster.
