REM: Record year in global offshore wind despite headwinds

A new report finds that 2023 was a record year for offshore wind investment with projects totalling 12.3 GW having closed during the year. TGS – 4C Offshore's latest Global Market Overview also states that 2024 could be lining up to be another record year with up to 13 GW globally possible.

In 2022, only 0.8 GW had reached a final investment decision (FID).

The assessment of 2023 is somewhat surprising, given the high profile news of several major offshore wind projects being delayed or even cancelled because of rising costs. For example in the US, forecast to be the number three offshore wind market by 2030, President Joe Biden’s goal of 30 GW of offshore wind commissioned by 2030 is fading, say analysts.

According to the TGS – 4C Offshore report, FIDs were made by eight European projects in 2023, totalling 9.3 GW, with Hornsea in the North Sea off eastern England closing just in time for Christmas. In Asia-Pacific, 2.3 GW closed across Taiwan and South Korea, and 704 MW closed in the US at Revolution Wind.