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Changing the scale of offshore wind

Read Accenture’s report on how offshore wind is a promising source of renewable energy and learn about the challenges and opportunities of this emerging industry in the United Kingdom.

Overview

Offshore wind is a promising source of clean and renewable energy and the offshore wind developments in the United Kingdom, with multiple projects in excess of 800MW being either built or planned—and a comprehensive support framework from the government, are positioning this technology to compete with today’s utility-scale coal and gas plants. Yet to become truly competitive (i.e., absent government support) with traditional electricity generation technologies, the development costs of offshore wind projects needs to decline by nearly 50 percent, from today’s £2.3 million/MW to around £1.3 million/MW.

Accenture believes such "megaprojects" will change offshore wind economics by pursuing scale efficiencies, implementing leading practices in development and operations and transforming the supply chain. Moreover, megaprojects will have significant and diverse effects, not only across the wind industry’s value chain, but also across the electricity and fuel value chains. This paper assesses and discusses the impacts of such megaprojects and their potential implications for the relevant players across the energy industry.

READ THE REPORT [PDF, 2.41 MB]

Key findings

Overcoming the barriers and developing the capabilities to be successful in the offshore wind industry will mean different things for the players across the value chain. The sectors coming together to deliver offshore wind—utilities, oilfield services, upstream oil and gas, vessel providers and turbine manufacturers—have different roles, legacy characteristics and capabilities. The report describes in detail implications for:

  • Utilities

  • Oil and gas companies

  • Turbine manufacturers

  • Oilfield services providers

  • Vessel contractors

Podcast

The Utilities Podcast Series provides industry executives with a variety of compelling insights and observations on a range of relevant, current topics.

Listen to Accenture’s insights into the increasing offshore wind industry via an interview with Melissa Stark, the global lead for Accenture’s clean energy solutions, and Mauricio Bermudez-Neubauer, offshore wind and carbon markets lead, with Accenture’s clean energy solutions.

DOWNLOAD THE PODCAST [MP3, 12.3MB]
[Running time 08:59]