For the First Time, Offshore Wind Power Will Be Profitable Without Subsidies
Europe’s offshore wind power industry recently achieved a major milestone: three projects to be built without government subsidy.
“We project that by 2020, renewables will be the cheapest form of new-power generation across the globe," the company wrote.
In 2013, when new projects were delivering electricity for about €160 (US $179) per megawatt-hour, the industry collectively set what Christensen calls a “realistic stretch goal” to squeeze that to €100/MWh by 2020. Christensen, who is also senior vice president of Siemens’s wind turbine business, Siemens Gamesa Renewable Energy, says that by his math the industry is already there.