Offshore wind costs are in a unique situation compared to other forms of renewable electricity. Generally, renewable electricity levelized costs of generation (LCOE) have stabilized or started to decrease after the 2022-23 supply chain crisis, according to Energy Intelligence data. While average LCOEs for wind and solar photovoltaic (PV) are still around 10% higher than precrisis levels, they have decreased by 2% and 5%, respectively, since early 2024. In contrast, offshore wind is still — slightly — on the rise, now 1% higher than in January.
Why the difference? A…
