Unlocking Europe's offshore wind potential

Moving towards a subsidy free industry

"2017 was yet again an eventful year for the o shore wind industry with several bids for tender coming in at subsidy free levels in Germany, the Netherlands and Denmark (partly subsidy free). This establishes Europe even more firmly as the global leader in offshore wind, and leading the charge to make offshore wind a cost-competitive technology. Going forward we expect the sector to develop on the basis of its economic advantages.

Additionally, large-scale offshore wind also represents a significant opportunity to decarbonise our energy systems: resources are stable and abundant, and public acceptance is relatively high. O shore wind resources could make a signi cant contribution to Europe’s energy transition, particularly in North- West Europe. And while subsidies have played a large role in the roll-out of o shore wind to date, many governments are now contemplating phasing out subsidies for the sector in the long to medium term.

While in other regions of the world o shore wind energy has just started to develop, the European o shore wind industry can rely on over 20 years of experience. As of early 2018, there are over 70 main wind farm clusters with a combined capacity of nearly 15 GW fully grid connected across the six European markets covered in this publication. Until 2030 we have identified a project pipeline con rmed by the governments of these countries, which would add a combined 59 GW capacity in those markets. With both Denmark and Belgium yet to con rm further plans, we expect this pipeline to continue to increase.

However, despite recent positive developments in terms of both price and scale, some challenges remain to be overcome in order to capture Europe’s full offshore wind potential. While cross- border cooperation is increasing, regulatory regimes for o shore wind remain largely national. As can be seen in this publication subsidy, tender and tax regimes, as well as rules surrounding spatial planning, can all look rather different from one territory to another, and increases the complexity in projects for all stakeholders.

With this publication, we would like to share our views on important market developments in offshore wind, and update you on the market design and the confirmed project pipeline in six key offshore wind territories in Europe. We believe that the prospects for offshore wind in Europe look bright, mainly because of the current project pipeline and overall market developments.

Our advisory, tax and accounting experts specialised in offshore wind work with clients, helping them to be successful throughout the offshore wind project life cycle. You can nd examples of our work in this publication. These include identifying cost reduction potentials, regulatory advice or tax, accounting and project management (please refer to our case studies on page 34).

Do not hesitate to reach out to one of our experts to find out more (please refer to their contact details on page 44).

Happy reading,

Jeroen van Hoof"

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