Offshore Wind Energy Cost Analysis 2024
Fixed-Bottom & Floating Wind Technologies
Executive Summary
Fixed-Bottom Offshore
LCOE: $78/MWh
CapEx: $3,871/kW
OpEx: $111/kW/yr
Net Capacity Factor: 49.0%
Floating Offshore
LCOE: $133/MWh
CapEx: $5,577/kW
OpEx: $118/kW/yr
Net Capacity Factor: 38.1%
Technical Specifications
Fixed-Bottom
Turbine Rating: 8.0 MW
Rotor Diameter: 159 m
Hub Height: 102 m
Water Depth: 34 m
Distance from Shore: 50 km
Floating
Turbine Rating: 8.0 MW
Rotor Diameter: 159 m
Hub Height: 102 m
Water Depth: 739 m
Distance from Shore: 36 km
Cost Structure Breakdown
Fixed-Bottom Cost Components
Turbine: 33.6%
Balance of System: 48.2%
Financial Costs: 18.2%
Total CapEx: $3,871/kW
Floating Cost Components
Turbine: 23.3%
Balance of System: 61.4%
Financial Costs: 15.3%
Total CapEx: $5,577/kW
Future Outlook – 2030 Targets
Cost Reduction Targets
Fixed-Bottom LCOE: $51/MWh
Floating LCOE: $60/MWh
Key Drivers
- Larger turbines (15+ MW)
- Improved installation methods
- Supply chain optimization
- Advanced O&M strategies