A new report by the t Government-industry Floating Offshore Wind Taskforce highlights the potential of floating wind energy to become the biggest industrial success story for the UK this century, provided that the necessary measures are implemented to accelerate project development. 45g2h

Titled “Floating Wind: Anchoring the Next Generation Offshore,” the report emphasizes that the UK’s engineering expertise and exceptional wind resources position the country for a competitive edge in the global race to establish a £1 trillion floating wind energy industry by 2050.

Driving local economy

The report also projects that the UK’s floating wind sector could create 97,000 jobs by 2050, with a significant number of these positions based in Scottish and Welsh ports. Furthermore, it estimates that the industry could contribute £47 billion to the UK economy by building and supplying projects domestically, as well as exporting cutting-edge technology internationally.

The report finds that by 2050, floating turbines could provide a third of the UK’s offshore wind capacity with 40GW fully operational. This would be enough to power every home in the country, even allowing for the expected rise in demand due to the electrification of home heating and charging more electric vehicles.

It also shows that the cost of building floating projects could fall by 30% by 2030 to under £100 per megawatt hour. The UK already has two floating wind farms operating and the report emphasises the importance of getting more test and demonstration projects up and running as fast as possible, scaling up rapidly so that we can drive down costs through learning by experience, replicating the spectacular cost reduction of fixed offshore wind.

The UK already has one of the largest floating project pipelines in the world, and is at a more advanced stage of development than any other country, with the seabed already leased for up to 24GW of capacity.

Innovation key to unlocking UK's floating wind success

The report cautions that the UK could miss out on the full economic benefits of floating wind energy due to a lack of suitable ports for manufacturing and assembling floating turbines, coupled with strong competition from European suppliers.

It emphasizes the importance of developing the supply chain, particularly focusing on high-value components like steel and concrete platforms, cables, moorings, and anchors. Additionally, the report suggests that innovation, such as standardizing floating platform designs and utilizing robotics like drones for inspections, can help reduce costs in the sector.

“As this report shows, floating wind is set to become one of the biggest global industries of the twenty-first century, and the UK now has an unprecedented opportunity to seize the lead by scaling up this innovative technology. But we have to act fast, with industry and Government working closely together to transform ports around the country into centres of excellence where we can manufacture high-value components for floating turbines, especially in areas like the north east of Scotland and south Wales which need new industrial opportunities as we transition from fossil fuels to clean power," the Co-Chair of the Floating Offshore Wind Taskforce, RenewableUK’s Chief Executive Dan McGrail said.

Energy Secretary Ed Miliband added: “By leading the world in this cutting-edge technology, we can speed up the transition to clean energy and secure good jobs and economic growth for our industrial heartlands – all while ensuring the expertise of our North Sea workforce are the people who power this clean future.”