Energy Consultancy Sees Profound Uncertainty Ahead for Offshore Wind

London-based energy consultancy Westwood believes that up to 40 percent of the pre-FID development pipeline for global offshore wind is at risk of being suspended. It is the latest sign of fallout from inflation and changing market conditions. 

According to Westwood’s analysts, non-specialist new entrants like TotalEnergies and BP have the highest risk of dropping out because they have large development pipelines but little existing operational capacity. Dedicated renewables companies, like Orsted and RWE, have longer track records in offshore wind and are less likely to jump ship on their portfolios, Westwood assessed. (Orsted recently took a $4 billion writedown and terminated its Ocean Wind megaproject off New Jersey.)

View entirety: The Maritime Executive