In recent years, the price for offshore wind energy has reduced significantly. In 2017, the price per MWh was £167, while the price in 2021 is £83. Prices are set to reduce even further and the price of electricity produced by offshore wind farms is expected to reduce to £46 by 2025 . This has propelled the development of new offshore wind farms around the world.
Offshore wind farm.
The Largest Offshore Wind Farm in the World
The record is currently held by Dogger Bank, which is under construction and it will be located off the north-east coast of the United Kingdom. The wind farm is expected to become the largest offshore wind farm in the world with a total capacity of 3.6GW .
However, South Korea is about to start building a much bigger offshore wind farm. As part of the Green New Deal, the country is preparing the construction of an 8.2GW wind farm outside the south west coast. The development will cost 48.5 trillion ₩ equivalent to $42.8 billion.
The South Korean government has set the country’s renewable target to 20% by 2030. The reason behind this large investment in renewable is not only for the green cause. South Korea heavily relies on import of fossil fuels which cost the country circa $73 billion a year.
Currently the offshore wind capacity generated in South Korea is circa 0.2GW and it is expected to reach 12GW by 2030.
There are however challenges for this project to go ahead. The first is the local opposition towards this type of projects. The government has however passed rules allowing citizens of the local community to acquire a 30% stake in local renewable energy projects.
The second challenge is that offshore wind energy is currently expensive in South Korea. Wind power costs circa $220 per megawatt hour, a price among the highest in the world .
About Pager Power
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 Analysis: Record-low price for UK offshore wind cheaper than existing gas plants by 2023, Simon Evans, date: 20/09/2019, last access: 01/03/2021.
 Walney Offshore Windfarm, David Dixon, 28/04/2011, last access: 01/03/2021.
 Building the world’s largest offshore wind farm, doggerbank.com, n.d., last access: 27/11/2020.
 World’s Biggest Wind Farm May Be Answer to Korea’s Net-Zero Dream, Heesu Lee and Will Mathis, date: 31/03/2021, last access: 26/04/2021.