2023 was a busy offshore wind auction year worldwide with more than 10 lease auctions and five support and off-take auctions have taken place. 2024 is currently setting itself up to become the busiest year in the offshore wind history ever according to Aegir Insights, who takes us through the 2024 offshore wind auctions.
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Offshore wind in Europe takes off
New offshore wind auctions have been announced in several markets, especially in Europe where it builds on a bumper pipeline set to be uncorked this decade.
However, 2024 will be the most packed year to date as auctions totaling more than 50 GW are planned for kick-off.
Europe keeps pace
Europe will dominate the auction scene in the coming years, like it did in 2023. It will be particularly interesting to keep an eye on auctions in Germany and Denmark, both having recently phased out subsidies, as well as the UK where the coming AR6 CfD auction could restore confidence in the market.
The US looks to PPAs
In the US, East Coast states are speeding up PPA auctions, including New York and New Jersey, as they react to recent turmoil with PPA deals. Meanwhile, Colombia is kicking off the first seabed auction in Latin America this December.
Asia-Pacific looks promising
Lastly, in the Asia-Pacific region, front-running markets are continuing to progress with wind auction plans. South Korea’s 1.5 GW offtake auction was oversubscribed as six developers submitted bids totaling just over 2 GW. In Taiwan, the final rules for round 3.2 were decided with a bidding deadline set for April 2024.
About Aegir Insights
Aegir Insights provides industry-leading intelligence powered by data science for offshore wind energy developers, governments, and financial institutions. If you want to know more about auction intelligence products, please reach out to the Head of Research, Maria Holm Bohsen, or visit their website https://aegirinsights.com/ for more info.
