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Recommendations for an integrated framework for the financing of joint (hybrid) offshore wind projects
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Recommendations for an integrated framework for the financing of joint (hybrid) offshore wind projects
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The development of large-scale offshore wind projects (OWPs) is an important precondition for achieving the long-term goal of decarbonising the energy systems in the EU. Such large-scale development of offshore wind requires significant investments in generation assets and the grid, and coordination among EU Member States and the UK and the joint development of cross-border offshore projects.
Coordinated regional offshore development has the potential to reduce costs (especially when OWPs move further away from the shore and induce higher costs for grid connection) and limit environmental impacts compared to purely national approaches. In this context, hybrid OWPs provide potential for more cost-effective offshore development and yield further benefits for the connected energy systems. Hybrid OWPs are projects in which the development and implementation of offshore wind and interconnection capacity is combined. A hybrid OWP goes beyond a hybrid asset, which is understood here as infrastructure with the dual functionality of internal transmission and interconnection. This report’s scope focusses on OWPs, which are built as a cooperation project and which may (but do not necessarily have to) include an interconnector functionality. Despite the benefits of and initial political support for hybrid OWPs, their development has been limited (with the exemption of Kriegers Flak). This is largely due to the complexities of planning, tendering, and financing hybrid projects, which require substantial coordination between the different assets (generation, connection to shore, interconnector) and the actors involved (project developers, TSOs, Member States). Moreover, an integrated approach for cost-benefit assessment (CBA) and cross-border cost allocation (CBCA) for such complex projects is required. Against this background, the objective of this report is to provide an overview of the current state of play of the financing and cost recovery of the various hybrid OWP components (i.e., OWPs, connections to shore and interconnectors) in the North Seas Energy Cooperation (NSEC) countries and, based on this overview, develop recommendations for an integrated framework for the financing of joint (hybrid) OWPs.
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Publication details
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Published:
2020-11-17
Corporate author(s):
Directorate-General for Energy
(
European Commission
)
,
Guidehouse
,
Seweco
Personal author(s):
Boeve, Sil
;
Engel, Cederik
;
Gephart, Malte
;
Klessmann, Corinna
;
Bülow Jørgensen, Lars
;
Wouters, Carmen
;
Blücher, Felix v
;
Benjamins, Mark-Simon
;
Singh, Manpreet
;
Vree, Barry
;
Lotz, Bastian
;
Bunk Lauritsen, Sigurd
Themes:
Renewable sources of energy
Subject:
clean technology
,
cost analysis
,
energy grid
,
energy production
,
energy technology
,
environmental impact
,
financing
,
fund (EU)
,
North Sea
,
offshore structure
,
regional development
,
report
,
wind energy
PDF
ISSN
ISBN
978-92-76-25396-9
DOI
10.2833/269908
Catalogue number
MJ-02-20-975-EN-N
PDF
ISBN
978-92-76-25396-9
DOI
10.2833/269908
Catalogue number
MJ-02-20-975-EN-N
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