{"id":16076,"date":"2024-01-29T09:00:46","date_gmt":"2024-01-29T09:00:46","guid":{"rendered":"https:\/\/www.westwoodenergy.com\/?p=16076"},"modified":"2024-04-15T13:03:24","modified_gmt":"2024-04-15T12:03:24","slug":"westwood-us353-billion-in-pre-fid-offshore-wind-projects-potentially-at-risk","status":"publish","type":"post","link":"https:\/\/www.westwoodenergy.com\/news\/press-releases\/westwood-us353-billion-in-pre-fid-offshore-wind-projects-potentially-at-risk","title":{"rendered":"Westwood: US$353 billion in pre-FID offshore wind projects potentially at risk"},"content":{"rendered":"[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]<em>New analysis from Westwood highlights the potential risk to 380GW or US$883 billion in pre-FID projects over the next six years<\/em><\/p>\n<p><strong>London, UK, 29 January 2024: <\/strong>New research from the specialist energy market research and consultancy firm <a href=\"https:\/\/www.westwoodenergy.com\/?utm_source=Aspectus&amp;utm_medium=press+release&amp;utm_campaign=Project+Certainty\"><span style=\"text-decoration: underline;\">Westwood Global Energy Group<\/span><\/a> (Westwood), indicates that out of the 380GW of pre-sanctioned offshore wind capacity that is forecast to reach FID between 2024 and 2030, nearly 40% of the pipeline is considered \u201crisked\u201d, leaving a sizeable portion in a vulnerable position.<\/p>\n<p>Identifying an urgent need for a risk-based assessment of the offshore wind pipeline, Westwood developed its new Project Certainty feature for WindLogix. It draws actionable insights based on the risk profile of each developer\u2019s pipeline, enabling a more targeted approach for investment allocation.<\/p>\n<p>In its <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.westwoodenergy.com\/reports\/white-papers\/white-paper-the-need-for-a-risk-based-assessment-of-the-offshore-wind-pipeline\">Project Certainty White Paper<\/a><\/span>, the analysis goes on to reveal that developers such as TotalEnergies and BP have the highest risk profiles, with substantial pipelines but limited or no operational capacity, compared to Orsted and RWE with sizeable track records and a less \u2018risked\u2019 unsanctioned portfolio.<\/p>\n<p><strong>Bahzad Ayoub, Senior Analyst \u2013 Offshore Wind, Westwood said:<\/strong> <em>\u201cOffshore wind market uncertainty is rife. Growing diversity of developers in the marketplace, combined with evolving development and commercialisation approaches has created a complex landscape. This is compounded further by the diversification of the investor landscape, with oil and gas majors, public investment funds, and even fashion houses entering the sector. However, despite this uncertainty, there is significant opportunity ahead to be capitalised on, but we must first understand the risk.\u201d<\/em><\/p>\n<p><strong>Bahzad continues: <em>\u201c<\/em><\/strong><em>When viewed collectively, our current projections reveal a pipeline that faces sizeable risks before reaching FID, with only 9% of capacity \u2018Probable\u2019 with the remaining 51% \u2018Possible\u2019 and 40% \u2018Risked\u2019.\u201d<\/em><\/p>\n<p>Westwood has formulated three scenarios leveraging project certainty statuses to estimate the potential offshore wind capacity that could reach FID by 2030. These scenarios offer deeper insight into the market\u2019s future, revealing the potential pace of project investments and knock-on effect it has on supply chain opportunities. One potential High scenario reaches 504GW of cumulative sanctioned capacity by 2030, with the Medium and Low cases reaching only just over 351GW and 157GW respectively.<\/p>\n<p>Europe dominates across all three scenarios, forecast to account for the highest amount of cumulative capacity (208GW) that will reach FID by 2030, of which a large proportion (47%) sit within the \u2018Possible\u2019 certainty status. The Rest of Asia (RoA) reflects the greatest extent of \u2018Risked\u2019 capacity within the share of the region\u2019s pipeline, with the Rest of the World (RotW) next in line, in large part due to immature and evolving offshore wind markets and limited developer track record.<\/p>\n<p>Offshore wind projects in the US account for 67% of the region\u2019s total pipeline capacity. Despite the delays and cancellations that the US has been facing \u2013 due to the mismatch between rising costs and expected revenues \u2013 the number of &#8216;Risked&#8217; projects remains relatively small.<\/p>\n<p>The Project Certainty White Paper is available for <a href=\"https:\/\/www.westwoodenergy.com\/reports\/white-papers\/white-paper-the-need-for-a-risk-based-assessment-of-the-offshore-wind-pipeline\"><span style=\"text-decoration: underline;\">download<\/span><\/a> and the feature is available to all WindLogix subscribers today.<\/p>\n<p><strong>ENDS<\/strong>[\/vc_column_text][vc_column_text]<strong>About Westwood Global Energy Group<\/strong><\/p>\n<p>Every day, organisations throughout the onshore and offshore energy value chain ask strategic, technical and commercial questions and turn to Westwood Global Energy Group for the answers. As trusted advisors to companies in key sectors, Westwood Global Energy Group chooses to focus on areas of the industry traditionally underserved by other players.<\/p>\n<p>The Energy Transition means that businesses are facing both new opportunities and risks in how they operate. We are committed to helping the energy industry navigate the transition successfully, by leveraging our extensive track record in providing actionable insight and advice that businesses, industry bodies and investors have relied upon time and time again. From the depth of our data to the insight from our industry experts, our commercial advisory to our quantitative techniques and databases \u2013 we insist on excellence in everything we do.<\/p>\n<p>Westwood Global Energy Group is headquartered in London and has offices in Aberdeen, Houston and Singapore.<\/p>\n<p><strong>Media contact<\/strong><\/p>\n<p>Victoria Chilton, Aspectus<br \/>\nvictoria.chilton@aspectusgroup.com<br \/>\nm: + 44(0)7546566966[\/vc_column_text][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"<p>[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221;&#8230;<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[353,670,430,551,48,554,50,457],"tags":[776,215,60,775,793],"class_list":{"0":"post-16076","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-all_articles","7":"category-bahzad-ayoub","8":"category-energy-transition","9":"category-new-energies","10":"category-news","11":"category-offshore-wind","12":"category-press-releases","13":"category-windlogix","14":"tag-certainty","15":"tag-fid","16":"tag-offshore-wind","17":"tag-project","18":"tag-risk"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - 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