Aegir Insights is a technology-driven intelligence company serving the offshore wind sector. We leverage data science and deep industry experience to help global renewable investors make smarter decisions.

Jon Erik Reinhardsen

Aegir Insights

This week, a special edition of #Beaufort, Aegir Insights’ weekly intelligence newsletter, curating a collection of the best-read #OnetoOne's from recent issues.
 
Catch up on the fast-moving international #offshorewind adventure via these exclusive interviews with industry thought-leaders Dominique Roddier, Severine Baudic, Andy Evans, Maya Malik and Walt Musial that range over topics including European floating wind technology's challenges on cost and consolidation, Australia's sudden rise to prominence as a global offshore wind play, and the US' next steps in developing its ultra-deepwater Pacific wind resource.

Sign up here to receive this next issue of Beaufort tomorrow:
https://lnkd.in/eevHfy9d

#offshoreenergy #energytransition #renewableenergy #floatingwind

#NewYork has turned down four offshore wind projects’ requests for increased PPA prices. It is now up to the project developers – Ørsted and a partnership between BP and Equinor – whether they accept the original prices or terminate their PPAs.

These four projects total 4.2 GW and make up almost all of New York’s #offshorewind portfolio. If the projects are terminated it will leave a massive gap towards New York’s target of 9 GW offshore wind by 2035. However, the deciding authority, New York’s Public Service Commission (PSC), emphasized that “these projects are not everything” and “they do not represent the entirety of our efforts to fight climate change”.

Termination of PPAs on the US East coast would not be new. In the last four months, tree projects totaling 3.2 GW have walked away from contracted PPAs due to inflation, supply chain disruptions and high interest rates:

🔹In early October, Avangrid walked away from an offtake deal with #Connecticut for its 800 MW Park City project.

🔹This summer Avangrid dropped the #Massachusetts PPA for the 1.2 GW Commonwealth project.

🔹Shell and Ocean Winds also terminated a Massachusetts PPA this summer for their 1.2 GW SouthCoast project. 

New York’s decision to reject the projects’ requests for renegotiating prices sends a signal to offshore wind developers that a deal is a deal. PSC has stated that increasing prices would break the precedent of the competitive procurement process.

The state’s firm stance on contacted PPA prices could also send a signal to developers participating in New York’s third PPA #auction, which is expected to be concluded by end of 2023. The unwillingness to renegotiate contracted PPAs will likely be part of the participating developers’ considerations. 

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Are you interested in a more detailed analysis of the situation in the Northeastern US including the status of various PPAs?

At Aegir Insights we have analyzed the implications of the PPA troubles in New York – both for New York, the neighboring states and the wider US sector. 

Reach out to Maria Holm Bohsen to learn more about the New York PPA troubles and Aegir Insights’ market intelligence service.

#US #USenergy #decarbonization #offshorewindenergy

Denmark has the opportunity to be the global frontrunner in digital services for the renewable energy sector.
 
Rikke Winther Nørgaard, Aegir Insights’ Co-Founder and CCO, has talked with Energy Cluster Denmark about this opportunity, explaining why digitalization of the energy sector could be a “green goldmine” for Denmark and how especially small to medium-sized #cleantech companies will play a crucial role. 
 
Denmark has history as a pioneer in renewable supply chains and is recognized as a world leading exporter of renewable technologies. The next export success story can be scalable digital services, like Aegir Insights, driving efficiency and accelerating #renewable deployment globally. 
 
“We must be quick to develop the energy sector in also providing digital-based solutions, otherwise we can lose momentum as one of the leading nations globally in green energy”.
 
Read the whole interview here (in Danish):
https://lnkd.in/eAATAzAE

#digitalization #renewableenergy #greenenergy

Is #AsiaPacific’s offshore wind heading for a boom… or bust? 
And how heavily will the region’s offshore wind future hinge on China?

Asia-Pacific's offshore wind installation is forecast to grow from 31 GW in 2022 to around 250 GW in 2035. However, the region remains heavily driven by China and early promise has been slow to translate into giga-scale clean power production in the rest of Asia-Pacific.

Tune on to our next Aegir #Wavelength Intelligence Briefing on 19 October, where Aegir Insights’ Senior Research Analyst Simon Engfred Schlichting and Chief Executive Editor Darius Snieckus will discuss, where the regional play led by #China and leading emerging markets such as #SouthKorea and #Taiwan is going - and what needs to happen for the deployment of offshore wind plant to accelerate and fulfill its potential in the region.

 Save the date and sign up free to join us on 19 October at 14:00 CET / 8:00 ET / 20:00 SGT:
https://lnkd.in/egqH7bna 
 
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🎙️Wavelength Intelligence Briefings are Aegir’s new 15-minute digital sit-downs with our Analysts, delving into key questions informing emerging market trends.

#offshorewind #floatingoffshorewind #energytransition #renewableenergy #APAC

Are you interested in getting exclusive commentary on US #floatingwind market developments, how to speed up floating wind’s commercialization in the #NorthSea, and a spotlight on the offshore energy transition in the #CelticSea?

In this Sunday’s #Beaufort, Aegir Insights’ weekly intelligence newsletter, you’ll find:

🔹One to One with US offshore wind research pioneer Walt Musial on floating wind first-movers, second wave plays and why ‘aggressive’ targets are good for industrial progress

🔹Opinion from Bardex Corporation’s Darren McQuillan on how a rail-based ‘coastal assembly line’ could fast-track floating wind into commercialization in the North Sea

🔹 Spotlight on the Celtic Sea: can floating wind transform the region into an offshore powerhouse – and save the UK government’s off-course green goals? asks Darius Snieckus

🔹As well as Aegir’s analysts' bulletins on latest key market news 

... and more!

Sign up here to receive this next issue of Beaufort this Sunday:
https://lnkd.in/eevHfy9d 

In the meantime, you can catch up with one of the most-read articles previously featured in Beaufort:

Opinion from Mainstream Renewable Power’s Group Head of Sustainability Ingrid Lomelde on how ‘offshore wind has a broader value to society as a catalyst for a sustainable, renewables-powered world’.

https://lnkd.in/dKUZrxhH

#offshoreenergy #energytransition #renewableenergy #floatingoffshorewind

Floating wind holds great potential but should the industry re-baseline expectations on buildout and costs?
 
Previous announcements anticipated commercially competitive #floatingwind across many markets before 2030, but this scenario is not realistic due to lack of route to market at current prices, and supporting infrastructure not being ready for delivery at commercial scale. In essence, while floating wind technology holds great promise, industry learnings show that the practical implementation requires a more measured outlook on market capacities and cost developments.
 
These learnings include: 

🔹 There is no such thing as a universal LCoE
Site conditions across the floating markets will be an important factor to consider in the expected price drop. When looking at all announced projects, it is clear that some markets are likely to be cheaper in the future due to better natural resources. 

🔹 Early innovators will carry the costs of immaturity
In the near term, the most competitive markets for floating wind have been found in Western Europe, thanks to favorable site conditions and visibility on support for scale up. This is closely followed by the Asia-Pacific region. Other regions, referred to as fast followers, are likely to have commercial activity closer to 2035 and will benefit from the learnings of early innovator markets and may be able to achieve relatively quick cost out.

In conclusion, the anticipated cost reductions from economies of scale seem to be further away than expected and now might be a good time for the sector to re-evaluate its expectations. 

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Aegir Insights has just published a Market Insights report to our subscribing clients, forecasting the cost of floating wind globally in the next decades and addressing regional site conditions based on data in Aegir’s project list of all announced offshore wind projects worldwide.

Want to learn more? Please reach out to our Head of Research Maria Holm Bohsen or Head of Data Victoria Maguire Toft.

#offshorewindenergy #floatingoffshorewind #marketintelligence #energytransition

Meet us in London to discuss floating wind and get insights from our latest intelligence reports!

Aegir Insights will be attending Reuters Events' Offshore & Floating Wind Europe 2023 conference in London on 25 and 26 October as a knowledge partner to the event.

If you're planning on attending, don’t hesitate to reach out to Matthew Delany, Victoria Maguire Toft, or Maria Holm Bohsen to meet up and have a discussion on the sector’s development.

We look forward to meeting you there!

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Reuters’ Offshore & Floating Wind Europe is among the most senior events for the offshore wind industry, hosting major developers, suppliers, investors and policy makers.

Learn more about the event here: https://lnkd.in/gSYerPXv 

 #offshorewind #floatingwind #energytransition #conference #OFWEU23

Despite passing a number of milestones this year, the #floatingwind power sector continues to face great uncertainty over its industrial progress. What are the barriers holding it back?

Last week Aegir held its first #Wavelength Intelligence Briefing, featuring our Head of Data Victoria Maguire Toft and Chief Executive Editor Darius Snieckus discussing how the floating wind sector can navigate its way into full-scale international commercialization.

Among the highlighted challenges the sector needs to overcome, in Aegir's view:

🔹Scale continues to be a key determinant for floating wind power's ultimate growth as it drives lower costs and supply chain development.

🔹Build-out of floating wind to-date has been quite fragmented, slowing the industry's up-shift to serial production and contributing to less-than-optimal learning curves.

🔹Consolidation of technology options, starting with hulls/platforms, will be central to the speed of the sector's industrialization. 

Additionally, we see a development from fixed-bottom projects going into deeper areas. How could this affect the future of floating wind?

Missed this Wavelength Briefing? Sign up now to access the recording via the link below:
https://lnkd.in/e-cnSX9T

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🎙️Aegir Wavelength is our digital event-series, focusing on delving into key talking points, market developments and thought-leadership in the offshore energy transition.

Follow us to be the first to know when registration opens for the next Wavelength – coming soon!

#offshorewind #floatingoffshorewind #energytransition #renewableenergy

This Sunday, our next issue of #Beaufort, Aegir Insights' weekly offshore energy intelligence newsletter, will bring to you:
 
🔹Deep Dive with Prysmian Group’s Hakan Ozmen into how the cable-laying giant is navigating choppy market waters during the current offshore wind sector turmoil
 
🔹Opinion from the Renewable Construction Academy’s Martin Schnoor Warming: ‘Without empowered offshore wind professionals, ambition will only propel us halfway to our climate objectives’
 
🔹 Spotlight on #Türkiye from Maria Holm Bohsen as Ankara takes a second crack at offshore wind after a failed first auction
 
🔹As well as Aegir’s analysts' bulletins on latest key market news
 
... and more!
 
Sign up to receive the next issue of Beaufort this Sunday:
https://lnkd.in/eevHfy9d
 
Until then you can catch-up on the state of the global #floatingwind market by watching the replay of our first new-format #Wavelength Intelligence Briefing where Aegir’s Head of Data Victoria Maguire Toft and Chief Executive Editor Darius Snieckus delve into the fledgling sector’s industrial cost conundrum.
 
Sign up here to access the #recording:
https://lnkd.in/e-cnSX9T
 
#offshoreenergy #offshorewind #energytransition #renewableenergy #floatingoffshorewind

Is second time the charm for #Turkish offshore wind?

Almost 5 years after dropping the first auction due to lack of developer interest, the Turkish Ministry of Energy & Natural Resources (MENR) relaunched efforts with a comprehensive range of site surveys and framework analyses.

The 2018 auction launch showed the need for increasing transparency on site conditions, de-risking projects and reducing local content requirements. The surveys and analyses should provide the necessary information to do this.

However, the final framework and auction design will depend on the political appetite as in any other offshore wind market. Political ambition was put into numbers last year when the target of 5 GW by 2035 was introduced.

One thing is clear at this point, the auction will likely happen in the Marmara Sea, which is the focus of the recently launched surveys.

Our Head of Research Maria Holm Bohsen has shared our take on the potential and challenges with Türkiye’s Milliyet Energy magazine.
The article is in Turkish and available here: https://lnkd.in/dHPeu-4X

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At Aegir Insights we have just updated our market intelligence on #Türkiye, with a focus on recent developments and market fundamentals. To learn more about this and Aegir Insights’ market and auction intelligence offerings, please reach out to Maria Holm Bohsen.

#offshorewind #auctionintelligence #energytransition #windenergy

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