Offshore wind markets to watch in Europe in 2024

After a turbulent year in offshore wind, Aegir insights’ lead analysts look back on the key events in regional offshore wind plays in 2023 – and forward to how they will affect these markets in the coming year.

Kicking off with reflections on offshore wind markets in Europe, where it is ‘all to play for’ as some 50 GW of auctions are cued-up to launch:

• Offshore wind developers boycotted the UK's AR5 support auction in autumn 2023 arguing the government price ceiling failed to factor in inflation and interest rates. With no new offshore wind Contracts for Difference awarded last year, the spotlight is now on the AR6 round in March as the auction that could restore confidence in Britain’s once-world-leading market.
  
• Denmark's offshore wind framework was transformed in 2023, with phasing out subsidies and introducing a 20% state stake for coming auctions. The open-door scheme was firmly shut last year after a flood of 50-plus applications the summer before, so future allocation of Danish sites will now be via government-led auctions, starting with a round planned for 2024.
  
• Though several Mediterranean countries’ 2023 offshore wind auction plans didn’t materialize as hoped, the southern European region did gain momentum in the second half of the year, with 50 developers now indicating interest in bidding in Portugal's 3.5 GW auction in 2024, and developers expecting Spain to follow suit with specifics about auctions also slated for this coming year.

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