More than 13 GW of new offshore wind was added to the global pipeline in the second half of 2023. The vast majority was allocated in European markets including Germany and the newcomers Lithuania and Estonia.

2023 was a challenging year for offshore wind with increased inflation and interest rates impacting projects globally, which lead developers to walk away from old PPAs in the US and to the boycott of UK’s AR5 auction due to the low cap on CfD prices. However, the last quarter of 2023 brought back some optimism as 4 GW secured new PPAs on the US east coast, while 2.9 GW secured support in South Korea and Japan.

The auction momentum will continue in 2024 with auctions scheduled in 15 European markets, 6 markets in Asia-Pacific as well as in the US and the Latin American frontrunners Colombia and Brazil.

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