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China's flourishing offshore wind industry has achieved a significant milestone by driving down the sector's power price to match that of coal, according to a report by BloombergNEF.
While solar and wind energy costs have remained largely unchanged in the first half of 2023, China's offshore wind boom has led to a convergence of global costs for offshore wind and coal-fired power.
China's dominance in the offshore wind market, accounting for 57% of global demand, coupled with its vast manufacturing capacity, has resulted in weighted average costs dropping significantly.
China's offshore wind levelised cost of energy (LCOE) now stands at $65.7/MWh, $21 lower than the rest of the world.
Conversely, LCOE for coal-fired power has risen due to concerns about stronger global climate ambitions, reaching $74/MWh.
Europe and North America, in contrast to China, have experienced rising costs in offshore wind.
The report predicts that solar and wind costs will continue their downward trajectory, with a projected 50% reduction by 2050, driven by technological advancements, economies of scale, and lower financing costs. By 2050, wind and solar are expected to average $20/MWh across major markets, while offshore wind is projected to drop to an average of $37/MWh.
(Writing by Alex Guo Editing by Harry Huo)
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