Europe's wind industry plans 100 GW offshore capacity by 2040

Europe's wind industry is advocating for a New Offshore Wind Deal, urging governments to auction 100 GW of new offshore wind capacity between 2031 and 2040 using two-sided Contracts for Difference (CfDs). This proposal aims to enhance predictability, reduce costs by 30% by 2040, and ensure a coordinated offshore build-out across European nations. The industry emphasizes the need for annual installations to reach 15 GW in the 2030s to meet growing demand, while addressing challenges like investment uncertainty and high-risk auction frameworks. Ørsted's new CEO has echoed this call, emphasizing the necessity for 10 GW of installations each year, though concerns remain about achieving this goal amidst changing global dynamics. Additionally, major players in the industry, including Ørsted and Siemens Gamesa, have committed to cutting prices and creating jobs in exchange for the proposed CfD pipeline. This initiative is positioned as a crucial step towards strengthening Europe's energy security and supporting decarbonization efforts.