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Floating Offshore Wind energy (FOW) holds the key to an inexhaustible resource potential in Europe with the aim to reduce the Levelized Cost Of Energy for deep waters (>60m). Industry expects the costs to reach €100‐ 80/MWh for the first commercial scale projects using existing proven technologies and reaching final investment decision (FID) between 2023 and 2025. During that period, according to the latest estimations of WindEurope, FOW would pass 1GW of cumulative installed capacity in Europe and projects financed at that point could be online within 3 years. Costs are expected to decrease even faster at “mature” commercial scale, reaching €40‐60 /MWh by 2030 given the right visibility in terms of volumes and industrialization.
This project expects to decrease the Levelized cost of Energy (LCOE) and environmental impacts while increasing market value of floating wind power. LCOE measures lifetime costs divided by energy production, aiming to calculate the present value of the total cost of building and operating a power plant over an assumed lifetime.