Study says deep offshore wind to be financially viable in 2020

Sep 6, 2013 - The construction of deep offshore wind parks might become financially viable by 2020 thanks to technological advances in the field, the Times of Malta said Thursday citing a university study.

According to the study, a wind farm of up to 350 MW currently requires investment of EUR 1.5 billion (USD 2bn) which translates in about EUR 0.24 per kWh -- a price that is much higher as compared to fossil-fuel facilities. This can be changed by numerous technological achievements that could lift turbine efficiency and reduce capital expenditure.The cost is projected to drop to EUR 0.17/kWh by 2020 and lead to 40% decrease in capital expenditure.

The study was financed by the Malta Council of Science and Technology’s National Research and Innovation programme. Its aim was to review the current technology and conduct a preliminary feasibility study. The collected data is based on an area of 55 sq km (21 sq miles) in southeastern Malta and a 70-turbine wind farm.

Malta has set a target to generate 10% of its energy from renewables by 2020.

(EUR 1.0 = USD 1.312)

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