European Wind Energy Association (EWEA) expects 320 GW of wind energy capacity to be installed in the EU by 2030 (onshore and offshore wind). That would be more than twice the amount as in 2014. As a result, the demand for wind power insurance will increase tremendously. To discuss the risk management challenges and opportunities with the anticipated growth, a team of experts from Corporate Solutions was present at Offshore Wind Energy 2017, the world's largest offshore wind event from 6 to 8 June.
The buzzword in this rapidly changing environment is 'bigger is better'; 10MW turbines were announced to be launched shortly. With expectations of more to come, latest tender bids will demand turbine size of ideally up to 15MW.
With the ongoing aim to further reduce levelised cost of energy (LCOE), latest projects are characterized with more MW per installed unit with fewer number of turbines – targeting to further reduce the installation and maintenance expenses. The unstoppable size increase reached a level at which gearboxes are re-introduced and currently available jack up installation vessels are no longer capable of dealing with the given load and size. The next generation vessel might be jack up free ones, so called large monohulls.
From floating vessels to floating foundations, the industry is expecting a boost of this technology from 2020 onwards. We are awaiting industrial scale floating wind projects in the near future for deep water regions such as Europe, Japan, Taiwan or US and we, Corporate Solutions, are excited to be part of this fast developing industry.
The attendees of the trade-show also had the chance to learn more about our Centre of Competence & Hub for Windpower. Located in Denmark and Zurich, the Centre is manned by experts in wind power insurance who consult our underwriters, risk engineers and claims specialists to help them to deliver top-quality solutions and services to our clients.