New report predicts offshore wind prices will drop 71 percent

From now and until 2040, the world will spend around USD 10 trillion on new energy, according to Bloomberg NEF, adding that more than two thirds will be spent on renewables. Batteries and natural gas will pave the way for the green transition.

Photo: Dong Energy

Over upcoming decades, the world looks set for massive price declines in renewables. The costs of onshore wind, which have plunged 30 percent over the past eight years, will be 47 percent lower than they are now, while solar power is poised to drop another 60 percent, down to a price which is already three quarters lower than in 2009. The price of offshore wind, however, will take the steepest dive totaling 71 percent.

These are some of the conclusions reached by Bloomberg New Energy Finance (BNEF) in its recent report New Energy Outlook 2017.

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