Economics of Green Hydrogen using Floating Wind: Projections Through 2035

Steven Jacoby, Senior Fellow, Boston University
As global decarbonisation goals accelerate, we are seeing a significant move to more offshore wind power. Forecasts make it clear that offshore wind is a massive market. The floating offshore wind power installed capacity is expected to be close to 250 GW by 2050. Additionally, the average size of individual offshore wind turbines is expected to grow to output capacity of 15-20 MW by 2030. With 751 GW of wind power capacity already installed, and an additional 470 GW of wind capacity expected through 2025, Gazelle will be a key player in a market filled with potential. However, unlocking this massive global market opportunity needs to happen into deeper, more unpredictable seas. And, we need to pair the move to deep seas with reductions in the Levelized Cost of Electricity (LCOE), lowering capital expenditures, and improving yields. A key driver to unlocking this market and lowering costs will be on the technology front. Today, conventional floating offshore wind technology is already considered archaic, with platforms that are stationary, heavy, bulky, costly, and difficult to assemble and transport. Smaller, lighter hybrid offshore platforms that are quick to install, transport, and manufacture, are demonstrating a significant reduction in both LCOE and CAPEX, while also enabling a rapid speed to market. During this presentation, Jon Salazar, Founder and President of Gazelle Wind Power, will unveil how next-generation hybrid floating platforms can surmount the current barriers of buoyancy, stability, and geographic limitations, without impacting fragile marine environments, to enable rapid growth of deep-water offshore wind.