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Climate Change Could Impact Revenues, Production of Offshore Wind: Study

POWER

Climate change could impact the internal rate of return (IRR) of offshore wind projects, with the “wind drought” as similarly recorded in summer-autumn 2021 anticipated to become more common, according to a study by YouWind Renewables and Climate Scale.

  • The firm points out that wind forecasts in the Irish Sea and Princess Elizabeth areas showed a decline in the IRR from 2040’s But the Fortaleza area in Brazil was neutral to positive.
  • This is significant as wind farms typically have a life span of 30+ years, according to both firms, with changing wind partners this could impact the revenues and production.
  • The wind drought in mid-2021 reduced output more than 30%, according to the study.
  • Mid-latitudes of the northern hemisphere are likely to have the most negative impact from changes due to climate change, according to the study.
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