In nearby European nations, the cost of wind is now 30 percent lower than nuclear, a promising development in the push for renewable energy around the world. At the rate of present installations, industry group WindEurope predicts these wind farms will generate a full 7 percent of all energy within Europe by 2030.
The reason for the drop in price is largely due to the fact that offshore wind farms are becoming cheaper and easier to build. In the past, constructing these farms has been expensive and impractical – and given the relatively low cost of fossil fuels, it simply hasn’t made sense for many companies to invest in the projects. However, the closure of many drilling projects in the North Sea has left offshore installation vehicles without enough work, causing the cost of transporting turbines out to sea to plummet. Other factors which have helped lower the price include low oil and steel prices, reduced maintenance requirements, and the ability to mass produce turbines.