Plans are underway to build huge, floating offshore wind turbine in Europe [CNBC]
IBERDROLA SA S/ADR (IBDRY)
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Source: CNBC
An illustration of how the turbine could look.IberdrolaSpanish utility Iberdrola is heading a consortium aiming to develop a large-scale floating offshore wind turbine in the North Sea, as the sector looks to drive up the size of technology and push down costs.In an announcement Monday, the firm said the turbine would be in excess of 10 megawatts (MW) and tested at the Marine Test Centre in Norway. The average size of offshore turbines installed in 2019 was 7.8 MW, according to trade body WindEurope.The international consortium, made up of firms from Spain, Germany, France, Norway and Denmark, aims to reduce the cost of floating offshore wind energy production. Iberdrola said it hoped to lower the levelized cost of energy (LCOE) for floating offshore wind to between 40 and 60 ($44 and $66) euros per megawatt hour (MWh).There is definite scope for cost reductions in the offshore sector. Last November, Wood Mackenzie said Europe's LCOE for bottom-fixed offshore wind would drop from an
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