A new report by the joint Government-industry Floating Offshore Wind Taskforce shows that floating wind could be the “opportunity of the century”.

Floating Wind: Anchoring the next generation offshore says the UK’s engineering prowess and exceptional wind resources gives the UK a lead the international race to build up a £1tr global floating wind energy industry by 2050.

The report finds that by 2050, floating turbines could provide a third of the UK’s offshore wind capacity with 40GW fully operational.

It also shows that the cost of building floating projects could fall by 30 per cent by 2030 to under £100 per MWh. The UK already has two floating wind farms operating and the UK already has one of the largest floating project pipelines in the world, and is at a more advanced stage of development than any other country, with the seabed already leased for up to 24GW of capacity.

However, the report warns that a lack of suitable ports to manufacture and assemble floating turbines, and strong competition from European suppliers, could jeopardise the lead unless supply chain issues are addressed.

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