The Potential for Offshore Wind Power in Europe and Australia

Offshore wind power (OWP) has shown rapid capacity increases and declines in product costsglobally. The potential for OWP is increasingly recognised in the Asia-Pacific region, withgovernments in the Peoples Republic of China, Japan, South Korea, Taiwan, and Vietnam,establishing legal frameworks enabling the development of OWP projects in the region.Developing wind resources in the offshore environment presents a unique set of challenges for renewable energy project developers, including but not limited to environmental and safety management, coordination with existing water access and use rights, and the management of stakeholder interests. In addition, there are important questions regarding grid-management, the cost-competitiveness of OWP relative to other generation sources, and the employment and other economic dimensions of OWP development.