Offshore wind is an increasingly viable renewable energy source. Growth has accelerated due to considerable cost reductions over the past five years – the mature U.K. industry, for example, has seen costs fall by 32%. And, as new offshore wind projects are installed, the risks associated with their construction and maintenance become clearer.
In Utility Week, Luisina Berberian, Associate Director, Infrastructure, S&P Global Ratings, considers the factors driving offshore wind power growth, the current risk environment, and the future of still relatively nascent industry.
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