2014 JRC wind status report: technology, market and economic aspects of wind energy in Europe

This report presents key technology, market and economic aspects of wind energy in Europe and beyond. During 2014 the wind energy sector saw a new record in actual installations in a context of healthy manufacturer balance sheet and downward trend in prices. The global market reached 52.8 GW of installed capacity in 2014 of which 2.7 GW offshore, whereas in Europe 11.8 GW were installed. Global cumulative installed capacity reached 370 GW at the end of 2014 and in Europe 130 GW. The installed capacity at the end of 2014 in the EU produces 265 TWh of electricity in an average year. From a technology point of view in 2014 larger turbines were sold and in particular those with larger rotors relative to their electricity generator, designed for sites with lower wind resources. In 2014 both turbine and project prices onshore dropped. Energy costs (levelised cost of energy, LCoE) for projects with final investment decision in 2016/7 are estimated between EUR 90 and 150 per MWh, with main influences being water depth and whether offshore substation and connection to the onshore grid costs are included or not. Onshore, recent research suggest European LCoE in 2012 between EUR 45 (Denmark) and EUR 97 (Germany, low wind area) per MWh, with a clear trend to lower prices. Recent turbine prices are estimated to vary from EUR 770 to 880 per kW.