Since 2019, 164 offshore wind projects have been cancelled around the world, with 47 in the last year alone, says software analyst firm Spinergie.
Analysts at the company, which develops data and analytical tools for maritime operators, say both early-stage and shovel-ready projects are being hit, although so far none has reached Final Investment Decision before being abandoned.
“We’re continuously monitoring all offshore wind projects globally and record the reasons when cancellations occur,” said Maëlig Gaborieau, Senior Analyst at Spinergie.
“According to our study, cancellations occur at various stages, but all happen before Final Investment Decision (FID). The primary drivers are government and regulatory decisions (≈55%), followed by developer-driven exits due to economic or strategic reasons (≈20%), and policy shifts, mainly in the US (≈14%). We include cancelled leases and early stage projects in this count.
“This recent surge (from 2023) reflects a broad rationalisation of the offshore wind pipeline. We now see fewer but stronger and more bankable projects moving forward as the sector grapples with inflation, high interest rates, and evolving permitting frameworks.”
Spinergie and Ocean Winds
France-based Spinergie has extended a partnership with offshore wind developer Ocean Winds, based in Madrid, to help tackle vessel supply bottlenecks and project performance pressures in a bid to de-risk potential projects.
Created by EDP Renewables in Portugal and the French energy firm Engie, Ocean Winds uses Spinergie’s market intelligence to ‘sharpen’ project planning and execution.
“With a global portfolio of projects across eight countries, Ocean Winds needs precise intelligence to navigate the challenges facing the offshore wind sector,” it says. “Rising costs, volatile supply chains and looming vessel bottlenecks mean that securing capacity requires advanced vessel intelligence.”
Data from Spinergie includes real-time and historical insight into global installation and maintenance campaigns, with fleet schedules and specifications and project intelligence – allowing it to secure the right construction vessels in advance.
“There is no room for guesswork in today’s offshore wind market,” said Fabien Scemama, Head of Client Success at Spinergie. “Developers need accurate vessel availability and performance benchmarking that they can rely on to make impactful decisions. Market Intelligence is the only way to build projects that can withstand supply chain volatility and deliver without delays.”
