The evolution of floating wind turbines mirrors almost exactly that of offshore oil exploration and production structures. Norwegian oil company Statoil’s decision to build the first floating wind farm represents a carbon risk hedge in an area in which it can deploy its considerable offshore expertise. If costs can be reduced, floating wind farms would hugely expand the exploitable wind resource. Ross McCracken, managing editor of Platts’ Energy Economist , explains. Wind energy is developing a new avenue of expansion, one which should hugely increase the technically, and possibly economically, exploitable wind resource. Wind is going further offshore. The problem to date has been that further offshore means deeper water and bigger foundations, raising costs, but the industry needs to move in precisely the opposite direction and reduce costs. However, the oil and gas industry has already confronted and resolved this dilemma, moved from fixed platforms to semi-submersibles and […]