Will Poland follow the global energy trends?
The future of offshore wind in the emerging market
Currently, 11 European countries including Sweden, Denmark, United Kingdom and Germany has offshore installations. It is estimated that by 2025 the first Polish offshore wind farms will start its electricity production and by 2040 is planned to be commissioned more than 10 GW of capacity installed in the Polish Exclusive Economic Zone.
DNV GL is certain that the offshore wind will be a pivotal element of the future energy mix for the entire globe. This is driven by various factors, both of technical and economic nature, which could be further discovered in the recent ETO publications. It is also likely that the situation will be similar in Poland, an emerging offshore market, being at brink of a new wind boom. Following the current assumptions, hundreds of offshore wind turbines are to be located in the Polish Exclusive Economic Zone within the next decade.
Poland’s access to the Baltic Sea guarantees a number of rights and opens vast opportunities. Expert calculations demonstrate that the construction of 6 GW of offshore wind farms will create 77 thousand jobs, bring approximately PLN 60 billion of added GDP value and PLN 15 billion of CIT and VAT revenues by 20301.
Poland’s renewable energy has been developing rapidly, according to Poland Wind Association (PWA), at the end of the 2018 renewable energy sources (RES) reached 8.6 GW of installed capacity in the National Power System playing a key role in energy transformation of Poland towards low-emission economy.
The ambitious plans attract substantial interest among national and foreign investors that can profit from the promising market the draft energy policy and upcoming offshore act will create in Poland, but it might be hard without the proper partners. DNV GL has already supported local developers during preparation of the offshore wind project, while its also engaged in shaping and promoting the Polish offshore market from its very beginning.
Let’s talk expertise
DNV GL will soon chair the “Finance and insurance” session during the upcoming PWEA Offshore Conference in Warsaw. We will discuss the conditions for the implementation of projects in the Baltic Sea, check the possibilities of financing Polish projects and requirements for their bankability. We will also present the needs and interests of various stakeholders and deepen the knowledge on how to follow all social and environmental requirements that are becoming more and more important.
- Source: McKinsey & Company: Developing offshore wind power in Poland. Outlook and assessment of local economic impact, 2016