According to a survey carried out by the State Grid Energy Research Institute, the average cost of offshore wind projects - $2,400 per kw in 2015 - is as much as 2.8 times that of onshore ones.
Another survey carried out by Bloomberg New Energy Finance showed that most offshore wind power projects in China generate electricity for sale at costs ranging from $0.16 per kwh to $0.23 per kwh, far higher than the price of electricity produced by coalfired and onshore wind power.
“To fend off possible financial risks, a project operator should find a break-even point as soon as possible. And, only when a project generates profit is large-scale exploitation possible,” said Wang Qiang, Marketing Manager of CTG’S Fujian energy investment branch.
While the environmental impact of such projects has raised concerns, Wang explained that people need not worry.
“Before a project commences, authoritative marine and ecological experts first engage in discussions to demonstrate the viability from the perspective of environmental preservation and produce an environmental impact assessment report. Without that, the project will never be put on track,” he said.
“Wind turbines standing in the sea have proven to be a positive influence, and actually some marine animals even use them as places to rest and gather,” said Wang.