GlobalData, a leading data and analytics company, says the offshore wind market in Taiwan is on track to see multi-fold expansion to reduce dependence on fossil fuel generation and create a cleaner, sustainable mixture of power generation.
Taiwan is expected to develop offshore wind capacity to around 15GW by the end of 2035.
GlobalData predicts the country’s offshore wind capacity to surpass 4.5GW by 2025, growing to 10.1GW by 2030 and reaching more than 15GW by 2035, thus becoming the largest offshore market in the Asia-Pacific (APAC) region after China.
“Taiwan has favorable conditions for offshore wind with wind speeds of almost 10-12m/s in the Taiwan Strait. The country drew attention of several international wind developers and investors due to its commitment to the development of offshore wind energy. Amongst them are some EU-based companies, such as EnBW Energie Baden-Wurttemberg, WPD offshore, Copenhagen Infrastructure Partners, and Denmark-based Orsted.”Somik Das, senior power analyst at GlobalData.
In 2016 , the government decided to phase out nuclear power plants entirely before 2025 in order to promote clean energy and meet its goal of 20 percent renewable energy supply by 2025. The change also helps to achieve environmental sustainability and reduce the carbon footprint in the country.
The nation was ranked third to last in the 2019 Climate Change Performance Index (CCPI), with coal contributing nearly 48 per cent of the generation mix.
“Taiwan is blessed with high offshore potential, providing greater market size and stability, conducive policy environment, established Power Purchase Agreement (PPA) market, and project financing ease, which are predicted to act as the multipliers that will ensure Taiwan is presented as the most attractive offshore market in APAC region.”Somik Das, senior power analyst at GlobalData.