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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
Crystal ball gazing: Calmer waters ahead for the offshore energy sector?
13/12/2023
8 min read
Feature
What lies ahead for the offshore energy sector in 2024? Two lawyers, Tracy London and Eimear Murphy, both at Bracewell, examine prospects for the offshore wind sector. The latter also addresses trends in the oil and gas sector, focusing on upstream mergers and acquisitions (M&A) activity and financing.
This year, 2023, was a perfect storm for the offshore wind industry across the globe. Permitting delays, grid connection hurdles, inflation and supply chain challenges led to some developers wanting to renegotiate previously agreed offtake deals or end deal commitments with payment of fines. We saw an uncapped negative bidding auction in Germany’s 7 GW wind auction. And, in the UK, no offshore wind projects were awarded contracts for differences (CfDs) in Round 5.
So, what lies ahead for 2024?
Five key themes look set to impact the offshore wind sector.