Energy security vs. energy import costs: assessing the role of Offshore Wind Pow

In response to escalating concerns about climate change, local air pollution, the fluctuation in fossil fuel prices, energy security challenges, and the potential depletion of fossil fuel resources, governments worldwide have taken proactive measures at various administrative levels. These actions entail the implementation of policies aimed at fortifying the presence of renewable energy sources within their electricity sectors.

These supportive policies exhibit diverse structures, with advocates asserting their indispensability in nurturing the development of emerging renewable industries, propelling technological advancements, achieving economies of scale, and fostering competition with well-established sectors. Among the earliest renewable energy technologies to receive substantial promotion, wind energy stands out due to its maturity and cost-effectiveness relative to other renewable options.

As a result, it has emerged as the favoured choice for numerous nations as they embark on their initial endeavours to address climate-related imperatives. This project maintains strong connections with our ongoing research initiatives at LU and UH. It is closely intertwined with our studies on consumer behaviour within energy markets, technological diffusion in the energy markets, the sustainable management of natural resources, addressing environmental pollution challenges, and the formulation of strategies for building a resilient net-zero energy system.

Additionally, this project is aligned with the research projects currently underway at AURA under the overarching theme of "Offshore Wind Energy Integration", encompassing a comprehensive exploration of associated challenges and impacts. In an era marked by growing concerns about energy security and sustainability, the transition to renewable energy sources has gained considerable momentum.

Among these sources, offshore wind power stands out as one of the most promising options. It not only contributes to environmental sustainability but also plays a crucial role in enhancing energy security by reducing reliance on imported fossil fuels. The recent global energy crisis has spurred a rapid increase in renewable power installations (IEA, 2022).

While China holds a dominant position in the onshore wind market, nearly 80% of the global capacity is situated in Europe, with the United Kingdom being one of the leading European markets (Lee et al., 2020). The global outlook for offshore wind is optimistic, driven by significant cost reductions in production. However, a potential game-changer for offshore wind lies in the commercial development of floating technologies, enabling the deployment of large wind turbines in waters deeper than 50-60 meters, where building fixed foundations remains technically impractical and economically unviable (Wilson, 2020).

Many decarbonization scenarios envision offshore wind as a key player in reducing greenhouse gas emissions, especially in light of sustained cost reductions and technological advancements that facilitate the utilization of wind resources in deeper waters. Beyond electricity generation, offshore wind holds substantial potential for hydrogen production and energy storage through battery systems.

This study will investigate the pivotal role of wind turbine owners' decisions and the policy alternatives aimed at increasing the integration of offshore wind energy into electricity grids. We will formulate a set of complementary research questions by exploring the following areas: Energy Security Implications, Policy and Regulatory Frameworks, Technological Advancements.

To achieve this objective, we will adopt both a theoretical and empirical methods of analysis, with a particular focus on the UK offshore wind farm development.