The £100 Question

“Yes, yes but what about this £100 MW/h target – is it really achievable for offshore wind?”

That was the common line of questioning that was returned to again and again on Thursday evening of last week, as we moderated a lively debate hosted at one of the major London law firms.

And while the panel – that included senior representation from the Green Investment Bank, DONG Energy, Grant Thornton and GL Garrad Hassan – shared the view that yes, it was in fact entirely possible, the audience were only ever partially won over.

This, despite Dong Energy’s commitment to beat this target and stretch its own company objective a little further, to €100 MW/h. Coupled with comments from GL Garrad Hassan suggesting that, even with the current cost reduction strategies in place, the target remained both realistic and within reach.

Evidently then, there’s a common disconnect appearing once again, as those working on the industry front line continue to plough forwards, while those watching from the touchline – at least one stage removed – struggle to keep up.

And for the markets of course, it’s easy to dismiss this occurrence, out of hand.

Industry observers aren’t really listening, they’ll say. They’re failing to look all that closely at the progress that’s already been made and they’ve no knowledge of the real details locked away within it.

However, while that may well be true, the wider problem remains. And if left unchecked, it’s a critical communications and engagement challenge that is danger of quickly spiralling out of control.

And that’s an important thing to avoid.

Why? In short, because the wider issue at stake here isn’t really about hitting a specific figure or market milestone at all.

Rather, it’s about creating a common objective and goal and aligning the markets behind it. That creates unity, focus and clarity for a sector that must quickly become more valuable than the sum of its parts.

As my colleagues commented in this column on Friday, the success or failure of future offshore wind for any nation is as much about creating a secure, affordable energy supply chain, as it is about strengthening the existing energy mix. That’s an important message and one that, in the struggle to justify cost cutting targets, can all too quickly disappear from view.

Time then to speak up and to deliver some clear, focused messages the market. Time to keep talking. And time to ensure that in the process, you’re appealing to both the industry advocates and those hardened market sceptics.

For, in the battle to win over the hearts and minds of the masses, only those individuals and businesses that can truly strike the balance between the two polarised communities, will win the day.