EU Aims for 300+ GW of Offshore Wind by 2050
In November last year, the EU has presented its plans for realization of the 100% renewable energy transition for 2050.
The current average EU power consumption is ca. 300 GW.
Price tag EU plans: 800 billion euro until 2050, which means on an EU GDP of 20T and 30 years, a total cost of 100*0.8T/(30*20T)% = 0.1% EU GDP.
As a rule of thumb, to phase out fossil fuel completely and keep current wealth levels, we need to double our electricity output. For Europe that would be 600 GW; 300+ GW from offshore wind and the rest from onshore wind, solar, hydropower and biomass and import the rest as hydrogen. But a lot more needs to be done: power-to-gas, heat pumps and seasonal storage of thermal energy, rigorous insulation, for starters.
Branche organisation WindEurope is, unsurprisingly, even more upbeat about the potential of offshore wind in Europe: 450 GW