For the first five months of 2022, solar, wind, and other renewable energy sources provided 25.7% of U.S. electricity – more than either coal or nuclear power and up from 22.9% a year earlier.

Mainstream’s offshore business will continue to develop existing project opportunities for bottom-fixed and floating wind in markets such as Norway, Sweden, Japan, South Korea, Vietnam, Ireland, the UK and the US, while exploring opportunities in new markets.

The spot price of Brent crude oil averaged $71 per barrel (b) in 2021, and we forecast the Brent price will average $104/b in 2022 and $94/b in 2023.

The Vidar and Poseidon projects, located off Sweden’s west coast near Gothenburg, will primarily consist of floating wind turbines and will be able to generate 10.5 TWh/year of electricity when fully developed.

The Philippines has held its first renewable auction, offering a total capacity of 2,000 MW.

Since the wind turbine capacity factors are in the 40-50% range, their annual potential output is typically half, or less, of the annual potential output of a conventional generator of the same rating plate capacity.

The Administration has actually recommended that people buy EVs to avoid increasing gasoline prices. The recent ban on imports of Russian oil will likely further increase gasoline prices, which have already doubled under the Administration.

India does not currently possess offshore wind capacities but plans to reach a 30 GW capacity by 2030.

Brazil does not yet possess offshore wind capacities (but 20.8 GW for onshore wind in 2021) but several other offshore wind projects are currently planned in the country.

The Brent price will average $108/b in the second half of 2022 (2H22) and then fall to $97/b in 2023.

In March alone, wind (1,418-MW) and solar (240-MW) accounted for 100% of the new capacity brought on-line for the month.

The auction is set to support the Irish ambition of reaching 80% of power generation from renewables and a 51% reduction in its greenhouse gas (GHG) emissions by 2030,

The project is set to reach a storage capacity of 5,230 MW and involves 10,800 MWh of daily storage capacity from a pumped-storage plant, with the integration of 3,000 MW of solar and 550 MW of wind capacity.

The Philippines has an installed capacity of 26.8 GW (end-2021), with 41% of coal, 17% of oil, 14% of hydro and 13% of gas.

Norway intends to hold licensing rounds for new acreage at regular intervals from 2025 onwards.