ESSEN, Germany, Aug. 23 (UPI) -- A study commissioned by the German offshore wind energy sector found technological development to be the main driver of cost reduction for the industry.
German energy company RWE Innogy commissioned a study with its offshore wind energy partners to assess the economics of the energy sector. The study, produced by investment companies Prognos AG and The Fichtner Group, found the cost of electricity from offshore wind would decline through consistent development.
An Aug. 2 report from German news magazine Der Spiegel said the German offshore wind energy sector was in decline because of higher associated costs. Ronny Meyer, managing director of the German Wind Energy Agency, told the magazine the market for wind energy "has collapsed."
The wind industry's assessment said costs associated with wind energy development could decline by at least 30 percent if the sector is developed consistently for the next decade.
Frank Peter, co-author of the study for Prognos AG, said in a statement developing more wind was a win-win situation.
"The main driver for the cost reduction is a continuous technological development across the entire value-added chain," he said in a statement Thursday. "Particularly regarding investment costs, substantial savings can be achieved."