April 2, 2019 / 11:03 PM / 5 months ago

Global wind power capacity to grow 50 pct by 2023 - industry group

LONDON, April 3 (Reuters) - Global wind power capacity is expected to increase by 50 percent in the next five years as technology costs fall further and emerging markets drive growth, an industry report showed on Wednesday.

Last year, 51.3 gigwatts of new wind installations were added globally, taking cumulative capacity to 591 GW, the Global Wind Energy Council said in an annual report on the wind industry.

It forecast more than 300 GW of new capacity to be added by 2023, driven by emerging markets in Africa, the Middle East, Latin America and Southeast Asia, as well as the increasing competitiveness of offshore wind.

“In the short term, governmental support, in the form of auction and tender programmes and renewable targets, will continue to be a significant driver for new installations,” the GWEC said.

“In addition, opportunities for wind energy to operate on a commercial basis are increasing as the industry continues to prove its cost-competitiveness and bilateral agreements, such as corporate power purchase agreements, grow,” it added.

Reporting by Nina Chestney; Editing by Dale Hudson

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