Building on the 2024 analysis, this second edition evaluates five closed-out projects across three representative wind farm scenarios: a fixed-bottom nearshore site, a deep-water floating site, and a shallow-water floating site based on the Gulf of Maine.

The analysis focuses on innovations that are technically validated and positioned for near-term commercial deployment, applying consistent techno-economic modelling to assess both individual and combined impacts on LCOE.

Key findings:

• Significant reductions in LCOE
  Across all three scenarios, combined innovations reduced LCOE by 6.3% to 12.1% compared with the current state of the art, indicating substantial potential savings at scale.
   
• Cost of capital as a primary driver
  Reductions in the cost of capital delivered the largest impact across all scenarios, highlighting the importance of improving investor and lender confidence.
   
• Mooring innovations in floating wind
  Mooring system innovations were a key driver of cost reduction in floating scenarios, particularly through the use of synthetic rope and shared anchors.
   
• Operational efficiency improvements
  Operational innovations, including digital twin technology, delivered consistent reductions in operations and maintenance costs.
   
• Additive portfolio impact
  As innovations target different cost drivers, their impacts are largely additive, demonstrating the value of a diversified R&D portfolio.