Harnessing the power of the wind to produce electricity, modern wind turbines utilize their large rotating blades to capture this renewable energy source and convert it into electrical power through generators. This is one of the most popular forms of renewable energy and has seen significant growth in recent years, with wind farms dotting landscapes and contributing a substantial amount of clean energy globally.
Wind farms predominantly exist in two variants: onshore and offshore. Onshore wind farms, the more prevalent type, dominated electricity generation over their offshore counterparts last year. These onshore installations populate terrains with their towering turbines, harnessing the power of land winds. In contrast, offshore wind farms, located in oceans or lakes, tap into more potent wind currents, albeit at a higher cost.
Despite a promising start in 2023, wind energy encountered challenges towards the year's end as economies were hit with rising inflation and interest rates, leading to escalated project costs and project developers calling off projects. Nonetheless, amidst these setbacks, the EU's power sector experienced notable growth, marking a milestone as wind power took the lead with an 18% increase in 2023.
