Offshore wind in Canada - Potential sites, cost and emissions reduction impact Potential

However, while costs associated with the construction and operation of offshore wind turbines are currently higher than other renewable sources of energy, the costs for offshore wind are projected to significantly decline in the coming two decades. [...] Modelled offshore wind potential in Canada and the United States Adapted from: International Energy Agency2 No offshore wind farms exist in Canada, but more than 3.6 GW have been proposed.3 The lack of investment is not due to poor potential, but likely to the nascency of the industry. [...] Pembina Institute Offshore wind in Canada | 2 As shown in Figure 1, the development of offshore wind in Canada has the greatest potential in the Hudson Bay, the Labrador Sea and within the Great Lakes. [...] The inclusion of offshore wind could increase the proportion of renewable energy in the electricity grid. [...] The LCOE for offshore also varies regionally depending on meteorological conditions.8 It should be noted that the International Energy Agency estimates that the LCOE for offshore wind will drop to C$74/MWh by 2030 and C$56/MWh by 2040.9 Impact on emissions The life cycle greenhouse gas (GHG) emissions of offshore and onshore wind are the same, and are comparable with both hydropower and nuclear (F.