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According to the latest report from Wood Mackenzie Power & Renewables, by 2027, the countries of Eastern Europe and the Caspian Sea will add 16 GW of coastal wind energy, with an aggregate annual industry growth rate of 9%.

The top five countries located along the Caspian Sea include Russia, Azerbaijan, Kazakhstan, Turkmenistan and Iran.

Wood Mackenzie Power & Renewables stressed that the authorities in these countries should simplify licensing and network consolidation rules to ensure certainty and support market expansion. In addition, several small wind energy markets are expected to emerge, such as Armenia, Azerbaijan, Georgia and Slovakia.

Previously, market expansion in specific regions was mainly driven by trading patterns in Russia, Kazakhstan, Poland and Ukraine. After making some changes to the Law on Renewable Energy Sources, Poland is also expected to become a major market in the region.

This will allow projects that have been developed and launched, but suspended, to participate in auction tenders for wind power. At the same time, it is expected that Russia will “experience a huge increase” in wind energy between 2021 and 2024.