The New Energy State: Offshore Governance Regimes for Renewables as Natural Resources

Anupama Sen and Tooraj Jamasb

The Energy Journal, 2024, vol. 45, issue 6, 61-77

Abstract: Maturing renewable energy technologies are birthing new industry configurations, with offshore wind—with the EU holding 80 percent of global capacity—and “energy islands,†as notable examples. However, a clear conceptualization of the role of the state and governance framework is lacking, alongside growing pressure for the state to define the path forward. This paper analyzes recent developments in emerging EU offshore renewable energy regimes, drawing three implications that show the need for new governance frameworks. First, there is a reconfiguration of energy industry structures around changing economics and policies, in a repeat of historical experience. Second, energy islands increasingly represent features of a natural resource in fixed supply, with the economic nature of offshore energy gradually transiting from the sub-domain of renewable energy economics towards natural resource economics. Third, to realize their economic value, governance frameworks are needed to enable these resources to harmonize with other resources in fixed supply, such as the land on which they are sited, which is constitutionally under the stewardship of the state. We set out criteria for governance of these emerging offshore renewables, to underpin the changing industry landscape and new role of the state within it. JEL Classification: L22, L24, L51, Q20, Q24, Q28, Q32, Q38, Q48

Keywords: offshore energy; governance; fiscal regime; natural resources; power (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:sae:enejou:v:45:y:2024:i:6:p:61-77

DOI: 10.1177/01956574241281565

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