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In the tradition of businesses taking their operations off shore - off shore electricity generation is already a reality.

In fact, according to a new report by energy consulting firm ODS-Petrodata, global offshore wind farm capacity will grow at a compound annual rate of 32 per cent in the coming decade, soaring to 55 gigawatts by 2020.

The International Offshore Wind Market to 2020 report, released in Europe, predicts that by the end of 2020 global offshore wind farm capacity will be enough to power almost 37 million homes. Current installed capacity is under two gigawatts.

Based on an analysis of more than 700 projects and prospects in the company's database, ODS-Petrodata forecasts USD 61.4 billion of capital expenditure in the sector between now and 2014. For 2016 to 2020, total capital expenditure could be double that.

In Australia, there is a lot of potential for off shore wind farms off the coast of Western Australia. "Most existing offshore wind farms are mono-piles installed in shallow water. It has been reported that Western Australia has great potential for offshore wind energy with mono-piles," says Dr Jong Jeng who is currently heading a project supported by the University of Sydney, to investigate offshore wind energy.