A report examining key factors driving the levelized cost of energy (LCOE) for offshore wind farms being commissioned in 2017 and 2018 across Netherlands, UK, Belgium, Denmark, USA, Germany and Japan has been published by the International Energy Agency (IEA) Wind Task 26. Led by the Offshore Renewable Energy (ORE) Catapult, the study compares LCOE for representative sites for each country in the study and captures in detail the individual impact on LCOE of site characteristics, technology choices and regulatory environment. Though wind speed and turbine selection are the strongest drivers in terms of physical site characteristics and technology choice, the impact on LCOE of regulatory factors is even greater in many cases. Socialized development and transmission capital expenditure in Denmark, Germany, and the Netherlands remove significant portions of capital expenditures from developers' scope, bringing them in with the lowest LCOEs; while higher tax rates in Germany and the USA drive up LCOE relative to lower-tax jurisdictions. The report also highlights some of the key factors expected to drive LCOE reductions from the 2017-2018 commissioned projects, towards the LCOEs implied by record low bid prices achieved across a number of offshore wind auctions in the past year.