Oil Giants Buying In On EU Ocean Wind
Big Oil Replaces Rigs With Wind Turbines
Jess Shankleman, March 22, 2017 (Bloomberg News)
“…Royal Dutch Shell Plc, Statoil ASA and Eni SpA are moving into multi-billion-dollar offshore wind farms in the North Sea and beyond. They’re starting to score victories against leading power suppliers including Dong Energy A/S and Vattenfall AB in competitive auctions for power purchase contracts…[The multinational oil giants have] spent decades building oil projects offshore, and that business is winding down in some areas where older fields have drained. Returns from wind farms are predictable and underpinned by government-regulated electricity prices. And fossil fuel executives want to get a piece of the clean-energy business as forecasts emerge that renewables will eat into their market…About $99 billion will be invested in North Sea wind projects from 2000 to 2017…Current [ocean wind] projects entering operation are delivering power at about half the price of farms finished in 2012...[and costs] could fall another 26 percent by 2035…” click here for more
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