Energy majors BP and TotalEnergies have won a 7 gigawatt (GW) offshore wind site auction in Germany worth a record 12.6 billion euros ($14.1 billion), allowing them entry to the central European market without a partnership.
Guaranteed rights to grid connection are included in the new leases, but the cost of developing and operating the infrastructure is not included.The 7 GW electronic auction officially opened in January and bidders had until June 1 to submit offers. The winning bids for the four leases ranged from 1.56 million to 2.07 million euros per megawatt and set a record for Germany.
As part of a total of 8.8 GW to be auctioned this year - more than doubling Germany's existing 8.2 GW installed at the end of 2022 - the country will also tender 1.8 GW of offshore wind on pre-developed sites in August under different criteria.Germany has a target to develop 30 GW of offshore capacity by 2030 and will use revenues from the auction to help improve transmission networks and invest in environmental projects.
Industry groups have said the high costs of the leases could drive up the cost of offshore wind projects. BP said the projects aligned with its strategy of targeting returns of 6%-8% for its renewable projects and of transitioning to an integrated energy company with the possibility of using the power for its electric vehicle or hydrogen businesses.
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