Oil companies bp and TotalEnergies have won an auction for a $14 billion (€12.6 billion) offshore wind power plant to be built in Germany, the German Federal Network Agency Bundesnetzagentur announced on Wednesday.
Four offshore wind power plant sites with a combined capacity of 7,000 megawatts were up for auction.
British energy company bp won a 4,000-megawatt offshore wind power project in the North Sea site, while French oil company TotalEnergies won the right to build a 3,000-megawatt project in two separate sites in the North Sea and the Baltic Sea.
‘Competition in offshore wind power has never been so high,’ Klaus Muller, president of the German energy market regulator Bundesnetzagentur, was quoted as saying in the statement.
According to Muller, these major projects are in line with the German government’s objective of deploying 30 gigawatts of offshore wind power in Germany by 2030, at least 40 gigawatts by 2035 and at least 70 gigawatts by 2045.
A total of 90% of the proceeds from the projects will be dedicated to the reduction of electricity costs, 5% to marine nature conservation, and 5% to sustainable fishing, according to the Bundesnetzagentur.
