European Countries Plan To Make The North Sea A Renewable Energy Powerhouse
reports the nations pledged to multiply the capacity of offshore wind farms in the North Sea by eight times from current levels by 2050. French president Emmanuel Macron, German chancellor Olaf Scholz, and European Commission president Ursula von der Leyen announced the plan together with the prime ministers of Belgium, the Netherlands, Ireland, Denmark, and Luxembourg.
To make offshore wind an energy grid for all participants, there will need to be offshore energy islands that serve as interconnection points between countries and deliver their electricity to multiple markets. An interconnected and meshed offshore wind grid will distribute electricity more efficiently, improve supply security, lower the costs for offshore wind and reduce its impact on maritime biodiversity, the industry group said.
Financing mechanisms, auction design, industrial policy, and electricity market design all are needed to unlock the investments necessary to make Europe’s offshore wind ambitions a reality. In 2022, not a single offshore wind farm reached final investment decision. Uncoordinated market interventions, price caps, and national clawback measures deterred investments.
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