• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Does Toyota Know Something That We Don’t?
  • 5 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 14 hours America should go after China but it should be done in a wise way.
  • 5 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 3 days China is using Chinese Names of Cities on their Border with Russia.
  • 5 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 4 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 5 days Putin and Xi Bet on the Global South
  • 5 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 6 days United States LNG Exports Reach Third Place
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
UK Battery Storage Firms Wrestle with Financial Turmoil

UK Battery Storage Firms Wrestle with Financial Turmoil

UK battery storage investment trusts,…

A Ban on LNG Exports Could Boost Carbon Emissions

A Ban on LNG Exports Could Boost Carbon Emissions

President Biden’s recent decision to…

Innogy Looks To Team Up With Oil Majors For U.S. Offshore Wind Projects

German energy company Innogy will be seeking partnerships with major oil companies willing to go into renewables for offshore wind projects in the United States, Innogy’s chief operating officer in charge of renewables, Hans Buenting, told Reuters on Wednesday.

“Big oil firms are muscling into the market for renewable energy - because their previous business model is finite,” Buenting said.  

According to the manager, utilities and oil majors could make good partnerships in offshore wind power installation.

“The oil companies may have a lot of experience with platforms out at sea. But — apart from Equinor — they have not built offshore wind farms. That’s where we come in,” Buenting told Reuters.

Equinor aims to have a leadership position in renewable energy development in the U.S. and bought in December 2018 an offshore wind lease off Massachusetts. Equinor also has offshore wind projects in the UK, Germany, and Norway.  

Innogy will definitely seek partnerships for large offshore wind projects in the United States, the manager said.

Earlier this year, Innogy teamed up with Shell and Stiesdal Offshore Technologies A/S to build a floating foundation wind demonstration project which will be tested offshore Norway in 2020.

According to Buenting, the German firm will meet its target to have 500 MW of onshore wind power installed in the U.S. by the end of 2020.

Related: Oil Falls After Sharp Rise In Crude, Gasoline Inventories

Last year, Innogy bought the U.S. onshore wind development business of EverPower Wind Holdings for an undisclosed sum. Thanks to the acquisition, Innogy became the sole owner of more than 2,000 megawatts of onshore wind projects in various development stages. The projects are located across eight states that are attractive to renewables—Maine, Maryland, Montana, New York, Ohio, Pennsylvania, Washington, and Wyoming, Innogy said in July 2018.

Innogy is still considering whether to bid in a wind lease auction in the New York Bight Region slated for early 2020, Buenting told Reuters. 

ADVERTISEMENT

According to the American Wind Energy Association (AWEA), the Department of Energy has estimated that the U.S. could install a total of 22,000 MW of offshore wind projects by 2030 and 86,000 MW by 2050, creating thousands of well-paying jobs in coastal communities.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News