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Bearish EIA Report Keeps Oil Prices Down

Bearish EIA Report Keeps Oil Prices Down

Oil prices got a bearish…

Turkey Plans World’s Biggest Offshore Wind Farm

Wind

Turkey said on Thursday that it would be accepting applications for the construction and operation of a 1,200-MW offshore wind farm—the world’s biggest—by October 23.

The Renewable Energy General Directorate will begin assessing the applications on October 23 and then inform the applicants about the date of the auction for the offshore wind farm.  

In its official announcement of the tender today, Turkey’s Ministry of Energy and Natural Resources set the ceiling for the price of one megawatt-hour at US$8. Applicants—who will be able to form consortia—will be bidding to offer the lowest price in a reverse auction.

The bidder with the lowest bid will sign a power purchase agreement.

Some of the other specifics in the race to build and operate the biggest offshore wind farm in the world include 60 percent of the equipment to be domestically produced and 80 percent of employees to be Turkish nationals.

Earlier this year, Turkey identified Saros and Gallipoli in the Marmara region in northwest Turkey straddling Europe and Asia, as well as K?y?köy in the Thrace region on the Black Sea, as the potential sites to host the world’s biggest offshore wind farm.

Related: Shale CEO: U.S. To Be The World’s Top Oil Producer By Fall

As of the end of 2017, Turkey had a total of 207 wind energy plants, with a total installed capacity of 6,516 MW, according to its energy and natural resources ministry. Last year, wind energy accounted for 6.06 percent of Turkey’s electricity production.

Last year, Turkey was targeting to have US$5 billion in wind energy investments, as part of its longer-term plans to raise the share of renewable sources in the country’s total installed power to 30 percent by 2023. By that time, Turkey aims to have total installed power capacity of 120 GW. The plan through 2023 also envisages installing 1 GW of geothermal and 5 GW of solar energy, but also increasing coal-fired installed capacity from the current 17.3 GW to 30 GW.

By Tsvetana Paraskova for Oilprice.com

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  • JACK MA of the Land on June 21 2018 said:
    Metal gears over COROSIVE salt water. That should be a short lived project if it really is not just a shell company to clean is dirty illegal oil theft profits from Syria. IMHO

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