RWE Wins Approval By UK to Build Wind Farm

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July 12 (Bloomberg) -- Bloomberg’s Sally Bakewell reports on the UK’s investment in wind energy and RWE’s approved proposal to build. She speaks on Bloomberg Television’s “The Pulse.” (Source: Bloomberg)

In today's new energy report, we told you about the world's largest marine wind farm in london.

It is off the coast of england.

The project is set to be undertaken in size and capacity.

The british government has plans for a new project.rwe will build the wind farm, which will create enough power for 800,000 homes.

Let's bring in sammy with the details.

How significant is this?

You save billions, just put it in context.

This announcement gives rwe permission to build wind turbines offshore on the northeast coast of england.

Rwe needs permission to build the onshore infrastructure and it needs to make the final investment decision to spend 3.6 billion pounds to build the project.

Then it will become the world's largest wind farm offshore.

It is unlikely to make the final investment decision until about 2015 or 2016. even then, that will hinge on whether the government provides a long-term stable policy that attracts third-party investors to the project.

What are the government doing?

Are they doing enough to encourage this kind of investment?

You say it hinges on policy.

Offshore wind developers will receive triple the current market price for each megawatt hour of power they produce or about 155 pounds.

Industry welcomes that land but they do not have clarity beyond 2020 of the uk commitment for renewable energy.

Rate to get that.

Thank you so much for joining us.

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