Deals
TotalEnergies and EnBW Win High-Priced German Offshore Wind Auction
- Recent auctions draw billions in revenue for government
- Industry groups concerned they’ll bear burden of high costs
The results also show the high costs involved in participating in Germany’s efforts to diversify its fuel supply.
Photographer: Tobias Schwarz/AFP/Getty ImagesThis article is for subscribers only.
Oil major TotalEnergies SE and utility EnBW Energie Baden-Württemberg AG were winners in a German offshore wind auction that raked in €3 billion ($3.2 billion) for the government.
TotalEnergies agreed to pay about €2 billion for the seabed rights to develop 1.5 gigawatts of capacity in the North Sea, with the remainder submitted by EnBW for a 1-gigawatt area, according to a statement from the Federal Network Agency. The wind farms are expected to be operational by 2031.