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North Sea states sign deal to boost investment in European wind power
Summary
Energy ministers at the third North Sea Summit in Hamburg agreed to connect offshore wind farms to multiple national grids and aim for up to 100 gigawatts of capacity, with plans for €9.5 billion of investment by 2030 and a pledge to reduce levelized costs by 30% by 2040.
Content
European countries bordering the North Sea reached an agreement at the third North Sea Summit in Hamburg to expand offshore wind capacity and improve cross-border connections. Energy ministers signed a deal to link offshore wind farms to the electricity grids of several countries and to target up to 100 gigawatts of production capacity across the region. The pact includes a commitment to continue offshore wind tenders in the North Sea beyond 2030 to provide planning and investment clarity. The German Economy Ministry reported plans for €9.5 billion of new production investment in Europe by 2030 and said the expansion would create 91,000 additional jobs. Industry also pledged to reduce the levelized cost of electricity by 30% by 2040.
Main commitments:
- Connect North Sea offshore wind farms to multiple national electricity grids.
- Aim to make up to 100 gigawatts of production capacity available across the region.
- Continue offshore wind tenders in the North Sea beyond 2030 for planning certainty.
- Industry pledged to reduce the levelized cost of electricity by 30% by 2040.
- Plan for €9.5 billion of new production investment in Europe by 2030 and an estimate of 91,000 additional jobs.
- The agreement was announced at the summit in Hamburg, with comments from German Economy Minister Katherina Reiche.
Summary:
The agreement sets targets for capacity, investment and cost reductions intended to support offshore wind development and cross-border grid connections. Authorities committed to continued tenders beyond 2030 and industry set a cost-reduction target through 2040. Reporting also noted investor unease and referenced a critical stance toward wind energy from the current U.S. administration as mentioned in recent remarks; implementation details and timelines are undetermined at this time.
