This week has brought new signs of the growing push by multinational oil companies into offshore wind.
Driving the news: French Total is teaming up with Spanish energy giant Iberdrola to develop what they say is one of the largest offshore wind farms in the world off the Danish coast.
- “The 50/50 partnership has been prequalified by the Danish Energy Agency to submit a bid for the Thor offshore wind farm in the Danish North Sea,” the companies said.
- The project will have a power generation capacity of up to 1 gigawatt and it is expected to be commissioned as early as 2025, they said this morning.
Driving the news, part 2: New York state officials yesterday announced contracts with Equinor, the Norwegian-based global oil giant, for a pair of offshore wind projects.
- The two farms will have a combined capacity of nearly 2.5 gigawatts, Equinor said of the projects – Empire Wind 2 and Beacon Wind 1.
- They come in addition to Equinor’s Empire Wind 1 project off New York. BP is Equinor’s strategic partner in developments.
Yes, but: Renewable and low-carbon energies currently represent only a small portion of the overall investment spending of oil majors, with fossil fuels remaining their dominant industry.
The big picture: Via Reuters, “European oil companies like Equinor and BP are under pressure from activists, banks, investors and some governments to move away from fossil fuels, and analysts say offshore wind farms are likely the fastest way for them to do it “.