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Dong Energy announces award of three German offshore wind projects.

M2 EQUITYBITES-April 14, 2017-Dong Energy announces award of three German offshore wind projects


Dong Energy A/S (CPH:DENERG) announced on Thursday that in the first of two German auction rounds, the Bundesnetzagentur has awarded the company the right to build three offshore wind projects in the German North Sea.

Reportedly, Dong Energy submitted six projects in the bid and won three projects which have a total capacity of 590MW. These projects are OWP West (240MW), Borkum Riffgrund West 2 (240MW) and Gode Wind 3 (110MW).

Also, the three projects are planned to be commissioned in 2024, subject to final investment decision by Dong Energy in 2021.

According to the company, for two of the projects, namely OWP West and Borkum Riffgrund West 2, it made bids at EUR0.00 per MWh, i.e. these projects will not receive a subsidy on top of the wholesale electricity price. The Gode Wind 3 project was awarded based on a bid price of EUR 60 per MWh.

Under these projects, Dong Energy will be responsible for the turbines, array cables and offshore substation, while grid operator TenneT will be responsible for construction, operation and ownership of the onshore substation and the export cable.

Currently, Dong Energy currently has 902MW of offshore wind in operation in German waters with Gode Wind 1&2 and Borkum Riffgrund 1 and another 450MW under construction at Borkum Riffgrund 2, which is expected to be commissioned in 2019.

In total, DONG Energy operates 3,600MW offshore wind capacity across Germany, UK and Denmark and has a further 3,800GW under construction.

Dong Energy, a leading energy group in Northern Europe, develops, constructs and operates offshore wind farms, generates heat and power from its power stations, as well as supplies and trades in energy to wholesale, business and residential customers.

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Publication:M2 EquityBites (EQB)
Date:Apr 14, 2017
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