E.ON plans €7 billion offshore investment

EUROPE: E.ON is set to invest €7 billion in offshore wind energy over the next five years, according to its chairman Johannes Teyssen.

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Teyssen's comments are in E.ON's annual report. In it the company revealed it had added 600MW of wind capacity in 2011 and had moved into the top five developers in the US with 2.2GW.

Teyssen said around €2 billion of this will be spent on three wind projects in the North Sea and Baltic Sea. E.ON will also look to reduce the cost of installation and operation. It will also commission an offshore project every 18 months.

He said: "Together with careful site selection and planning, these cost reductions will ensure that our investments yield consistently attractive returns.

"Distributed generation also has the potential to play an important role in the energy world of the future. A team of experts drawn from across our company is currently designing a strategy for propelling E.ON’s growth in this area."

Teyssen's comments are in stark contrast to a warning from head of E.ON's Climate and Renewables division Mike Winkel about the company's German offshore strategy. Winkel warned E.ON would halt investment in offshore wind projects unless grid operators speed up construction of transmission lines.

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