Offshore wind to outpace oil and gas spending
The coronavirus pandemic has caused the oil market to collapse, with several financial closures being postponed and fewer investments being made, according to Rystad Energy.
While oil and gas spending is expected to continue on a downward trajectory through to 2022, offshore wind spending is set to increase as countries strive to reach their 2030 renewable energy targets, the analysts believe.
They expect capital expenditure on European offshore wind to reach parity with upstream oil and gas in Europe as soon as next year.
Rystad then expects offshore wind spending to overtake upstream offshore oil and gas in Europe by 2022.
Firms urge PPA support
More than 50 companies signed a letter calling for the European Union’s post-Covid-19 economic stimulus package to provide a boost for corporate sourcing of renewable energy.
EU leaders are due to discuss a €750 billion economic recovery plan next Friday (19 June).
Offshore grid investment
Lithuania’s finance ministry has agreed to invest €90 million in building infrastructure to support offshore wind, Aistis Radavicius, CEO of the Lithuanian Wind Energy Association, told Windpower Monthly
This sum is part of €324 million ring-fenced for combating climate change, with €214 million of this dedicated to renewable-energy development as part of the country's economic stimulus package.
UK coal-free run continues
Lower demand and a surge in renewables has meant coal-fired generation has not been needed in the UK for more than two months — the longest coal-free run in the UK since the Industrial Revolution.
The two-month window has smashed Britain’s previous coal-free record of 18 days, set in June 2019.
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