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RENEWABLES: Norway Proposes NOK 35bn Floating Offshore Wind Subsidies

RENEWABLES
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The Norwegian government on Monday proposed floating offshore wind subsidies of NOK 35bn for the country’s first commercial floating wind tender, the energy minister, Terje Aasland, said, cited by Reuters. 

  • "Norway has enormous potential for floating offshore wind on its continental shelf, but because the technology is still immature and expensive, government support is needed to speed up development", Aasland said.
  • Aasland previously said the support will likely cover only one of the three planned offshore wind projects at Utsira Nord, where a total of 1.5GW of floating wind is proposed.
  • Analysts said previously Norway must raise the planned subsidies following the results of the UK’s AR6 auction.
  • “If Norway cannot offer equally good framework conditions [such as in the UK], there is a risk that the companies will choose to build offshore wind elsewhere,” an analyst at Volue Insights said.
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The Norwegian government on Monday proposed floating offshore wind subsidies of NOK 35bn for the country’s first commercial floating wind tender, the energy minister, Terje Aasland, said, cited by Reuters. 

  • "Norway has enormous potential for floating offshore wind on its continental shelf, but because the technology is still immature and expensive, government support is needed to speed up development", Aasland said.
  • Aasland previously said the support will likely cover only one of the three planned offshore wind projects at Utsira Nord, where a total of 1.5GW of floating wind is proposed.
  • Analysts said previously Norway must raise the planned subsidies following the results of the UK’s AR6 auction.
  • “If Norway cannot offer equally good framework conditions [such as in the UK], there is a risk that the companies will choose to build offshore wind elsewhere,” an analyst at Volue Insights said.