Statoil on US offshore wind entry: "We have paid a high price"

The oil giant new to the green field maintains the belief that it will make a profitable business out of its record expensive offshore wind project in New York State.

Photo: Mark Lennihan

After a historically long bidding war over the right to erect wind turbines off the coast of New York City, Statoil emerged victorious just before Christmas. However, when it was revealed that the oil giant would pay a record-high price for the privilege, the company was granted an entire hour to rethink.

The culmination of the two-day, 33-round auction was that Statoil's green business arm will pay the US state USD 42 million for the lease in New York State, a record-high price. So high, in fact, that it corresponds to just under three times the total amount paid for offshore wind turbine rights in the country since 2013.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

WindEurope warns against negative auction bids

If more countries introduce negative bids, where firms pay to establish wind projects, it could lead to higher electricity bills or more pressure on the supply chain, says the industry association.

BW Offshore halved bottom line in Q1

The Norwegian firm reports decline in several items compared to the same quarter of 2021 but predicts fine advancement in the rest of 2022, for which both floating wind projects and high energy prices show promise.

Equinor exits Russia

Norwegian oil company Equinor has taken its final step out of the Russian market by transferring joint venture assets to Rosneft.

Further reading

Related articles

Latest News

See all jobs