Home Investing News German wind power sector welcomes government offshore terminal funding

German wind power sector welcomes government offshore terminal funding


German wind power sector welcomes government offshore terminal funding By Reuters

Breaking News



Published Mar 23, 2024 08:05AM ET
Updated Mar 23, 2024 08:55AM ET

© Reuters. FILE PHOTO: A view shows a nacelle of a wind turbine on a truck for heavy haulage being transported near a wind farm, in Biegen, Germany August 31, 2023. REUTERS/Lisi Niesner/File Photo

By Emma-Victoria Farr

FRANKFURT (Reuters) -The German Offshore Wind Energy Foundation said the government’s decision to help fund the expansion of an offshore terminal is important to achieve expansion goals for wind energy at sea.

In a statement late Friday, the foundation said it welcomed a government move to contribute to the costs of expanding the terminal at the port of Cuxhaven, on the North Sea coast.

The government has agreed to finance the 30-hectare (74 acres) expansion of the offshore terminal, together with the state of Lower Saxony and the private port industry, at a cost of around 300 million euros ($324.15 million), a government spokesperson said on Saturday.

“The expansion of the Cuxhaven port is a central project for the expansion of renewable energies,” said Stefan Wenzel, parliamentary state secretary at the Federal Ministry for Economic Affairs and Climate Action.

Germany’s BWE power association on Wednesday called for the government to take expansion costs into account in its national ports strategy to meet the country’s energy transition plans.

Transport Minister Volker Wissing this week said the federal government was committed to its responsibility for ports, including financially.

The German Offshore Wind Energy Foundation estimates that up to 200 hectares of additional heavy-duty area will be required by the end of the decade just for the construction of new offshore wind farms. This corresponds to 270 football fields, it said.

($1 = 0.9255 euros)

German wind power sector welcomes government offshore terminal funding

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information

© 2007-2024 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Related News