Germany Guarantees Offshore Prices, England Wind Surge

Allen covers Germany’s new offshore wind price guarantee, England’s onshore wind revival, wind for Korean chip plants, and Aeris debt trouble.

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Good Monday everyone.

Last summer … Germany held an auction for new offshore wind capacity. Not a single company bid. Zero. This week Berlin put forward a new law to fix that. The old system asked developers to pay for the right to build in the North Sea and the Baltic. TotalEnergies and BP bid billions of euros … then walked away. So the new plan introduces contracts for difference. Build the farm … and the government backstops the price of electricity. The offshore wind association wants abandoned projects … up to sixteen gigawatts … put back on the auction block under the new rules. That is fifty billion euros worth of wind farms waiting for a second chance. The cabinet vote could come as early as next week.

Stay in Europe but head west. England just posted its highest number of onshore wind applications in a decade. About forty-five proposals. Before Labour lifted the Conservatives’ ban two years ago … applications averaged one megawatt a month. Now they are running at thirty-six megawatts a month. But here is the catch. The average English wind farm has just two turbines. Eight megawatts. In Scotland … the average is nine turbines and fifty-nine megawatts. England is back in the game. It is just playing small.

Now cross the Pacific. South Korea selected Pacifico Energy Korea to develop the Jindo offshore wind cluster. Two-point-one-three gigawatts. That is the second and third phases of a broader three-point-two-gigawatt project off the southern coast. And here is the connection worth noting. The region is also building the Honam Semiconductor Cluster … a major chip fabrication site. Semiconductor fabs need enormous and reliable power. This wind cluster is being positioned as the energy source to feed it. Wind as baseload for chip manufacturing. That is a new kind of offtaker.

Now head to Brazil. Aeris Energy makes wind turbine blades. This week the company told its creditors it needs to restructure again. Roughly three hundred and thirty million dollars in debt. Aeris already restructured last year. But revenue fell f