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November 22, 2019

ESB and Equinor to focus on offshore wind projects development

Ireland-based energy company Electricity Supply Board (ESB) has entered a partnership with Norwegian energy company Equinor for the development of offshore wind projects.

Ireland-based energy company Electricity Supply Board (ESB) has entered a partnership with Norwegian energy company Equinor for the development of offshore wind projects.

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Under the partnership, the companies have agreed to work together to identify potential sites that are suitable for the development of new offshore wind farms in Irish waters.

Additionally, they will examine energy storage and associated technologies required for the development of offshore windfarms.

ESB Generation and Trading executive director Jim Dollard said: “Through this partnership, we are demonstrating our commitment to creating a low-carbon future, powered by clean electricity. The delivery of offshore wind projects in Ireland further supports our strategy to significantly reduce the carbon intensity of the electricity we generate.

“By collaborating with innovative, like-minded organisations such as Equinor we will play a leading role in the transition to a clean energy future.

“Equinor’s scale and capabilities making them an ideal long-term partner. Today’s announcement represents a significant commitment by ESB in offshore wind in Ireland.”

The partnership aims to identify sites for large scale offshore windfarms, which can begin commercial operation by 2030 and support the Irish Government’s energy transition goals and its 2050 vision for a net-zero carbon economy.

Additionally, ESB aims to strengthen its commitment to developing its offshore wind portfolio in the Irish market.

Equinor New Energy Solutions business development senior vice-president Jens Økland said: “We are looking forward to a strong collaboration with ESB, where we will jointly explore offshore wind opportunities in the Irish market.

“ESB brings local knowledge and expertise and in the ongoing energy transition offshore wind can contribute as an important source of renewable providing energy to people and progress to society.”

In January 2019 ESB signed an agreement with Belgian offshore wind developer Parkwind to co-develop two offshore windfarms in the Irish Sea.

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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