Yesterday's deal was a fillip for the offshore market, which took a blow this year when Shell pulled out of the biggest planned offshore wind farm, the London Array, amid spiralling costs. Dong Energy and Eon, the other partners in the London Array, found a new partner in Abu Dhabi's Masdar initiative last month.
London Array
SSE in £308m wind farm deal with RWE
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The dawn of a disturbing new reality
Royal Dutch Shell has dropped its proposed investment in plans to build the world's biggest offshore wind farm, the London Array, to concentrate on less risky US onshore wind power.
Shell pulls out of its last UK wind farm project
The decision will also anger environmentalists already critical of Shells push into dirty-fuel sources such as Canadas tar sands.
Middle East Oil Invests in British Wind Project
The $4.75 billion project quickly became known as Londons disarray after Shell pulled out...
Gulf state rescues £3bn wind farm in the Thames Estuary
The Government of Abu Dhabi has stepped in to help to fund the worlds biggest offshore wind farm in the Thames Estuary after the withdrawal of Royal Dutch Shell from the project.
Denmark to Build Country’s Biggest Offshore Wind Park
Dong, based in Skaerbeak, Denmark and E.ON AG of Dusseldorf, Germany, last month bought Royal Dutch Shell Plc's stake in London Array, a planned 1,000 megawatt development of as many as 341 turbines off the southeast coast of Britain, after Shell said offshore wind costs had become too high.
Former Shell Exec Paddy Briggs comments on Shell’s sale of its stake in the London Array Wind Farm
By Paddy Briggs
This is important news. These two major companies would not have made this investment if they did not think that the project was viable. So Shells withdrawal has nothing to do with the inherent merits of the project but with their continued aversion to activities away form their core hydrocarbon business. As a shareholder I have no problem with this. As Tom Peters wisely said – STICK TO YOUR KNITTING !
What I object to, however, is the continued claims by Shell and other Oil Majors that they are genuinely interested in Renewables. The reality is that they have neither the time nor the skills nor the imagination to be heavily involved in Wind Energy (etc.). The number of staff, the capital investment and the revenue expenditure on Renewables is minuscule compared with the core hydrocarbon business. But the rhetoric in the corporate advertising of Shell and the rest is quite disproportionate to this reality. It really is utterly hypocritical.
Renewable energy: European utilities acquire Shell’s stake in world’s largest offshore windfarm
Shell decided to withdraw from the project in May after a strategic review saying it did not meet its financial rates of return.
Shell Sells Wind-Project Stake
The U.K. arm of German utility E.On AG and Denmark-based DONG Energy said they bought Royal Dutch Shell PLC's stake in the U.K.'s London Array offshore wind project for an undisclosed sum, giving each company a half share in the project.
Royal Dutch Shell sells wind stake to Eon and Dong Energy
Under a settlement reached last week, the utilities agreed to divide Shells one-third stake evenly between them. Eon and Dong will now own 50% each.
E.ON, Dong Close to Buying Shell London Array Stake
July 18 (Bloomberg) -- E.ON AG and its Danish partner Dong Energy A/S are close to buying Royal Dutch Shell Plc's 33 percent stake in the London Array wind farm...
Dong May Buy Shell’s London Array Stake With E.ON, Borsen Says
The Danish utility is in talks with Shell to purchase its interest together with E.ON...
Supplier warns of higher energy prices
Questions have also been raised over its planned investment in the London Array, which would be the world's largest offshore wind farm, where costs have risen sharply and Royal Dutch Shell, one of the three partners, has decided to pull out.
Letters to The Guardian: Shell ditches renewables stake
Following the government’s recent re-embrace of nationalisation, and Shell’s decision to withdraw from the London Array project (Shell ditches renewables stake, May 1), how about bringing Shell’s share into public ownership, financed by an appropriate levy on Shell’s rapidly increasing profits?
Dr Martin Thomas
Faversham, Kent
In search of some wind in their sails
Shell may have been concerned by the rising price of offshore wind, but it is seriously misguided if it thinks that concentrating its efforts on extracting the remaining fossil fuels is a better bet than renewables in the medium or long term.
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