Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Headlines

Posted By Global Banking and Finance Review

Posted on January 31, 2025

Denmark to halt offshore wind tenders to revamp subsidy model

COPENHAGEN (Reuters) - Denmark will halt all ongoing offshore wind tenders as the existing framework where no subsidies are offered does not work under current market conditions, its energy minister said on Friday.

The global offshore wind industry has been hit by surging costs, rising interest rates and supply chain bottlenecks. Denmark said in December that its latest tender for wind at sea had failed to attract any bids.

The government will now start preparations to launch a new offshore wind tender this year with a capacity of two to three gigawatts (GW), where state subsidies might be offered, energy minister Lars Aagaard told a press conference.

"Our assessment right now is that we might be required to support offshore wind. It's not because we're happy about it, but it's necessary," Aagaard said.

Denmark has been a pioneer in both onshore and offshore wind, and is home to turbine maker Vestas and the world's largest offshore wind developer Orsted. Orsted said on Friday it would replace its CEO as it seeks to arrest an 83% slump in its share price since its 2021 peak.

The government also said it planned to help finance a hydrogen pipeline running from Denmark to the German border.

Using excess power generated by wind at times when it is not needed by users to produce so-called green hydrogen is seen as critical to Europe's green transition, but development has stalled.

"At this stage, time is of the essence, and therefore the government is committed to making export to Germany possible from 2030," the energy ministry said in a statement.

(Reporting by Stine Jacobsen and Isabelle Yr Carlsson; Editing by Jason Neely and Frances Kerry)

Recommended for you

  • Baltic states switch to European power grid, ending Russia ties

  • Brookfield to invest 20 billion euros in AI projects in France, Tribune reports

  • Hamas says Israeli military withdraws from Gaza's Netzarim Corridor