Germany: E.ON Plans to Reduce Offshore Wind Farms Costs

Upon initiating a 7 billion-euro ($9 billion) renewable energy expansion plan, EON AG (EOAN) expects to reduce costs for building offshore wind farms about 40% by 2015, reports Bloomberg.

Chief Executive Officer, Johannes Teyssen, said the company is planning to commission as much as 800 megawatts of renewable capacity this year.

“Renewables are a mainstay of our corporate strategy, and wind power in particular is one of our growth businesses,” Teyssen stressed.

The company is going to invest 7 billion euros in expanding its clean-energy generation capacity in the next five years. It is also eager to build wind farms off the U.K., Scandinavia and German coastlines, including the 1-billion euro Amrumbank West project in the North Sea that Siemens AG (SIE) will supply with 80 of its wind turbines.

“We intend to commission a new offshore wind farm every 18 months,” Teyssen added.

[mappress]

Offshore WIND  Staff, March 15, 2012; Image:  eon