Joint Offshore Wind Investment Pact for the North Seas

28 Jan Joint Offshore Wind Investment Pact for the North Seas

(Oilandgaspress) -] With more investment predictability, a de-risked investment framework, and a coordinated build-out plan of up to 15 GW per year in Europe, Ørsted and the offshore wind industry is committed to bringing down the cost of electricity from offshore wind by 30 % towards 2040.

At the North Sea Summit 2026 in Hamburg, the governments of Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway, and the United Kingdom, alongside the wind industry and transmission system operators (TSOs), signed the Joint Offshore Wind Investment Pact for the North Seas.

The pact will turn the North Sea into the green power plant of Europe, reaffirming 300 GW of offshore wind capacity by 2050. The pact also ensures a more evenly distributed offshore build-out between 2031 and 2040, charting a path of up to 15 GW installed capacity per year in Europe.

At the same time, the governments will work towards a sound investment framework for offshore renewables through mechanisms such as national and cross-border two-sided contracts for difference (CfDs) and power purchase agreements (PPAs).

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