TotalEnergies plans to withdraw from a number of German offshore wind leases, according to reports.
The French oil and gas major, which has multi-gigawatt pipeline of plots secured in a number of recent auctions, has cited economic reasons, according to reporting in NDR and Süddeutsche Zeitung.
The news outlets said construction costs have risen since the award of the leases.
They also highlighted the slower than planned expansion of the grid network in Germany.
TotalEnergies won several auctions for sites that had to be developed without state support contracts. It has a portfolio of zones that total almost 10GW, including some that are co-developed.
Germany is now planning to run tenders for areas that can secure Contracts for Difference, which industry observers say raises question marks about the business case for many already-tendered areas.
“From our platform to LinkedIn’s energy professionals – your announcements reach the entire sector’s network, not just our readers.”
