Europe’s oil majors-now styling themselves as integrated energy companies-are growing circumspect about wind power investments as supply chain inflation and rising interest rates bite into the profitability of proposed developments. The majors have long argued that they can leverage their decades of experience in developing giant offshore oil and gas projects to compete strongly in the offshore wind space. And their heft could enable them to achieve economies of scale, giving them a competitive advantage over smaller renewable energy players. But the rising cost of offshore wind projects is leading some majors to attempt to renegotiate wind energy supply licences, while others are walking away from new licence auctions.
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