EnBW

“EnBW decided today to not continue the two UK offshore wind projects Mona and Morgan. The primary reason for this decision is the fact that no government support through so-called 'Contracts for Difference' was obtained. In combination with other factors beyond its control, this implies that the projects are no longer economically viable as per EnBW's standards and criteria. These include increasingly deteriorating conditions such as significant cost increases across the supply chain, higher interest rates and ongoing project implementation risks.”

EnBW emphasised that it maintains a value-oriented investment approach across its EUR 50 billion capital programme through 2030. The extraordinary write-down of EUR 1.2 billion is outside the scope of adjusted EBITDA and has no cash effect. EnBW will continue to jointly pursue the Morven offshore wind project in Scotland with JERA Nex bp.

When one invests 50 billion euros, there are setbacks. (German original: "Wenn man 50 Milliarden investiert, gibt es Ruckschlage.")

“The first kilowatt-hour produced by our He Dreiht offshore wind farm marks a significant milestone for EnBW. This is currently Germany's largest offshore wind farm and a stunning example of how we are shaping the future of sustainable energy.”

“Our broad portfolio is what makes us successful. We believe that affordability, climate change mitigation and security of supply must be given equal weight. We are also in discussions with our shareholders on the possibility of a capital increase of the order of around EUR 3 billion.”

“Winning the auction represents another important milestone in the restructuring of our generation portfolio.”

“After seven years of intensive planning, we are delighted that we are now able to start construction work.”

The Supervisory Board accepted the resignation of CEO Andreas Schell with immediate effect due to differing opinions on key issues relating to the strategic development of the company. Georg Stamatelopoulos was appointed as the new CEO.

“Just a few weeks ago, we made the final investment decision to build the 960 megawatt He Dreiht offshore wind farm. This is scheduled to go into operation in 2025. 64 turbines, each with a capacity of 15 megawatts, will then generate green electricity for the equivalent of around one million households. Our goal is to be completely carbon-neutral by 2035.”

“The final investment decision for the construction of our He Dreiht offshore wind farm is an important milestone in accelerating the energy transition. Long planning horizons and extensive preparatory work in the offshore wind industry require a high degree of foresight, expertise and readiness to make decisions and invest. This is another big step towards a carbon-free energy future.”

“Together with bp, we are developing two offshore wind farms in the Irish Sea and recently secured the contract for a further 2.9 GW wind farm off the coast of Scotland. The He Dreiht offshore wind farm in the North Sea — one of Europe's largest energy transition projects — will commence operations in 2025. We have expanded our offshore wind project pipeline to a total of around 6 GW.”

“Now is also the right time for us to realign our offshore activities with focus on the European market.”

“In this close partnership we succeeded in a highly competitive field of bidders. Since the construction of the first German offshore wind farm in 2010 by EnBW, we have become a major player in offshore technology, even beyond Germany's borders. This success marks — together with the projects in the Irish Sea — the largest developments in offshore wind for our company. For EnBW this investment will be a cornerstone in our strategy to become CO2 neutral by 2035.”

“We are delighted with this auction win in a tough international bidder field. The award confirms that bp and EnBW are the right partners with the right strategy and the right capabilities. EnBW is among today's leaders in advanced offshore wind technology. In partnership with bp, a major player with international experience in the offshore business, we will once again contribute significantly to a climate-friendly energy future in the UK, which is currently the world's largest market for offshore wind power.”