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Oil giants' multi-billion-euro German negative bids 'fuel offshore wind profits squeeze' - Recharge

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Oil giants' multi-billion-euro German negative bids 'fuel offshore wind profits squeeze' | Recharge

While welcoming the healthy appetite for offshore acreage in Germany’s biggest-ever wind power tender, wind groups were unanimous in their rejection of the ‘negative bidding’ that led to record revenues for the German state.

Oil giants' multi-billion-euro German negative bids 'fuel offshore wind profits squeeze'

Wind groups unanimous in rejection of 'dynamic bidding process' in 7GW tender won by BP and TotalEnergies at massive cost of $14bn

13 July 2023 7:50 GMT Updated 13 July 2023 10:36 GMT
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Related Knowledge Center: ENERGY BASICS: petroleum

State of Play

While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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