The North Sea boasts some of the world’s best wind speeds for power generation, averaging more than 9 metres a second. But when the German government offered two prime spots to offshore developers this summer, it did not receive a single bid.
The auction’s failure in August marked a stark contrast to two years earlier, when oil companies BP and TotalEnergies agreed to pay a total €12.6bn for the rights to develop two large wind farms in German waters in the North Sea and Baltic Sea.
The industry’s enthusiasm has collapsed as higher interest rates and supply chain strains stretch the business case for projects to breaking point and political support sours in the US, where President Donald Trump has sought to block developments and suspend permits.