France's Macron Approves Wind Farms After Reduction in Subsidy
20 Giugno 2018 - 05:41PM
Dow Jones News
By Nathan Allen
France's President Emmanuel Macron said Wednesday that he has
approved six offshore wind projects slated for development by
Electricite de France SA (EDF.FR), Engie SA (ENGI.FR) and Iberdrola
SA (IBE.MC) following a renegotiation of subsidies the operators
will receive.
The future of the projects was uncertain after France's
government proposed earlier this year to renegotiate and possibly
cancel the projects, which were awarded in tenders held in 2012 and
2014.
"We are going to bring renewable energy quicker and more
cheaply: the projects are confirmed, their public subsidy has been
reduced by 40%," Mr. Macron said on Twitter.
The operators will now receive around 150 euros ($173.79) per
megawatt hour compared with the initial agreed price of EUR200 per
megawatt hour, according to a tweet from France's minister for
ecology, Nicolas Hulot.
EDF and Engie both said they welcomed the decision and that it
would help spur job creation in the offshore wind sector.
"This wind-generation capacity is necessary for France's energy
transition and for meeting its commitments in the fight against
climate change," Engie said in a statement.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
June 20, 2018 11:26 ET (15:26 GMT)
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