Norway to invest 58 billion NOK in offshore wind projects

Norwegian Energy Minister Terje Aasland has defended the government's offshore wind ambitions despite a report from Statnett suggesting the industry may never be profitable without state support. Statnett predicts an annual offshore wind production of 9 terawatt-hours by 2040, which is significantly lower than the government's target of up to 130 terawatt-hours.

Aasland acknowledged that rising costs present challenges but emphasized the importance of building value chains to reduce expenses. The government is focusing on two major projects, Sørlige Nordsjø II and Utsira Nord, which will receive state support. The Norwegian Parliament has approved a total support framework of up to 58 billion NOK, with 23 billion NOK allocated to Sørlige Nordsjø II and 35 billion NOK to Utsira Nord.