The joint investment agreement for offshore wind in the North Sea region is, according to Ørsted, an important step towards ensuring more sustainable and stable electricity in Europe. The agreement is intended to create greater predictability for investments and form the basis for a coordinated expansion of offshore wind by up to 15 GW per year in Europe by 2040. This is stated by Ørsted in a press release.
The agreement was signed at the North Sea Summit in Hamburg by the governments of nine European countries together with the wind industry. The goal is for the North Sea to deliver up to 300 GW of offshore wind capacity by 2050, thereby contributing to lower electricity prices, reduced CO2 emissions and less dependence on imported energy.
-The joint investment agreement is a decisive step towards supplying Europe with sustainable, secure and competitive electricity. The agreement shows how the countries are leading the way in realizing the North Sea's potential for offshore wind, and Ørsted is ready to take on this task by investing in the expansion, says Rasmus Errboe, CEO of Ørsted.
Ørsted emphasizes that the agreement reflects recommendations from the offshore wind industry, which in April 2025 presented the proposal for the New Offshore Wind Deal for Europe. In addition, the company points to its own report Offshore wind at a crossroads, in which Ørsted has emphasized the need for a joint effort from both governments and industry to secure expansion volumes, risk sharing and cost reductions.
According to Ørsted, these elements are crucial to creating a more robust investment framework for offshore wind, including through national and transnational bilateral contracts for difference and power purchase agreements.
Ørsted also points out that the agreement, in addition to having positive perspectives for the company itself, especially due to a strategic decision to focus its business on offshore wind in its European core markets in the future, is also important for Denmark, which has the opportunity to produce more electricity from offshore wind than the country itself can consume, and thus contribute to the energy supply in the rest of Europe.
- Denmark has some of the world's best offshore wind resources, and we can produce much more electricity than we can consume. Therefore, it is good news for Denmark that the countries around the North Sea are working together to create the necessary framework to get offshore wind into the sockets of millions of European homes, says Rasmus Errboe.
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