Daily Archives: July 3, 2020

Italian wind developer 7 Seas Med S.r.l. has requested a 30-year maritime state concession to develop a 250 MW floating offshore wind farm in the Sicilian Channel.

According to the application filed with Italys Ministry of Infrastructure and Transport Trapani Port Authority, 7 Seas Med S.r.l. plans to install 25 wind turbines with an individual capacity of 10 MW at the site.

The turbines will be mounted on semi-submersible TetraSpar floating foundations, the project documents show.

The site is located 37 kilometres off Marsala on the north-western coast of the Sicily, 32 kilometres from the island of Marettimo, and 34.5 kilometres from the island of Favignana.

The wind farm will also include a floating offshore substation and a 41-kilometre export cable system which will make landfall at the port of Marsala.

According to the local media, the project is expected to enter the construction phase in 2023 and require an investment of around EUR 740 million.

The local reports also say that the project is being developed by Copenhagen Offshore Partners, with assistance from the Copenhagen Infrastructure Partners.

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Concession Sought for Italy's First Floating Wind Farm - Offshore WIND

EDF and state-owned mining and energy company China Energy Investment Corporation (CEI) have sealed an industrial partnership to develop offshore wind projects in China.

The agreement has resulted in a new project company which is now building and operating 502MW of offshore wind projects in the North Shanghai region.

The first is a 302MW wind farm fully commissioned in December 2019, as well as a 200MW project now in construction and due to be commissioned in 2021.

These will beEDF Groups first offshore wind projects in China.

EDF Group will hold a 37.5% stake in the company through its subsidiaries EDF Renewables and EDF China, while CEI holds the remaining stakes.

Bruno Bensasson, EDF Group Senior Executive Vice-President Renewable Energies and Chairman and Chief Executive Officer of EDF Renewables said: Thanks to this partnership, EDF which is already present in China through its other businesses: nuclear, solar, onshore wind and energy services, is strengthening its footprint in this strategic market.

This partnership is also part of EDFs 2030 strategy, the group is aiming to double its renewables capacities worldwide from 28GW to 50GW net between 2015 and 2030.

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EDF inks agreement to develop its first offshore wind projects in China - Energy Live News - Energy Made Easy

Sen. Marco RubioMarco Antonio RubioTrump administration eyes new strategy on COVID-19 tests ACLU calls on Congress to approve COVID-19 testing for immigrants Republicans fear backlash over Trump's threatened veto on Confederate names MORE (R-Fla.) is turning to a must-pass defense bill as a way to block offshore drilling off the coast of Florida, but fellow drilling opponents worry his amendment opens the door for the Department of Defense to speed extraction in the sensitive area.

Rubio is making multiple efforts to block any drilling off the states Gulf Coast, home to multiple military installments that use the waters for training.

One amendment to the National Defense Authorization Act (NDAA) would extend the current moratorium on offshore drilling in the area through 2032.The other would require the secretary of Defense to sign off on all future lease sales in Floridas Gulf to assure the drilling wouldn't interfere with military operations.

Though the military has long resisted drilling in the area, some worry the amendment would give a presidential appointee the power to greenlight drilling with little oversight from Congress.

This signs over control of when and where drilling can happen to the secretary of Defense. The secretary of Defense works for the president, and this president has made his case very clear that he wants offshore drilling, Diane Hoskins, a campaign director with Oceana, told The Hill.

Its essentially a huge loophole for drilling. So its way too risky, it's a bad approach [and] it does not extend the moratorium," she added. "The bottom line is Florida doesn't want drilling to get an inch closer and any deal that risks that is a raw deal for Florida.

Rubios amendments come amid concern that the Trump administration may pursue drilling off the coast of Florida shortly after the November election.

While the Trump administration said in 2018 it would exclude Florida from its offshore drilling plan, a new version has not yet been released. Meanwhile, numerous sources told Politico the administration was eyeing drilling in Florida if Trump is elected toa second term.

The Department of the Interior has denied the report.

The amendments from Rubio mark the latest of many attempts to block drilling off Floridas coast. A spokesman for the senator said his amendment would not create a loophole but is instead a multipronged effort to limit drilling.

OurNo. 1 goal is to extend the moratorium. But if we aren't able to do that for whatever reason, or let's say that the moratorium did lapse for some reason, then this would be a failsafe, the spokesman told The Hill.

There's no way for the military, for the secretary of Defense, to certify that offshore drilling in that area would not impact national security, he added, citing a lengthy history of military documentation citing the need to restrict drilling in the area.If they're offshore drilling in the area, that would directly impact the ability for them to carry out the functions that they use for military readiness and testing.

Rubios measures have yet to come to a vote, and its not clear whether the Senate will consider amendments to the NDAA or which ones might get included in a managers package.

Florida lawmakers have made numerous attempts to block drilling near the state, arguing any potential spills could devastate an economy that relies on tourism and fishing.

Last year, the House passed numerous bills that would ban offshore drilling across the U.S., including a measure backed by nearly every member of the Florida delegation that would permanently bar drilling in the Gulf of Mexico.

The legislation, however, was never taken up by the Senate.

Original post:

Rubio looks to defense bill to block offshore drilling, but some fear it creates a loophole | TheHill - The Hill

This article contains a brief review of the latest developments in offshore wind, including state laws and policies, federal laws and permitting practices, and the impact of COVID-19. The main issue we are now watching is the Department of the Interiors supplemental environmental review of the proposed Vineyard Wind project, discussed below. Until a final environmental review is completed, we are unable to predict with certainty how many offshore wind construction plans will be approved this year by the Bureau of Ocean and Energy Management (BOEM) in the Department of the Interior.

States Are Driving the Offshore Wind Process along the Atlantic Coast

We have reviewed state laws and policies before (see our article in the April 2019 edition of Mainbrace). Although developments offshore California and Hawaii are still being considered, they have been hampered by objections from the Department of Defense to siting wind farms near adjacent military bases. Meanwhile, development along the mid-Atlantic and New England coasts remains strong.

We conclude, as we have before, that the governors are taking the lead in promoting offshore wind by adopting new laws and/or executive orders and promoting renewable energy, including offshore wind. Their goal is to bring in some of the more than 40,000 new offshore wind jobs predicted by 2030.

New York

In New York, Governor Andrew Cuomo has made clear his commitment to clean energy, with a goal of 70 percent of electricity from renewable energy by 2030 to support the implementation of the Climate Leadership and Community Protection Act. He recently announced that the New York State Energy Research and Development Authority (NYSERDA) would issue its second offshore wind solicitation, which is expected to yield another 1 GW of clean power for New Yorkers.

NYSERDA will also award $200 million in public-private investments in port infrastructure and launch the Offshore Wind Training Institute to train 2,500 New Yorkers for the jobs expected in the new industry.

Virginia

On April 12, 2020, Governor Ralph Northam of the Commonwealth of Virginia signed the Virginia Clean Economy Act into law. The act sets ambitious goals towards promoting energy efficiency and, eventually, requires all electricity to come from renewable sources. Among the acts most notable aspects:

Dominion Energy holds part of the research lease for a two-turbine project on the Outer Continental Shelf (OCS), which will become operational this yearthe first such project in federal waters. The project, Coastal Virginia Offshore Wind, will be expanded by Dominion and its partners in the coming years into the 220-turbine, 2600 MW commercial offshore wind project also on the OCS. Recently, Dominion announced that it had created a consortium to build a new Jones Act installation vessel. If built, it will be the first such vessel in the United States and should be capable of installing the larger turbines being built by one of its key suppliers, Siemens Gamesa.

Rhode Island

In January 2020, Rhode Island Governor Gina Raimondo signed an Executive Order setting a 100-percent clean electricity goal by 2030, which would make the state the first in the nation to be powered exclusively by renewable energy. Governor Raimondo will build on the example set by the wind project off Block Island to meet these goals.

Massachusetts

The Commonwealth of Massachusetts selected two projects last year to provide renewable energy to the state, including Vineyard Wind for 800 MW, discussed further below, and Mayflower Wind for 804 MW. Both projects have been delayed due to extensive environmental reviews and permitting delays.

New Jersey

On February 28, 2020, New Jersey Governor Phil Murphy announced a schedule to meet the states goal of 7,500 MW of offshore wind by 2035. The next solicitation of 1200 MW is scheduled to be issued in the third quarter of 2020, and four additional solicitations approximately every two years thereafter.

Also, Governor Murphy announced plans this month to develop New Jersey Wind Port in Salem County, which will involve significant infrastructure investments to create a location for staging, assembly, and other work related to offshore wind projects. Construction is expected to begin in 2021 and the port will eventually create about 1,500 offshore wind support jobs.

Maine

In March 2020, Governor Janet Mills of Maine announced that her state will review opportunities for supporting offshore wind. The governor is looking to develop necessary port infrastructure within the state to support Maines planned floating wind farm, called Aqua Ventus, which would be the first offshore floating wind farm in the United States.

Maryland

Last year, Maryland Governor Larry Hogan reluctantly allowed the states Clean Energy Jobs Act to become law. The legislation will increase the states renewable portfolio standard to 50 percent by 2030 and includes a 10 percent carve-out for offshore wind (or 1.2GW). The main projects off the coast of Maryland are U.S. Wind and Skipjack Wind. However, both projects are now delayed for one or more years due to COVID-19 and permitting delays.

North Carolina

North Carolina recently issued a Request for Proposal (RFP) to study the supply chain and infrastructure requirements for offshore wind in the state. The RFP closed on June 15, 2020. In the meantime, Avangrid Renewables owns the lease offshore North Carolina, but the power from this project, known as Kitty Hawk, is expected to come onshore near Virginia Beach, Virginia, and feed into the mid-Atlantic and not supply North Carolina directly.

Federal Permitting Delays and Related Federal Actions

BOEM Permitting Delays Hamper Vineyard Wind and Other Projects

BOEM has the lead for designating wind energy areas (WEAs) in federal waters and is responsible for approving all developer plans such as construction and operation plans (COPs). To date, BOEM has auctioned off 16 leasesmost under a competitive auction processand is planning further lease areas possibly off the eastern end of Long Island and perhaps off the coast of California. However, its processing of COPs has been delayed due to the need for supplemental environmental impact statements and reviews that BOEM states is due to the number of wind farms planned for the same area off the coast of New England as well as potential for conflicts with commercial and recreational fishing. .

Siting and fishing conflicts off New England have forced BOEM to delay approving plans for the major Vineyard Wind project 14 miles off Marthas Vineyard and Nantucket, MA. In fact, siting and fishing conflicts forced BOEM to issue a Supplemental Environmental Impact Statement (SEIS) for Vineyard Wind in light of other nearby wind farms. BOEM announced availability of the SEIS on June 12, 2020. Comments may be submitted until July 27. The notice of a final SEIS is anticipated on November 13, 2020, with a Record of Decision expected on December 18, 2020.

Interested parties can submit comments and participate in the upcoming round of five virtual webinars between June 26 and July 9, 2020. So far, Vineyard Wind, AWEA, and other interested groups are praising BOEM for finishing the draft on time. But it remains to be seen what BOEM will decide must be done to mitigate what the draft SEIS calls major adverse impacts on the commercial fishing industry. Already Vineyard Wind and other developers have announced delays in their projects until at least 2021.

In an abundance of caution and perhaps due to staffing shortages, BOEM is only processing one COP at a time. Therefore, other COPs from major developers are waiting behind the Vineyard Wind project, which is certainly slowing down the permitting and construction process. This, in addition to COVID-19, is leading to delays for many other offshore wind projects.

Coast Guard and Port Access Route Studies

Now that BOEM has approved multiple WEAs and multiple projects are planned along the Atlantic Coast, the Coast Guard has initiated a series of Port Access Route Studies to review the planned wind farms and determine whether and how they affect shipping lanes. The first such study under review is the one for the WEA offshore Massachusetts and Rhode Island. The Coast Guards May 27, 2020 Final Report recommends turbine layouts be in standard and uniform grid patterns to accommodate vessel transits, fishing operations, and search and rescue operations. It concludes that such uniform grid pattern will avoid the need for formal routing measures. The study was completed on May 27, 2020, and largely adhered to the wishes of the developers to allow their spacing plan. Once again, it remains to be seen how BOEM will reconcile its findings on transit lanes and protections for commercial fishing with the Coast Guards earlier findings.

Tax Credits for Renewable Energy May Be Extended

In response to an inquiry from Senator Chuck Grassley (R-IA) and Chair of the Senate Finance Committee, the Treasury Department extended the deadlines for both the investment tax credit and production tax credit by one year for certain developments. In the meantime, offshore wind associations are advocating for more permanent extensions in upcoming stimulus bills and possibly a grant in lieu of a tax credit, an option that was authorized in the 2009 American Recovery and Reinvestment Act and enacted after the last financial crisis.

Impact of COVID-19

There are understandable delays in supply chains for offshore wind farms due to COVID-19. As noted above, some major developers have announced delays to U.S. offshore wind projects due in part to COVID-19. The major impact of COVID-19 appears to be the lack of present political attention to state renewable energy goals in light of the paramount importance of addressing the pandemic. However, the state laws and executive orders are still on the books and we anticipate further action when the crisis is abated.

Congress has already enacted several stimulus bills in response to the crisis and we expect future bills to include energy and infrastructure development. At that time, there is a possibility, especially from the House and Senate Democrats, that any infrastructure bill will include clean energy goals and possibly tax credit extensions.

Conclusions

While COVID-19 is having an impact on the supply chain and permitting delays at BOEM are also impeding progress, state goals keep moving forward to achieve expansive renewable energy goals, of which offshore wind is playing a major part. Future stimulus packages may also address the need for continued tax incentives and specific renewable energy goals for new and needed transportation infrastructure.

Link:

Offshore Wind: Driving Factors and Recent Impediments | Blank Rome LLP - JD Supra

A couple of days after securing a marine warranty job on a Vietnamese project, and on top of the recently won contracts for offshore wind farms in China and Taiwan, LOC Group informed it was also awarded a contract for the Zhanjiang Wailuo II and X offshore wind farms in China.

Under the contract, which came into effect in May, the UK-headquartered company will provide marine warranty services for transportation and installation operations for the two projects, owned by Guangdong Energy Group. This includes document review and verification, inspection and suitability surveys of the proposed fleet to support the development of the offshore wind farms, and monitoring of critical operations.

The Zhanjiang Wailuo X offshore wind farm comprises 37 wind turbines and has an installed capacity of 203.5 MW. Zhanjiang Wailuo II will be built with the same specifications as the X project.

At the end of June, LOC informed it won a contract for marine warranty services for the first phase of the Dong Hai 1 intertidal project in Vietnam.

Throughout May, the company secured work on the Jieyang Shenquan 1 and Jieyang II offshore wind farms, both in China, and for the Greater Changhua 1 & 2a offshore wind farms in Taiwan.

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LOC Nets Another Offshore Wind Contract in Far East - Offshore WIND

As the United States develops offshore wind capacity, the need for vessels to support the industry for installation and maintenance will rapidly expand. While it may seem perfectly logical for the industry to adopt the BIMCO WINDTIME form, the SUPPLYTIME 2005 form is more common and generally known to the U.S. service and supply-vessel industry. In any case, we wholly expect that there will be a good deal of modifications to any form or perhaps use of bespoke agreements as the work comes online. We review here the various forms available and look at particular terms and issues we expect to be the subject of specific negotiation and modification.

SUPPLYTIME: Then and Now

The SUPPLYTIME form was first developed in 1975 to meet the rising demand for specialty vessels to support offshore oil and gas exploration and production. This form and its progeny became the leading time-charter terms for offshore-support vessels, and its use has spread beyond the oil and gas industry to include cable and pipe laying, seismic work, anchor handling, surveying, ROV and dive support, and other offshore and near-shore construction work. While there is a 2017 version of the SUPPLYTIME, it hasnt been widely adopted in the United States, particularly since it came out after the substantial decrease in offshore oil and gas activity. (Interestingly, the drafting committee that developed the WINDTIME form differed from the SUPPLYTIME 2017 committee, and the difference is noticeable.) As for the U.S. offshore marine service and support industry, it appears that the SUPPLYTIME 2005 version remains prevalent at this time. (Obviously, any SUPPLYTIME form used with respect to the offshore wind industry would need to be logically amended to change oil and gas industry references to the appropriate wind-industry terms. For example, the term offshore unit in the SUPPLYTIME 2017 form is defined as any vessel, offshore installation, structure and/or mobile unit used in offshore exploration, construction, pipe-laying or repair, exploitation or production. There are also repeated reference to the defined term well.)

At the heart of the SUPPLYTIME form since the 1989 version came into play is a knock-for-knock indemnity provision, allocating liability regardless of fault with each party indemnifying the other for the injury or death of its personnel and for the loss of or damage to its propertywithout recourse. Initially, this was a difficult concept to accept in the United Statesthe idea that a party must indemnify another for a loss even though the loss was caused solely by the fault of the other party was a hard pill to swallow. However, in practice, the industry found it far more efficient for the parties to provide insurance for their own people and their own property and simply name the other party as an additional assured, rather than litigate every loss with each party claiming the other was at least partially to blame. The knock-for-knock indemnity concept is particularly efficient where a project involves a number of offshore contractors and all the parties agree to the same allocation of liability.

SUPPLYTIME vs. WINDTIME

The WINDTIME form, introduced in 2013, was primarily intended for offshore wind farm personnel transfer and support vessel services and was largely adopted from the SUPPPLYTIME 2005. Key differences from the SUPPLYTIME 2005 include:

It has been reported that the committee drafting the WINDTIME form initially considered, but quickly abandoned, the idea of including contract terms appropriate for installation vessels. We understand that industry practices for installation vessels were considered too varied and complex to reach consensus. Thus, the better option for installation vessels may be a SUPPLYTIME 2005 particularly modified to allocate liabilities and responsibilities, or a bespoke contract.

General Maritime and State Laws

As noted above, important differences between the SUPPLYTIME 2005 and the WINDTIME are the express inclusion of indemnity for gross negligence and the express exclusion of willful misconduct. This gets into an interesting issue under U.S. law in that the U.S. general maritime law varies from certain states laws as to whether a party may be indemnified for its own gross negligence. Under the U.S. general maritime law, a party may agree to indemnify another party for its own negligence, provided the terms are clear and unequivocal. With respect to state law, for example, under Virginia law, an agreement to indemnify a party for its own negligence is invalid. Under New York state law, the contract may validly require such indemnity, except for agreements concerning onshore building construction or maintenance.

While the SUPPLYTIME and WINDTIME forms each include an option to apply U.S. general maritime law, a court or arbitration panel may look to analogous state law if no entrenched federal maritime law exists. We believe U.S. maritime law is well entrenched with respect to indemnity for vessel operations such that state law should not be a factor, but we note that if the loss occurs onshore or implicates non-maritime activity or only involves a vessel tangentially, the knock-for knock indemnity may not be valid. Regardless of which form is used, the parties and their counsel should give careful consideration to the allocation of responsibility for claims.

Charterer Recourse and Consequential Damages

Another key difference between the WINDTIME and SUPPLYTIME 2005 forms is that the WINDTIME is more charterer-friendly with respect to delivery and cancellation. Under the SUPPLYTIME 2005, if owners fail to deliver the vessel by the cancellation date and charterers elect to cancel, charterers have little or no recourse against ownersgenerally similar to blue water time charters. This may be appropriate where other vessels are available to undertake the work, but could be problematic for specialty vessels where alternatives are limited. Under the WINDTIME, if it is clear that owners will be unable to deliver by the cancellation date, owners must notify charterers in writing, stating the date by which they will be able to deliver the vessel, and charterers have three days to cancel the charterparty. The WINDTIME form includes optional clauses concerning remedies for cancellation under these circumstances, ranging from: 1) drop hands (similar to the SUPPLYTIME form); to 2) reserving rights for claims; to 3) liquidated damages up to a capwith the default being the third option and the cap being 20 percent of total hire for the agreed period. We expect this may be a particularly fraught issue ripe for negotiation and potential dispute considering the time-sensitive nature of most wind farm projects.

The WINDTIME form includes a broader waiver of consequential damages than provided in the SUPPLYTIME 2005, but excludes the waivers application to several clauses, including bunker liability, knock-for knock indemnity, and pollution. As with the offshore oil and gas industry, limitation of consequential damages will be particularly important to owners in large complex offshore-construction projects related to wind-energy production, likely impacting substantial flow-down-contractual obligations. Regardless of the form in use, we highly recommend careful consideration of potential liability for consequential damages, and, if the WINDTIME form is used, note the default provisions.

Final Thoughts

Notwithstanding the foregoing, we expect that many of the parties involved in the fledgling U.S. offshore wind industry will come from the U.S.-based offshore oil and gas industry, but some may be experienced players from the more advanced European wind industry and more knowledgeable of its developed practices. Whether those practices and contractual terms will readily translate to work in U.S. waters and the application of U.S. law will need careful consideration.

At this time, it appears to us that a modified version of the SUPPLYTIME 2005 may be the most appropriate for offshore wind installation and maintenance operations. Regardless of the contract form, the parties will need to pay particular attention to the choice of law and the choice of forum and how those choices may impact the allocation of responsibility and liability between the parties. As with any contract, it is impossible to anticipate every circumstance that may arise, but we expect the experience gained from the offshore oil and gas industry may provide a good foundation for offshore wind operations and contractual terms.

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Offshore Wind Will Need Support Vessels What Form Are You Going to Use? - JD Supra

6/29/2020

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DELFT, THE NETHERLANDS Ampelmann has secured five new contracts in offshore wind over the course of a month with Norwegian companies BOA, Volstad, Olympic Shipping, Siem Offshore and DOF. The company will provide two A-type and three E1000 systems, which will aid the installation and maintenance work at Offshore Wind farms in the North Sea. In total, this will add up to 380 days of firm work, with possibilities to extend.

These new projects have all been secured by the companys offices in Hamburg and Aberdeen. Caspar Blum, Business Development Manager Offshore Wind at Ampelmann, is looking forward to the upcoming cooperation. It is not the first time that we are working with these key players in the European market. The fact that they have turned to Ampelmann for safe offshore access again is proof of the value of our systems.

The A-type is the companys proven solution for safe and efficient people transfer offshore in sea states up to 3m Hs. The E1000 is a heavier system with a wider range allowing it to operate in even rougher waters, while ensuring the safe and efficient access of both personnel and cargo.

To date, Ampelmann has enabled the safe transfer of more than 6 million people and close to 14 million kilogrammes of cargo to and from offshore platforms. To further strengthen this track record, it is currently also building the E5000 system. With the ability to lift up to 5 tonnes, the system will help increase the work scope clients can deliver and improve the efficiency of Walk to Work (W2W) operations.

The newly-secured contracts are an important milestone for the Dutch company as it sets its sights on the broader Offshore Wind market. With more offshore wind farms to be built in the years to come, reliable access to the wind turbines will be crucial.

We believe that in the next 10 years, there is potential for about 30 new Service Operation Vessels (SOVs) to be built around the globe, said Blum. Many of those vessels will be looking for a safe and efficient means of offshore access and we are prepared to meet the demand with the development of our new system tailored to SOVs.

Until then, Ampelmann will continue to make work in the wind industry as easy and efficient as possible for its clients offshore.

Continued here:

Ampelmann secures five new offshore wind contracts in the North Sea - WorldOil

Ireland needs to install 1 GW of offshore wind energy capacity by 2025 if it is to meet the new Irish governments target of 5GW of installed offshore wind by 2030, SSE Renewables said.

Paul Cooley, Director of Capital Projects at SSE Renewables, told the Energy Ireland Offshore Energy Conference that the new Coalition Governments ambition to deliver an increased 5 GW of offshore wind energy off Irelands eastern and southern coasts by the end of the decade is welcome, but said this new scale must be delivered at pace and with immediate effect if targets are to be met.

Delivery of 1 GW of offshore wind energy in the Irish Sea by 2025 will get Ireland on track to meet the new 5 GW target, SSE said. It will also contribute two per cent of the Programme for Governments annual seven per cent reduction in Irelands overall greenhouse gas emissions between now and 2030.

Installing operational offshore wind farms in the Irish Sea by the middle of the decade and within the lifetime of this Government will be vital in maintaining the momentum for offshore wind energy initiated by last years Climate Action Plan and further committed to in the new Coalitions Programme for Government, Cooley said.

This is especially crucial if we are to establish an offshore wind energy industry in Ireland, including the development of an indigenous, job-creating supply chain.

Cooley said international market confidence in Irelands readiness to exploit offshore wind energy will be undermined by any perceived lack of urgency in developing the emerging energy sector here.

Ireland will need to compete in a highly-competitive global offshore energy marketplace if it is going to achieve the countrys new 5GW offshore ambition, Cooley said.

Action is needed now if we are going to deliver the revolution in renewables promised in the Programme for Government. The commitment in the Programme to a first RESS auction for offshore wind in 2021 is hugely welcome. This auction must be delivered on time alongside the necessary grid connections policy to safeguard developer and market confidence that Ireland is finally open for business for offshore wind energy.

Cooley also said that the 5 GW target could be outperformed if the Government and the industry collaborate strategically to achieve the new Programme for Government targets.

Arklow Bank

Completion of the 520 MW Arklow Bank Wind Park by SSE Renewables in the next five years will itself directly contribute to just over half the 2 per cent reduction in carbon emissions that can be achieved by 2025, according to SSE.

SSE Renewables is targeting a delivery date of 2025 to meet Irelands interim target of 1 GW of offshore wind energy in the same year, as committed to in Irelands Climate Action Plan.

In June 2020, SSE Renewables selected Arklow Harbour on Irelands East Coast as the preferred location for the operations and maintenance base for Arklow Bank Wind Park, which will be home to 80 full-time employees once the project enters operation.

SSE is the co-developer of Irelands first and only operational offshore wind farm the 7-turbine 25MW Arklow Bank Phase 1, which was delivered with GE Energy in 2004 as a demonstrator project.

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SSE: Ireland Needs 1 GW of Offshore Wind by 2025 to Meet 5 GW by 2030 Target - Offshore WIND

Around 100 countries carried out automatic exchange of information in 2019, enabling their tax authorities to obtain data on 84 million financial accounts held offshore by their residents, covering total assets of 10 trillion euros, the Organisation for Economic Co-operation and Development (OECD) said.

This represents a significant increase over 2018, when information on 47 million financial accounts was exchanged, totaling 5 trillion euros.

The growth stems from an increase in the number of jurisdictions receiving information as well as a wider scope of information exchanged, OECD said.

ALSO READ: Rising share of arbitrage funds in futures segment weighing on returns

The Common Reporting Standard developed in 2014 requires countries and jurisdictions to exchange information on financial accounts of non-residents obtained from their financial institutions annually, reducing the possibility of offshore tax evasion.

Many developing countries have joined the process and more are expected to follow suit in the coming years.

Automatic exchange of information is a game changer, OECD Secretary-General Angel Gurra said. This system of multilateral exchange created by the OECD and managed by the Global Forum is providing countries around the world, including many developing countries, with a wealth of new information, empowering their tax administrations to ensure that offshore accounts are being properly declared.

Countries are going to raise much needed revenue, especially critical now in light of the current Covid-19 crisis, while moving closer to a world where there is nowhere left to hide, he added.

Since the Group of 20 (G20) countries declared an end to bank secrecy in 2009, the international community has continued to make strides in the fight against offshore tax evasion.

ALSO READ: Broad-based criteria for safe harbour to apply to category-II FPIs

Through the Global Forum which brings together 161 countries and jurisdictions committed to OECD tax standards countries have ramped up global co-operation, first through exchange of information on request and via automatic exchange since 2017, implemented through more than 6,000 bilateral relationships signed in 2019.

Wider exchange of information driven by the Global Forum was associated with a 24 per cent ($410 billion) reduction in foreign-owned bank deposits in international financial centres between 2008 and 2019.

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Tax authorities accessed 84 million offshore accounts in 2019: OECD - Business Standard

German transmission system operator 50Hertz has launched an economic and climate initiative aiming to draw 100 per cent of the electricity delivered from renewable sources by 2032.

50Hertz supplies eastern German states and the city states of Berlin and Hamburg with electricity. The TSO is in charge of developing and operating the offshore transmission grid in the German Baltic Sea.

Currently, the companys share of renewable energy in the mix is 60 per cent. It has launched the new initiative under the slogan: From 60 to 100 by 2032: for an economy with prospects.

To achieve this, 50Hertz will utilise new approaches to system operation, carry out consistent digitisation of the integration of an increasingly volatile electricity supply, and participate in innovative models of sector coupling to generate heat and produce hydrogen from green power.

50Hertz also seeks to support the federal and state governments to deploy suitable areas and further potentials for the use of wind and solar power.

50Hertz CEO Stefan Kapferer said: The transformation of our electric power supply has entered a new phase. Todays parallel existence of a conventional fossil generation system and an energy system based on renewable sources is coming to an end. Wind and solar energy must be able to provide ancillary services in the future. We are determined to drive this transition forward, but now with new and full speed. This way, 50Hertz sends a clear signal, not only regarding climate policy, but also and especially to industry policy makers: more and more companies know that renewables are the future, and they want to align their energy supply accordingly. We want to and will support this process.

According to Kapferer, considerable additional efforts are needed in order to achieve the 100 per cent objective, not only within 50Hertz, but also at the political, economic, and societal levels.

This includes the rapid deployment of suitable areas for offshore wind power, and their prompt inclusion in the area and grid development plans.

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50Hertz Goes All-In on Renewables - Offshore WIND