High stakes at sea in global rush for wind power – Reuters

High stakes at sea in global rush for wind power – Reuters

LONDON (Reuters) - Global competition for offshore wind power is so hot that licence auctions now resemble the oil and gas competitions of just a few years ago, and some of the names are familiar too as global oil majors move aggressively into renewable energy.The drive among top fossil fuel producers to make fast inroads into lower-carbon businesses comes as more and more countries roll out plans to boost wind power in an effort to reduce their carbon footprint.The cost of securing sites to develop has risen to levels that some top wind farm operators say are unsustainable and which will hurt consumers by driving up power prices.Governments worldwide are expected to offer a record number of tenders for offshore wind sites and capacity this year, with more than 30 gigawatts (GW) on the block.That is almost as much as total existing global wind capacity of 35 GW, and the tenders are shaping up to be the most competitive ever.Several European oil firms including Total, BP and Shell plan to rapidly increase their renewable power portfolios, reducing reliance on oil and gas to satisfy investors who want to see viable long-term low-carbon business plans and governments which are demanding reductions