The largest offshore wind developer in the world, Ørsted, confirmed its intention to invest heavily in Australia, with a particular emphasis on Gippsland, Victoria, which is home to the nation’s first offshore wind zone.
Premier Daniel Andrews said, “Big energy companies want offshore profits—offshore wind. Renewable energy is the future; it’s good for our climate, good for lower power bills and good for jobs.” The Albanese and Andrews governments are partnering to fund renewable energy zones, offshore wind projects, and interconnectors.
Energy Matters featured Ørsted’s interest in Australian offshore wind earlier last year. Ørsted, a worldwide power corporation based in Denmark, announced a new commitment to invest $57 billion (USD).
One-third of Ørsted’s projected generation, or about 2.5GW, will originate from new, environmentally friendly energy sources such as sustainable biomass, hydrogen, and green fuels. It is a component of a comprehensive strategy whereby the business seeks to run all of its operations entirely on renewable energy sources with net-zero carbon emissions.
Victoria’s government has set output goals for 2 GW offshore wind by 2032, 4 GW by 2035, and 9 GW by 2040. Its recently declared 95% renewable energy target until 2035 primarily relies on offshore wind.
Gippsland, Victoria, is already the target of at least five competing projects, including the 2GW Blue Marlin project, announced by Singapore-based Vena, and the 2.2GW Star of the South project, widely regarded as the most advanced in the nation.
About Ørsted and commitment to Australia
Offshore and onshore wind farms, solar farms, energy storage facilities, renewable hydrogen and green fuels facilities, and bioenergy plants are all developed, built, and run by a Danish company, Ørsted.
The world expert in offshore wind is Ørsted. In Denmark, the UK, Germany, the Netherlands, Taiwan, and the US, Ørsted build and run offshore wind farms. By 2030, Ørsted hopes to have installed 30 GW offshore wind power.
The CDP Climate Change Index and Corporate Knights’ 2022 index of the Global 100 Most Sustainable Corporations rank Ørsted as the World’s Most Sustainable Energy Company.
“We aspire to be one of the true catalysts of systemic change to a greener society by continuing to prove that there is no long-term trade-off between sustainability
and financial value creation”, according to CEO Ørsted Mads Nipper.
“From day one, we committed to creating and nurturing local jobs, establishing local supply chains and developing a pipeline of large-scale projects. As always, we’re not afraid to explore new technologies and innovations if it means we can positively contribute to climate and nature.”
“We always focus strongly on economic and regional development, and we are in dialogue with government and local communities, including traditional owners, to bring offshore wind power that delivers to the needs of everyone in Australia.”
“We want to support Australia’s journey towards net zero by 2050 and deliver on the promise of a more reliable, sustainable, and clean future.”
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What is offshore wind, and why would Australia benefit from it?
Offshore wind power is the energy extracted from the force of the winds at sea, caught by wind turbines, and fed into the electrical grid to power residences and commercial buildings. It is a clean, affordable, dependable renewable energy, like onshore wind and solar.
Australia’s wind resources are among the best in the world, equivalent to the North Sea between Britain and Europe, an area that is leading the world in offshore wind generation and could make Australia a global offshore wind superpower. The wind potential off the coast of Australia is sufficient to power our electrical infrastructure numerous times. The total energy output of all currently planned offshore wind farms would be more than that of all coal-fired power plants in Australia.
The offshore wind might increase local manufacturing by up to 25% while supplying affordable electricity for already-existing manufacturing. The sector would also entice private investment in emerging export markets like regional wind turbines and renewable hydrogen production. (Source: Climate Council)
The Victorian government announced Australia’s largest single offshore wind project in November 2021. (Source: Victoria State Government)
Through Round 1 of the Energy Innovation Fund, three offshore wind projects received about $40 million in funding.
- Seadragon Offshore Wind Farm
- Great Southern Offshore Wind Farm
- Star of the South Offshore Wind Project
These initiatives taken together could produce more than:
- 40% of Victoria’s electricity consumption
- 5,500 jobs
- $18 billion in investment.
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