In practise this means cooperation in planning both the sea areas and grid but also in harmonising technical rules and standards across the region, which will help reducing costs throughout the lifecycle of generation facilities. Previous Commission studies have shown the potential for up to €5.1 billion worth of savings when taking a coordinated approach to offshore grid development.
The Memorandum of Understanding (MoU) and Work Programme
was signed by Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway and Sweden.
The signing of the MoU came on the same day as 11 leading energy companies sign a declaration saying offshore wind can reduce costs to €80/MWh by 2025 with a strong pipeline of projects.