'In Europe, things get done on time': energy CEO steers clear of 'unattractive' US offshore wind

The CEO of a major North American energy player said US offshore wind is “not attractive” as an investment option compared to Europe, where “things actually get done on time”.

Greg Ebel, boss of Canadian energy group Enbridge, offered contrasting views on the fortunes of wind at sea on both sides of the Atlantic as the company announced an increase in its share in two operating German projects.

Enbridge agreed to boost its stake in the Hohe See and Albatross projects by around a quarter to 49.9% in a €625m ($671m) deal with long-standing partner EnBW, the German utility that led development of the wind farms.

The Canadian group was an early mover into Europe, but Ebel made his views on the North American offshore wind market clear while discussing its latest financial results with financial analysts.

“I really don’t see North American offshore as something that’s attractive to us, it would not fit our risk parameters from a return perspective, or risk of getting it done,” said Ebel, adding that the situation was “very different than what we’ve seen in Europe with really long-term contracts with things that actually get done on time.”

The Enbridge CEO added: “I think people often forget there is only one operating offshore wind facility in North America, I think, still today and it took one and a half decades to get done. Maybe there [are] two, but they are small. So that, just to be clear, that’s not something that we find attractive.”

Enbridge said boosting the German project stakes would “materially grow the size of our renewable power business and continue our track record of investing in assets that generate utility-like cash flows”.

The Canadian group added that its under-development project investments in Europe are on track, with the Fecamp and Provence Grand Large French wind farms set to enter service in the first quarter of next year.