09:07 AM EDT, 06/21/2024 (MT Newswires) -- TotalEnergies (TTE) and Energie Baden-Wurttemberg won a 2.5 gigawatt auction to develop offshore wind farms in the North Sea that fetched 3.02 billion euros ($3.23 billion), Reuters reported Friday, citing Germany's network regulator.

TotalEnergies was awarded the 1.5 GW contract for a bid value of 1.3 million euros per megawatt, the report added.

The German regulator said EnBW Offshore Projektgesellschaft 1 GmbH won the one gigawatt contract at a bid value of 1.1 million euros per megawatt and the wind farms are expected to be operational by 2031.

Both the bidders are asked for a planning approval process to construct and operate wind turbines on the site.

The proceeds from the offshore tenders will be utilized for the reduction of electricity costs, protection of marine nature, and promotion of environmentally friendly fishing, the regulator said.

TotalEnergies did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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