EON Climate & Renewables (ECR) intends to cut its pipeline from 10 GW in 2015 to 5 GW this year, investing in one offshore wind project every two years, as the European markets switching from feed-in-tariffs to a competitive tendering process encourages more selective spending on large-scale projects. E.ON Climate & Renewables (ECR), the renewables unit of the German energy company E.ON, plans to invest in one offshore wind project every two years as the company halved its renewable energy investment pipeline due to changing market regulations, ECR’s CEO Michael Lewis told Reuters. The company is also looking at how it can reduce costs by using renewable energy sources such as solar and wind, which are cheaper than fossil fuels but not yet cost-competitive.
EON Climate & Renewables (ECR) intends to cut its pipeline from 10 GW in 2015 to 5 GW this year, investing in one offshore wind project every two years, as the European markets switching from feed-in-tariffs to a competitive tendering process encourages more selective spending on large-scale projects. The company is also looking at how it can reduce costs by using renewable energy sources such as solar and wind, which are cheaper than fossil fuels but not yet cost-competitive.