EON to Cut Cost of Offshore Wind Farms 40 Percent

EON AG, Germany’s largest utility, expects to cut costs for building offshore wind farms about 40 percent by 2015, as it embarks on a $9 billion renewable energy expansion plan.

“Renewables are a mainstay of our corporate strategy, and wind power in particular is one of our growth businesses,” said Chief Executive Officer Johannes Teyssen at company headquarters in Dusseldorf.

EON seeks to build wind farms off the U.K., Scandinavia and German coastlines, including the 1-billion euro Amrumbank West project in the North Sea, which Siemens AG, Europe’s largest engineering company, will supply with 80 of its wind turbines.

“We intend to commission a new offshore wind farm every 18 months,” Teyssen said. (Bloomberg)