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FX.co ★ Denmark and Germany to build energy hub in Baltic Sea

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Forex Humor:::2022-09-12T12:35:00

Denmark and Germany to build energy hub in Baltic Sea

The confrontation with Russia has made Europe realize how strongly it relies on Russian energy supplies. In the face of energy woes and the upcoming winter season, the EU countries are now looking for alternatives to Russian natural gas. With the help of modern technology, they are planning to develop an energy island in the Baltic Sea. The project is Denmark and Germany’s initiative. It will allow the countries to increase their offshore wind power production capacity. The 3 GW offshore wind capacity of the energy island will provide enough power to supply the electricity needed by 4.1 million households. This way Denmark and Germany intend to reduce their dependence on Russian natural gas. The planned energy hub will be built on the island of Bornholm by 2030. The project will need €3 billion of investment for infrastructure and €6 billion for the offshore wind park, according to the Danish authorities.

This is the first time in Europe that two countries have cooperated in such a project, German Energy Minister Robert Habeck said. The official pinpointed that the energy island would run alongside Russian major gas pipelines. Habeck believes this would make Denmark and Germany energy self-sufficient. Other Baltic nations, in particular Poland, could join the project later on.

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