UK's National Grid to step into U.S. offshore wind

Germany's RWE teams up with Equinor, Hydro for Norwegian offshore wind bid
Germany's RWE teams up with Equinor, Hydro for Norwegian offshore wind bid   -   Copyright  (c) Copyright Thomson Reuters 2021. Click For Restrictions - https://agency.reuters.com/en/copyright.html   -  
By Reuters

<p><body> <p>By Nina Chestney</p> <p><span class="caps">LONDON</span> (Reuters) -UK-listed grid operator National Grid has partnered with Germany utility <span class="caps">RWE</span> to develop offshore wind projects in the United States, it said in its full-year results on Thursday.</p> <p>National Grid owns and operates electricity and gas transmission and distribution networks in Britain and the United States.</p> <p>Its investment arm National Grid Ventures (<span class="caps">NGV</span>) has signed a joint venture partnership agreement with <span class="caps">RWE</span> Renewables to jointly develop offshore wind projects in the coastal region of the northeast United States. </p> <p>Under the agreement, <span class="caps">NGV</span> and <span class="caps">RWE</span> will work together to explore opportunities in the U.S. offshore wind market with an intention to jointly bid in a future federal seabed lease auction.</p> <p>“As the U.S. offshore wind market is opening up, we see this as a perfect opportunity,” National Grid Chief Executive John Pettigrew told Reuters in an interview.</p> <p>The firm is already active in U.S. onshore wind, having bought renewables developer Geronimo in 2019.</p> <p>While the fledgling U.S. offshore wind market lags that of Europe and China, it is expected to experience rapid growth. U.S. President Joe Biden wants to open new areas to development, accelerate permits, and boost public financing for projects.</p> <p>Earlier this month, the U.S. government approved the nation’s first major offshore wind farm, the Vineyard wind project off the coast of Massachusetts.</p> <p>In its results, National Grid said its underlying operating profit was down 5% to 3.28 billion pounds ($4.7 billion) from a year earlier, due to the impact of <span class="caps">COVID</span>-19.</p> <p>The company recommended a final dividend to bring its full-year payout to 49.16 pence, up 1.2% from a year earlier.</p> <p>In March, it said it would buy England’s largest electricity distribution business <span class="caps">WPD</span> from U.S.-based <span class="caps">PPL</span> for 7.8 billion pounds. National Grid said it expects that acquisition to be completed by July.</p> <p>The process for the sale of its UK gas transmission business will be launched in the second half of this year because work needs to be done on separating it out from the rest of the company, Pettigrew said.</p> <p>($1 = 0.7083 pounds)</p> <p> (Reporting by Nina Chestney; Editing by Jan Harvey and Muralikumar Anantharaman)</p> </body></p>