On Friday 13 September, the European Commission approved a Belgian support scheme worth €682 million for the deployment of offshore renewable wind energy.
The aid was approved under the Temporary Crisis and Transition Framework adopted by the Commission on 9 March 2023 and amended on 20 November 2023 and 2 May 2024.
This Belgian aid, which aims to foster the transition to a net-zero emissions economy, will support the construction and operation of the first offshore wind farm in the Princess Elisabeth Zone in the North Sea. This wind farm is expected to have a capacity of 700 MW and to generate at least 2.6 TWh of renewable electricity per year.
The aid will take the form of a variable monthly premium under a two-way contract for difference. The price premium will be paid over a period of 20 years. It will be granted for potential electricity production of the wind farm rather than for the actual electricity production. The benefit of this capability-based design is that it exposes the actual electricity production to market prices, as the RES producer revenues will be directly linked to its electricity sales. (Original version in French by Lionel Changeur)