Octopus Energy Group, based in the UK, has signed a power purchase agreement (PPA) with Shell Energy Europe to purchase 2.4 TWh of wind energy per year from the Dogger Bank offshore wind farm. In accordance with the agreed-upon agreements, Octopus Energy will receive enough renewable energy from the 3.6 GW Dogger Bank project to power 800,000 of its client houses. Shell Energy Europe has a deal in place to offtake 20 per cent of the energy generated by Dogger Bank.
Dogger Bank, a joint venture between SSE Renewables, Equinor, and Vårgrønn, is situated offshore from Yorkshire, UK. The first of three phases of its development is currently underway. The wind farm will be able to supply over six million homes with clean energy each year once it is finished. The Dogger Bank project is owned by Vårgrønn to the amount of 20 per cent, with SSE Renewables and Equinor each owning 40 per cent. Based in London, Octopus Energy operates solar farms and both onshore and offshore wind assets across 11 countries.
In December 2022, Octopus Energy Generation announced that it acquired Zestec Renewable Energy, a solar developer and asset manager in the UK. Zestec has more than 160 MW of solar capacity in the country, which will be sold to the companies through power purchase agreements.
REGlobal’s Views: The signing of this large PPA for offshore wind power offtake provides encouraging evidence of the technology’s commercial viability. Further, with increasing energy security concerns, Octopus Energy has ensured stable power supply for its clients through the Dogger Bank project.