00:00Nine European governments have agreed to expand offshore wind turbine projects across the North Sea.
00:09Energy ministers gathered in Hamburg on Monday and said the project could see electricity prices drop by 30% by 2040.
00:18The goal is to increase offshore wind capacity to 100 gigawatts by 2050 and by facilitating cross-border projects.
00:26First and foremost, we need to produce more of our own energy.
00:31The good thing about offshore wind, renewables as such, is that they are also cheaper.
00:38So not only will it be good for our security and our safety, it will also mean that we can bring down the prices of energy,
00:46that we can indeed become more competitive in Europe compared to the rest of the world.
00:53More than 6,000 offshore turbines provide clean electricity in Europe,
00:58but deployment has been held back by weak auction design, increased costs of capital and lack of visibility for the supply chain
01:06due to an uncertain project pipeline according to the industry.
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