OSLO, May 26 (Reuters) – Norway could become "Europe's battery" by developing huge sea-based wind parks costing up to $44 billion by 2025, Norway's Oil and Energy Minister said on Monday.
Norway's Energy Council, comprising business leaders and officials, said green exports could help the European Union reach a goal of getting 20 percent of its electricity by 2020 from renewable sources such as wind, solar, hydro or wave power.
"Norway could be Europe's battery," Oil and Energy Minister Aaslaug Haga told Reuters after she was handed the report, which will be considered by the centre-left government in coming months.
"The thinking is that Norway is blessed, is lucky, to have big energy resources. There is undoubtedly a large potential for wind power," she said. Norway says it has the longest coastline in Europe, from the North Sea to the Arctic Barents Sea.
The 30-page report, mapping out a big shift for the world's number 5 oil exporter, said: "Norway ought to have access to up to 40 terrawatt hours of renewable energy in 2020-2025, of which about half would come from offshore wind power."
Sufficient wind parks — totalling 5,000 to 8,000 megawatts installed capacity — would cost between 100 billion Norwegian and 220 billion Norwegian crowns ($43.89 billion) assuming prices of 20-28 million crowns per installed megawatt.
