Statoil Renewables Chief Aims to Cut Offshore Wind Cost

Statoil's renewable energy chief Irene Rummelhoff made the following statements at the ONS oil and energy conference on Wednesday:

• Over the last few years we have invested NOK 20 billion ($2.40 billion) in profitable renewable investments. So we are putting real money into this with the ambition to build a new growth leg for Statoil (STO)."
• "We are positioned in the two largest offshore wind markets in the world, the UK and Germany."
• "Our projects have the ability to power up over one million households in UK and Germany."
• "We are working extremely hard to get the cost down and we think it has a better cost reduction potential than onshore wind."
• "The potential of bigger turbines offshore ... brings the cost down. The scale potential is also much bigger." 
• "So we see a bright future for cost reduction potential on offshore wind projects. We have a clear road-map to get it down by 40 percent from today's levels and when we get there it will be highly competitive."
• "The most attractive markets going forward will be in northern Europe but also in the U.S. There are some very interesting projects coming up both in California and on Hawaii."