Construction of the Baltic II and Baltic III offshore wind farms may cost a total of PLN 16.13 billion to PLN 18.22 billion. Special purpose vehicles to build these farms are owned 50% by Polenergia and 50% by Equinor.
Polenergia is responsible for obtaining all permits and managing national affairs related to project development.
The companies OWF Bałtyk II and OWF Bałtyk III are sustaining their applications to the President of the Energy Regulatory Office (ERO) for granting the right to cover the negative balance for electricity generated in offshore wind farms.
It is a reaction to the decision of the Minister of Climate and Environment, who in March 2021 signed an ordinance on the maximum price for electricity generated in offshore wind farms at the level of PLN 319.6 per MWh.
Polenergia and the company Wind Power (from the Equinor group) informed about the decision to maintain the applications, both of which have 50 percent shares in project companies: IMF Bałtyk II and IMF Bałtyk III.
Let us recall that on March 5, 2021, project companies submitted applications to the President of the ERO to cover the negative balance for electricity generated in the offshore wind farm and fed into the grid.
As previously reported, obtaining support is associated with the creation of an obligation on the part of the project companies to generate and introduce to the grid for the first time electricity generated in their offshore wind farms or part of them after obtaining a license, within 7 years from the date of issuing by the President of the ERO decisions determining the price of support.
The fulfillment of the above obligation requires significant investment expenditure.