Octopus, Shell sign supply deal on Dogger Bank wind farm

UK power supplier Octopus Energy said it has signed a power purchase agreement with Shell Energy for up to 2.4 terawatt hours (TWh) per year from the Dogger Bank offshore wind farm project.

The deal will provide about 24% of demand for Octopus' current customer base, or around 800,000 households, Octopus said, with first electricity supplies expected from 2024. No financial details were disclosed.

"If the energy crisis has taught us anything it is that we need to move fast to an energy system based on cheap renewables – and Dogger Bank will help to get us there," said the company’s head of energy Matt Bunney.

Dogger Bank, off the northeast coast of England, is a joint venture between Equinor, SSE Renewables and Norway’s Vaargroenn and once completed will be the world's largest wind farm with a capacity of 3.6 gigawatts (GW), enough to power roughly 6 million homes a year.

SSE Renewables is leading on the development and construction the wind farm, and Equinor will operate the wind farm on completion for its expected operational life of around 35 years.

Reporting by Frank Prenesti for Sharecast.com