
I mapped who actually owns the wind farms off the North East coast. The numbers are absurd.
Ok, trying to wrap my head around this: I was looking over the offshore wind farms off the coast of the North East and we are massively losing out. We've got loads of offshore wind farms, most of them owned by other countries' governments. Meanwhile, our councils are facing multi-million pounds budget holes, reduced public services, etc. If the Scottish Government took even a small equity stake, say 20%, we'd be making some serious money.
This whole thing has got me feeling kinda:
Anyways, I broke the offshore wind farms down and tried to figure out how much money we were losing out to private/other state interests. The most readily available figures are over the lifetime (20 or 30 years) of the wind farm
Aberdeen Offshore Wind Farm - Owned by Vattenfall, that's Sweden's state energy company.
Estimated Lifetime Net Profit (25-30 Yrs): £120m - £200m
Hywind Scotland -The world’s first floating wind farm! It's Majority-owned by Equinor (67% owned by the Norwegian State) and Masdar (state-owned energy company of Abu Dhabi).
Estimated Lifetime Net Profit (25-30 Yrs): £60m- £110m
Moray East & Moray West - Co-owned by Ocean Winds, owned by ENGIE (majority owned by the french gov) and Ignitis Group (the Lithuanian State-controlled energy company).
Moray East: Estimated Lifetime Net Profit (25-30 Yrs): £1.2bn - £1.8bn
Moray West: Estimated Lifetime Net Profit (25-30 Yrs): £1.1bn - £1.6bn
Kincardine Offshore Wind Farm - owned by multinational conglomerate Cobra Group (a bad ass name)
Estimated Lifetime Net Profit (25-30 Yrs): £100m - £160m
Seagreen -Co-owned by SSE (British Multinational) and TotalEnergies (another multinational with shareholders like BlackRock and Vanguard.
Estimated lifetime Net Profit (20- 30 Yrs): £1.3bn - £1.9bn
Overall, that's £3.88 billion - £5.77 billion in total over the lifetime of these profits. A 20% stake would give us something like £776m - £1.15bn and that's just for these projects here in the North east!
**TL;DR:** Foreign governments and big multinationals are set to clear between £3.88bn and £5.77bn in net profits from North East wind farms over their lifespans. Meanwhile, our local councils are skint. Taking a 20% public stake would keep at least £800m-ish in Scottish public hands. Why aren't ScotGov doing this?