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Bloomberg
Octopus Energy Ltd. signed a power-purchase agreement with Shell Energy Europe Ltd. to buy electricity from what will be the world’s largest offshore wind farm once built.
Shell, which has offtake agreements for 20% of the energy produced by the Dogger Bank project off northeast England, will supply Octopus with as much as 2.4 terawatt-hours a year, starting in 2024 at the earliest. That’s enough to power around 800,000 households.
Many power retailers and energy-intensive companies in Europe have been snapping up clean electricity, with the region’s gas-supply crunch underscoring the risks and costs of importing fossil fuels. Microsoft Corp. last month agreed to buy a massive amount of renewable energy to run a data center in Ireland.
“If the energy crisis has taught us anything, it is that we need to move fast to an energy system based on cheap renewables,†Matt Bunney, head of
energy at Octopus, said in a statement. Financial terms weren’t disclosed.