Nine of the world's biggest offshore wind farm developers joined with the Scottish government to fund a 7.9 million-pound ($10.3 million) study aimed at curbing the costs of the expensive renewable energy technology.
Companies including Dong Energy A/S, EON SE, Iberdola SA and RWE AG, will together invest at least 6.4 million pounds over the next four years to fund the research and development of new technologies. The Scottish government will pitch in another 1.5 million pounds, according to a joint statement Monday.
The intention is to cut the cost of the technology below 100 pounds a megawatt-hour by 2020, putting it within striking distance of nuclear reactors. EnBW Energie Baden-Wuerttemberg AG, SSE Plc, Statkraft AS, Statoil, ASA and Vattenfall AB are also funding the program, according to the statement.