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Financials

Subsidy-free offshore wind needs price guarantees to attract investors - Vattenfall CEO

OSLO, March 1 (Reuters) - Countries seeking to scrap subsidies for offshore wind farm construction must be prepared to guarantee a minimum power price in order to attract investors, the head of Sweden’s Vattenfall, one of Europe’s largest utilities, said on Thursday.

** “We think that there is need at some point to discuss a stabilisation factor, a stabilised price system, that creates some certainty for the investors. You will have more people willing to invest,” Vattenfall CEO Magnus Hall told Reuters on the sidelines of an energy conference in Oslo

** The company late last year bid to take part in a Dutch zero-subsidy auction, the world’s first, while Danish competitor Orsted declined to take part

** “The Dutch tender is definitely a pilot project for us,” Hall said, adding that investments in similar ventures could dry up if there was no guarantee of a minimum price (Editing by Lefteris Karagiannopoulos, editing by Terje Solsvik)

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