Poland invests over $1 billion in wind farm development

Operator of Poland’s electricity grid, PSE is planning a giant investment in wind farms on the Baltic coast. The project should partly replace electricity generation from coal-fired power plants on which Poland has yet to rely.

The total amount of the investment is to reach 4.5 billion zlotys, equivalent to approximately $1.23 billion. The Baltic Sea shore wind farm project is due to be completed by 2030, when turbines should plug into the electricity grid and supply mainly Polish households.

“Offshore wind farms will change the way Poland’s energy sector works,” PSE, which is a power grid operator in Poland, said in a statement. The investment is not only intended to go into the construction of new turbines, but also to refurbish existing ones, PSE added.

Poland still generates around 70 percent of electricity using coal burning in thermal power plants. By 2040, however, it wants to increase the installed capacity of offshore wind farms to 11 gigawatts. This corresponds to about 20 percent of Poland’s total installed power generation capacity, according to the PSE.

author avatar
EditorialTeam
The Trader-Magazine.com EditorialTeam is a collective of certified financial analysts, active traders, and cryptocurrency experts. Our mission is to transform complex market data (forex, equities, indices) into accessible financial education. All content undergoes rigorous, multi-level fact-checking to ensure we deliver only accurate, objective information for your trading and investment decisions.

Top 10 financial instruments for 2022. What will their prospects be in 2023?

The year 2022 has brought countless surprises and obstacles...

Telegram scams: how they work and how to protect yourself

Telegram has become one of the most widely used...

Trump Saved TikTok from a Ban. The App in the U.S. Moves into American Hands

TikTok narrowly avoided a ban in the United States...

Gulf Brokers Ltd. Review

Comparing spreads, commissions, trading platforms, rules and reading dozens...

Climate Change Poses Major Risks to Financial Markets, Regulator Warns

WASHINGTON — A top financial regulator is opening a...

Bitlifi Review: A Simple Bitcoin Wallet or a Risk to Your Savings?

Bitlifi has been appearing more frequently in search results...

Porsche’s global sales fell by 15 percent in the first quarter

Global sales of German luxury sports car manufacturer Porsche...

What Is Fiat Money and Why It Has Value

Fiat money forms the foundation of the modern economy....

Licensed crypto services provider crypto4me simplifies cryptocurrency purchasing

Crypto services provider crypto4me has, shortly after launching its...

Who Is Satoshi Nakamoto? New Evidence Links Bitcoin to a British Cryptographer

The mystery that has fascinated the crypto world for...
spot_img

spot_imgspot_img