RWE has signed a 30-year concession agreement with the Danish Energy Agency for the 1,000 MW Thor offshore wind project in the Danish North Sea. The wind plant is scheduled to reach full operation in 2027. It will be the largest offshore wind park in Denmark.
In December 2021, the Danish Energy Agency (DEA) selected RWE to build the project by drawing lots. The DEA had received several bids with the maximum capacity of 1,000 MW and the minimum price of DKK0.1/MWh (€0.01/MWh) for the project. Since RWE offered the minimum price (nearly 0), the group will have to support grid connection costs (offshore transformer substation, onshore substation onshore and cables up to the transmission grid in Idomlund). In addition, with the anticipated electricity prices, RWE is expected to have to pay the Danish state DKK 2.8 bn (€376m) between 2025 and 2028.