Energy minister defends North Sea energy island amid rising costs
Belgium’s outgoing Energy minister, Tinne Van der Straeten, has advised against delaying the Princess Elisabeth energy island project in the North Sea, despite calls to reconsider its construction due to escalating costs.
During a parliamentary session on Tuesday, Van der Straeten defended the project, given its projected role in meeting Belgium’s future energy needs. Once operational, the island could supply up to 30 per cent of Belgium’s electricity by 2030.
According to Van der Straeten, postponing the project could compromise Belgium’s energy security for decades. This could especially be harmful for energy-intensive industries like steel and chemicals.
Market sensitivity
The Princess Elisabeth energy island, being developed by Belgian companies DEME and Jan De Nul, will connect three offshore wind farms and facilitate undersea cable links to the UK and other North Sea countries by 2030. Initially estimated at 2.2 billion euros, the project’s cost could now reach as high as 7 billion euros due to inflation, rising material costs and Europe-wide supply chain bottlenecks.
Asked in parliament about when she was informed about the potential cost increases of the project, Van der Straeten said the energy regulator, CREG, had alerted her in June. However, CREG had requested confidentiality due to market sensitivity.
“I cannot lift confidentiality,” she said. The parliamentary debate on the project’s future is set to continue, with members seeking further input from CREG and grid operator Elia.
The construction site of the Princess Elisabeth energy island © BELGA PHOTO JONAS ROOSENS
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