Canadian gas pipeline company Enbridge 
scold The company is interested in new offshore wind investment in France but will avoid the United States, where cost and supply chain problems have contributed to the collapse of offshore projects, a senior executive said.
High costs have led to the cancellation of projects in the United States and Britain, putting other projects at risk. Setbacks from offshore wind could undermine countries’ goals to reduce emissions from energy production.
Enbridge, whose main business is transporting oil and natural gas in North America, has a small renewable energy business that accounts for 3% of its earnings before interest, taxes, depreciation and amortization (EBITDA).
Renewable energy’s share of Enbridge’s profits will increase as the company invests C$1 billion in capital annually, said Matthew Ackman, Enbridge’s energy chief.
“There will be great opportunities for us from the billions of dollars still in Europe in the future,” Ackman said in an interview. “But the timing is uncertain. It could be soon because we could see the current issues resolved quickly and that could take years.”
France is a focus of Enbridge’s interest because the company already has a strong partner, state-owned EDF Group, and because wind properties come with 20-year agreements to sell energy to the government at prices that rise with inflation, Ackman said.
European projects partly owned by Enbridge have the capacity to produce 1.5 gigawatts, while three projects under construction will add another gigawatt. Three other projects under development could add 2.6 gigawatts, more than doubling the capacity.
Enbridge plans to participate in the next three French offshore wind tenders this year, and is “very optimistic” about new investments, given the French government’s plans to increase offshore wind and corporate emissions targets, Ackman said.
Ackman said Enbridge is not considering investing in offshore wind projects in the United States, where supply chain constraints are severe and energy transmission bottlenecks pose problems.
“I believe offshore wind will contribute significantly to the energy mix in the Northeastern United States over time, but it will take longer than everyone thought,” Ackman said.
Progress in developing offshore wind farms in the United States slowed in 2023 after offshore developers canceled power sales contracts in Massachusetts, Connecticut and New Jersey, and threatened to cancel deals in other states. European energy companies Ørsted 
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baby. It suffered a total of $5 billion in writedowns on US projects.
Ackman said Enbridge will continue to invest in onshore wind and solar power in the United States to sell energy to the oil and gas industry. Enbridge said Wednesday that the first phase of its solar project with EDF in Ohio has begun operation.
