COPENHAGEN: China will tap Denmark, home to some of the world’s largest offshore energy companies, to help it build a wind farm, Denmark’s energy minister said on Monday.
Speaking after meeting the head of China’s National Energy Administration (NEA), minister Lars Christian Lilleholt said that size, timing and suppliers for the wind farm had not yet been decided but he was convinced it would be built.
China, the world’s biggest emitter of greenhouse gases, plans to raise its non-fossil fuel portion of primary energy consumption to 15 percent from 12 percent by 2020.
Denmark is home to the world’s largest offshore wind farm developer DONG Energy, and to wind turbine maker Vestas Wind Systems, which co-owns one of the leading offshore wind turbine makers, MHI Vestas, with Japan’s Mitsubishi Heavy Industries.
China was looking at concrete locations for the wind farm in three different Chinese regions but that it was too early to reveal which regions, Lilleholt told Reuters.
China and Denmark also decided to co-build a test and demonstration center for offshore wind power in China, he added.
NEA head Nur Bekri met Vestas Chief Executive Anders Runevad during his trip to Denmark, Lilleholt said.
Vestas and MHI Vestas did not immediately respond to Reuters’ request for comments.
DONG Energy also took part in Bekri’s program during his trip, but the company told Reuters it was too early to say which role it may play in the planned offshore project.
The push for offshore wind in China has gained pace after it cut the guaranteed subsidied prices paid for onshore wind turbines by the turn of the year, but kept them for offshore turbines.
China has lagged far behind its target to boost the country’s offshore wind power capacity due to technical problems and high costs.
“China is facing a giant task on green transition to live up to the Paris climate accord, and it’s my clear perception that he (Bekri) is very interested in working with Denmark and Danish companies in this regard,” Lilleholt said.
Lilleholt will head a Danish export promotion tour to China next spring where he said he expected the leading Danish green technology companies to join.
China to call on Denmark to help build offshore wind farm
China to call on Denmark to help build offshore wind farm
Silver crosses $77 mark while gold, platinum stretch record highs
- Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
- Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years
Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.
Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation as a US critical mineral, and strong investment inflows.
Spot gold was up 1.2% at $4,531.41 per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that US President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.
The US dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.
On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.
“$80 in silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next year,” Grant added.
Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.
On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.
Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.
All precious metals logged weekly gains, with platinum recording its strongest weekly rise on record.
