Offshore operators in the Asia-Pacific region could face a total decommissioning bill of over $100 billion.
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Fortunately for the taxpayer, London based firm Quatre Ltd provides a financial solution. Its Environment Trust (ET), will if adopted by the government, protects both the taxpayer and landowner from the possible decommissioning risks should an operator become bankrupt.
According to Jonas Pagh Jensen of Siemens Gamesa Renewable Energy, which produces wind turbines and constructs wind farms, said, “Every customer is obliged to make a plan [for] what they intend to do in 20-25 years’ time when the turbine is expected to come down.”
It is in the interest of both government and energy companies to bring some certainty into their liabilities and ability to pay.