As developers anxiously await the outcome of the 1.6GW second round of tendering for pre-developed offshore sites in the German part of the North and Baltic Seas, two things are clear.

It is quite likely that at least some zero-subsidy bids will be winners again, in particular in the up-to-1.1GW North Sea section of the tender.

And it is clear that despite the hype about falling costs for wind at sea, neither developers nor financiers particularly like that situation.