The aggressive bidding that secured French oil giant TotalEnergies a 3GW share of the seabed rights on offer in Germany’s recent offshore wind round was based on a bullish assessment of future prospects for electricity prices in Europe’s industrial powerhouse, the French company’s chief executive has admitted.

Total Energies and fellow fossil fuel supermajor BP blew competition out of the water when Germany staged an offshore wind tender on 12 July, between them committing to pay a total €12.6bn