A new study reveals that the investment of Norwegian oil and gas company Equinor in the world's largest offshore wind farm under construction, Dogger Bank, will be unprofitable. One of the researchers, Professor Petter Osmundsen at the University of Stavanger explains that the revenue of the project does not reach over Equinor's required rate of return. The researchers estimated the project's expected net present value (NPV) to be minus GBP 970mn (EUR 1.13bn USD 1.31bn). The project must compete with alternative investment opportunities, Osmundsen adds. While the cost of Dogger Bank has decreased, it has not happened at the same pace with reducing strike prices at British auctions for offshore wind power. Equinor has not questioned the study's conclusions but has stated that it has earned from selling shares of the project. A spokesperson for Equinor stated that Equinor has benefited from the involvement of Italian energy company Eni in the project. Osmundsen adds that there are more promising business segments for Equinor, such as offshore minerals, coal storage, hydrogen and floating offshore parks. Equinor decreased its expected yield from offshore wind power investments from a range of 6% to 10% to a range of 4% to 8% in June 2021. The study was financed by the Norwegian Ministry of Petroleum and Energy as a part of the research programme on energy transition possibilities.