British authorities extend a helping hand to Ørsted
Ørsted announced on Wednesday, in connection with its first-quarter financial results, that the utility company will scrap the development of the Hornsea 4 offshore wind farm “in its current form” because it is simply no longer a profitable investment.
However, British authorities still want the project to be completed and become a reality—and help for the Danish developer may be on the way.
This was reported by Finans.
- We recognize the impact that high global inflation and supply chain constraints are having on the industry across Europe, and we will work with Ørsted to get Hornsea 4 back on track, a spokesperson from the Department for Energy Security and Net Zero told Finans.
As recently as September 2023, Hornsea 4—which was planned to have a capacity of 2.5 gigawatts (GW)—was awarded UK government support.
The decision to halt development of Hornsea 4 is due to a combination of increased supply chain costs, higher interest rates, and greater execution risk, making the expected “value creation” no longer sufficient.
.\\˙ MarketWire
