It is not only oil and gas projects going out of business. The globe’s largest offshore wind developer Ørsted has today announced it is cancelling all contracts and funding for Hornsea 4, a 2.4GW wind farm project in the North Sea for which it won a UK government contract last year. One of the largest to be in development with 180 plannes turbines – the contract breakaway costs range from £399 and £513 million…
CEO of the Danish renewables champion Rasmus Errboe blames “adverse macroeconomic developments, continued supply chain challenges, and increased execution, market and operational risks have eroded the value creation.” Follows similar decision by Vattenfall to cancel the 1.4GW Norfolk Boreas offshore contract in 2023…
The National Energy System Operator’s November report, which Miliband claimed proved the viability of his Clean-Power-By-2030 plans, specified that among numerous other things his goal requires a sustained rollout of offshore wind at over double the highest rate ever achieved in Great Britain – which means tripling capacity – as well as a tripling of solar power and doubling onshore wind. Good luck…
DESNZ claims today it will “work with Ørsted to get Hornsea 4 back on track” and that it has “a strong pipeline of projects to deliver clean power by 2030.” There will be nerves in the energy department as businesses increasingly struggle to get renewables projects over the line…
Craig Beaumont, executive director of the Federation of Small Businesses:
“Business sentiment is now closer to dismay than confidence.”