The world’s largest offshore wind developer is halting work on a vast UK project blaming rising costs and risk of delays, in a blow to Britain’s clean energy goals.
Ørsted said on Wednesday it was stopping spending and cancelling contracts for its Hornsea 4 project in the North Sea, a 2.4 gigawatt project that would have been capable of powering more than a million homes.
The project won a contract from the UK government last year guaranteeing it a fixed electricity price of £58.87 per megawatt hour, but Ørsted said it could not make the proposed wind farm work.
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