From Bloomberg via gCaptain, March 6:
Orsted A/S, the world’s largest developer of offshore wind farms, said its biggest project in the UK is at risk of being scrapped without government support to help manage soaring costs.
Britain’s renewable power industry has for months lobbied for measures to ease the burden of spiraling equipment prices and high financing costs as interest rates rise. Without government support in the upcoming UK budget, a wave of projects that were approved last year may be unable to go ahead.
“Nationally significant projects like our proposed Hornsea 3 offshore wind farm are at risk unless the government takes significant action,” said Duncan Clark, Orsted’s head of the UK and Ireland. “The sector is asking the government for targeted support to ensure the UK remains an attractive destination.”
The problem is rooted in contracts struck last year that govern how the UK wind farms sell power. Developers agreed to sell electricity at record-low prices under so-called contracts for difference, but rising costs mean those deals are now jeopardizing the investments needed to build the wind parks....
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