The 1.4-gigawatt Norfolk Boreas wind farm project was scuppered after costs for the technology soared 40%. Read more at straitstimes.com.
LONDON – Swedish utility company Vattenhall halted the development of an offshore wind project in the UK after costs surged, posing a major setback for a key part of Britain’s climate and energy security plans.
Vattenfall’s decision follows years of soaring costs for materials, logistics and financing – threatening the viability of a technology that’s key to cutting reliance on gas and coal-fired power stations. Nowhere is the dependence on offshore wind greater than in Britain, which plans to nearly quadruple its fleet of wind farms at sea by the end of the decade.
“The market framework in the UK that’s supposed to incentivise investment in renewables isn’t reflecting the current market environment,” said Ms Helene Bistrom, the head of Vattenfall’s wind business. “This is important for the UK, but Vattenfall needs to invest responsibly.”
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