Vattenfall cites deteriorating market conditions in its decision to shelve the offshore wind farm.
Vattenfall has shelved plans to develop the Norfolk Boreas offshore wind farm after winning the contract last year
Market conditions had deteriorated since it signed a contract to fix the price of electricity it sells for 15 years, the company said.Chief executive Anna Borg said: "Offshore wind is essential for affordable, secure and clean electricity, and it is a key element of Vattenfall's strategy for fossil-free living.
It said the market conditions were challenging, as costs for the offshore wind industry had risen by 40%. "We are convinced that offshore wind power is crucial for energy security and meeting the climate goals in Europe."Jess Ralston, head of energy at the Energy and Climate Intelligence Unit, said the government needed to take into account rising costs for wind farm companies when it awarded contracts.
But since winning the auction, Vattenfall and others have warned that costs have increased far too fast for these projects to be economical anymore.
Belgique Dernières Nouvelles, Belgique Actualités
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