Future Of British Business
Key UK Offshore Wind Project Axed in Blow to Climate Plans
- Vattenfall will stop developing UK wind farm after costs soar
- Offshore wind is critical to UK climate and energy plans
The Vattenfall AB turbine.
Source: Bloomberg
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Vattenfall AB 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.
The Swedish utility said a wind farm planned in the North Sea, which would provide power for 1.5 million UK homes, is no longer viable after costs for the technology soared 40%. Vattenfall will take a hit of 5.5 billion Swedish krona ($537 million) because of the decision, it said in a report released Thursday.