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The Guardian - UK

Environment

Jillian Ambrose Energy correspondent

Ørsted cancels two US offshore windfarm projects at £3.3bn cost

Orsted United States Mads Nipper United Kingdom British Petroleum Vattenfall

Turbines of the Ørsted Block Island windfarm in an aerial photograph taken from high above the sea — Ørsted’s Block Island project, off Rhode Island, was the US’s first commercial offshore windfarm. Photograph: Eric Thayer/Bloomberg/Getty Images

Denmark’s Ørsted has cancelled two big offshore windfarm projects in the US at a cost of more than £3bn amid surging costs facing the global wind industry.

Shares in the world’s biggest wind power company fell 25% on Wednesday after it told investors it had no choice but to take a 28.4bn Danish kroner (£3.3bn) impairment charge and stop the developments off the New Jersey coast.

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