Offshore wind giant Orsted remains committed to delivering its next huge wind farm off the Humber, despite expressing disappointment at a lack of support in the Budget.
Soaring prices fuelled by energy costs and other inflationary measures brought about by the invasion of Ukraine have put huge pressure on the ability to deliver at the record low price Hornsea Three was secured at, having been proposed before the Russian offensive.
Ahead of the Budget, the Danish giant’s UK head, Duncan Clark, warned the 2.8GW farm could even be put on hold. An increase in capital allowances lasting three years has been described by the industry as a measure not bold enough. Much of the Net Zero pump-priming was focused on industrial emission abatement through carbon capture and new nuclear.
