![](\"https:\/\/www.tgs4c.com\/news\/..\\images\\news112\\image31112(1).png\")
\n
\u00d8rsted’s CEO
\nhas said the decision to halt development on the Hornsea 4 wind farm off
\nthe UK coast was not easy to make, but fully ruled out returning to the
\nproject in the future. <\/p>\n
\n
\u00d8rsted’s CEO
\nhas said the decision to halt development on the Hornsea 4 wind farm off
\nthe UK coast was not easy to make, but fully ruled out returning to the
\nproject in the future.
<\/p>\n
Rasmus Errboe
\nsaid in a statement made just hours after the shock announcement: “This
\nis in line with our focus on value over volume in our capital allocation
\nand shows that we will make the necessary decisions to ensure value creation.
\n
\n<\/p>\n
“That being
\nsaid, this isn’t a decision we’ve made lightly.”
\n<\/p>\n
Supply chain costs,
\nhigher interest rates and an “increased risk to construct and operate”
\nHornsea 4 were cited as reasons for cutting the ambitious project, with
\nmounting stresses having sufficiently deteriorated the viability of the
\nfarm in the long run.
\n<\/p>\n
As a result of
\nthe decision, \u00d8rsted will need to pay between \u00a3400m and \u00a3515m in “breakaway”
\ncosts due to the economic fallout of temporarily scrapping the 2.4GW project.
\n<\/p>\n
Rasmus added:
\n“I want to stress we remain very supportive of the regulatory framework
\nin the UK and we continue to see strong long-term fundamentals and value
\nperspectives in offshore wind.”
\n<\/p>\n