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illuminem summarizes for you the essential news of the day. Read the full piece here in The Financial Times or enjoy below
🗞️ Driving the news: Vattenfall, a Swedish energy company, announced the suspension of its 1.4GW Norfolk Boreas wind farm project in the UK due to escalating costs
• The decision comes amidst a 40% cost hike, putting significant pressure on the entire offshore wind industry
🔭 The context: The Norfolk Boreas site was part of Vattenfall's plan for three UK wind farms, representing an investment of around £10bn-£11bn
• This project was intended to contribute to the UK's objective of tripling offshore wind capacity by 2030 to help decarbonize the country’s electricity system
🌎 Why it matters for the planet: The suspension of such a significant renewable energy project can be seen as a setback in the UK's green energy aspirations and global efforts to combat climate change
⏭️ What's next: The company is not planning any immediate investment decision on Norfolk Boreas and expects to book an impairment charge of SKr5.5bn ($537mn)
• However, the fate of the other two proposed wind farm projects remains uncertain
💬 One quote: “What we see today, it simply doesn’t make sense to continue this project” (Anna Borg, Vattenfall CEO)
📈 One stat: The suspended project was planned to power 1.5 million homes with up to 140 turbines. Overall, the three proposed wind farms off the UK's east coast by Vattenfall were expected to supply electricity to over 4 million households
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