Vattenfall to shut down development of 1.8 GW offshore wind project off the East Anglia coast

Vattenfall has announced that it is halting the development of 1.8 GW Norfolk Boreas, one of the largest offshore wind projects in the UK. The decision was made after the company cited that it was no longer financially viable to continue the project. The site is located off the coast of Norfolk and was set to produce enough electricity to power nearly 700,000 homes.

The development of the Norfolk Boreas site has been hindered by the deterioration of market conditions. Vattenfall signed a contract for selling the electricity it generated for 15 years. Since the contract was signed, market conditions have worsened, and costs for the offshore wind industry have risen by 40%. The increased cost of borrowing money to construct the wind turbines and supply chain issues have led to the decision to halt development.

In addition to Norfolk Boreas, Vattenfall has also announced that it will be reviewing two other offshore wind farm sites, Vanguard East and Vanguard West. The company will assess the viability of these projects, in light of the increased cost of the offshore wind industry and current market conditions.