{"id":115573,"date":"2023-07-21T07:54:36","date_gmt":"2023-07-21T04:54:36","guid":{"rendered":"https:\/\/tietopankki.crnet.fi\/fi\/news\/vattenfall-pauses-major-norfolk-offshore-wind-farm-as-costs-climb-higher\/"},"modified":"2023-07-21T07:54:36","modified_gmt":"2023-07-21T04:54:36","slug":"vattenfall-pauses-major-norfolk-offshore-wind-farm-as-costs-climb-higher","status":"publish","type":"post","link":"https:\/\/tietopankki.crnet.fi\/en\/news\/vattenfall-pauses-major-norfolk-offshore-wind-farm-as-costs-climb-higher\/","title":{"rendered":"Vattenfall pauses major Norfolk offshore wind farm as costs climb higher"},"content":{"rendered":"<div class=\"mp_wrapper\">\n  <div class=\"mepr-unauthorized-message\">\n    <p>You are unauthorized to view this page.<\/p>\n  <\/div>\n  <div class=\"mepr-login-form-wrap\">\n            \n<div class=\"mp_wrapper mp_login_form\">\n                  <!-- mp-login-form-start -->     <form name=\"mepr_loginform\" id=\"mepr_loginform\" class=\"mepr-form\" action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\" method=\"post\" data-trp-original-action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\">\n            <div class=\"mp-form-row mepr_username\">\n        <div class=\"mp-form-label\">\n                              <label for=\"user_login\">Username<\/label>\n        <\/div>\n        <input type=\"text\" name=\"log\" id=\"user_login\" value=\"\" \/>\n      <\/div>\n      <div class=\"mp-form-row mepr_password\">\n        <div class=\"mp-form-label\">\n          <label for=\"user_pass\">Password<\/label>\n          <div class=\"mp-hide-pw\">\n            <input type=\"password\" name=\"pwd\" id=\"user_pass\" value=\"\" \/>\n            <button type=\"button\" class=\"button mp-hide-pw hide-if-no-js\" data-toggle=\"0\" aria-label=\"Show password\">\n              <span class=\"dashicons dashicons-visibility\" aria-hidden=\"true\"><\/span>\n            <\/button>\n          <\/div>\n        <\/div>\n      <\/div>\n            <div>\n        <label><input name=\"rememberme\" type=\"checkbox\" id=\"rememberme\" value=\"forever\" \/> Remember Me<\/label>\n      <\/div>\n      <div class=\"mp-spacer\">&nbsp;<\/div>\n      <div class=\"submit\">\n        <input type=\"submit\" name=\"wp-submit\" id=\"wp-submit\" class=\"button-primary mepr-share-button\" value=\"Log In\" \/>\n        <input type=\"hidden\" name=\"redirect_to\" value=\"\/en\/wp-json\/wp\/v2\/posts\/115573\" \/>\n        <input type=\"hidden\" name=\"mepr_process_login_form\" value=\"true\" \/>\n        <input type=\"hidden\" name=\"mepr_is_login_page\" value=\"false\" \/>\n      <\/div>\n    <input type=\"hidden\" name=\"trp-form-language\" value=\"en\"\/><\/form>\n    <div class=\"mp-spacer\">&nbsp;<\/div>\n    <div class=\"mepr-login-actions\">\n        <a\n          href=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/?action=forgot_password\"\n          title=\"Click here to reset your password\"\n        >\n          Forgot Password        <\/a>\n    <\/div>\n\n      \n    <!-- mp-login-form-end --> \n  <\/div>\n      <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<div class=\"smart_content_wrapper\">\nEnergy developer Vattenfall is pausing work on the Norfolk Boreas offshore wind farm in the UK, due to higher inflation and capital costs. The 1.4GW project, off the coast of Norfolk in the North Sea, has contributed to a year-on-year dip in profits for Vattenfall. Half-year results published today (20 July) by the Swedish multinational revealed total profits of 6.9bn Skr, a decrease of 3.4bn compared to the same period in 2022.<\/p>\n<p>\u201cHigher inflation and capital costs are affecting the entire energy sector, but the geopolitical situation has made offshore wind and its supply chain particularly vulnerable,\u201d Vattenfall chief executive Anna Borg stated in the results report. \u201cWe have decided to stop the development of Norfolk Boreas in its current form and not take an investment decision now due to mentioned factors, which triggers the impairment.\u201d Borg also noted that the company will need to seek a new development pathway for its entire Norfolk Zone, which includes two additional offshore wind farms \u2013 Vanguard East and Vanguard West.<\/p>\n<p>Norfolk Boreas was a successful project in the UK\u2019s Contracts for Difference (CfD) auction round last year. This round allocated contracts to renewables projects totalling 11GW of capacity. The CfD scheme guarantees a minimum price for electricity generated, but this does not shield against cost volatility in upstream supply chains. A reform is in the works for the UK\u2019s CfD scheme at the moment. Frequency of auctions has already been increased from once every two years to once a year. Going forward, developers may receive additional credit for developing strong, local supply chains and for closing the green skills gap.<\/p>\n<p>The UK is aiming to host 50GW of offshore wind by 2030 but current supply chain disruptions compounded by rising commodity costs are challenging businesses beyond Vattenfall. RenewableUK\u2019s executive director of policy and engagement, Ana Musat, said: \u201cFor months now industry has been warning that prices under the CfD scheme need to reflect economic reality. We cannot possibly expect a capital-intensive industry to keep slashing costs on the backdrop of inflation and rising cost of capital. \u201cWe now need government to set out a clear framework for improving the investment environment in the UK, ensuring it remains competitive with the US and the EU.\u201d<\/p>\n<p>Chancellor Jeremy Hunt is readying the UK\u2019s response to clean energy subsidies from these two markets for the Autumn Statement. Many businesses are seeking some level of direction before this point. BDB Pitmans\u2019 lawyer specialising in energy, Angus Walker, added: \u201cThis demonstrates that a much greater pipeline than 50GW is needed as some projects will fall by the wayside.\u201d<\/p>\n<p>A spokesperson said: \u201cWe understand there are supply chain pressures for the sector globally, not just in the UK, and we are listening to companies\u2019 concerns. \u201cThe UK is a world leader in offshore wind farms, home to the four largest in Europe, with enough capacity to power the equivalent of at least 10 million homes per year. \u201cThe move to annual [CfD] auctions was introduced in response to calls from industry to run more frequent auctions and is set to bolster further investment and increase developer confidence in the sector every year.\u201d<\/p>\n<p>Also today, a review of the Crown Estates\u2019 net profits has revealed a significant increase in the share of profits coming from offshore wind. The Crown Estates is the body which oversees seabed leases to wind developers. Its profits are paid into the Consolidated Fund, from which the Government draws money for public spending.<\/p>\n<p>Source: <a rel=\"noopener\" href=\"https:\/\/www.edie.net\/vattenfall-pauses-major-norfolk-offshore-wind-farm-as-costs-climb-higher\/\">edie.net<\/a> <\/div>\n<p>The post <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\/environmental-news-en\/vattenfall-pauses-major-norfolk-offshore-wind-farm-as-costs-climb-higher\/\">Vattenfall pauses major Norfolk offshore wind farm as costs climb higher<\/a> appeared first on <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\">Vastuullisuusuutiset.fi<\/a>.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[503,575,2167,10784,2886,8893,10785,6917],"class_list":["post-115573","post","type-post","status-publish","format-standard","hentry","category-news","tag-costs","tag-environmental-news-en","tag-major","tag-nordfolk","tag-offsore","tag-pause","tag-vatrenfall","tag-windfarm"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/115573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/comments?post=115573"}],"version-history":[{"count":0,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/115573\/revisions"}],"wp:attachment":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/media?parent=115573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/categories?post=115573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/tags?post=115573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}