LONDON, July 20 (Reuters) - Swedish utility Vattenfall (VATN.UL) is stopping the development of the 1.4 gigawatt (GW) Norfolk Boreas offshore wind project off the coast of Britain, designed to power around 1.5 million homes, it said in an earnings statement on Thursday. The company said the decision would have an impact on earnings of 5.5 billion Swedish crowns ($537 million). Vattenfall also said it would examine the best way forward for the entire Norfolk zone which also includes the Vanguard East and West projects. Britain has a target of increasing offshore wind capacity to 50 GW, from around 14 GW now, as a part of efforts to meet its climate targets and boost energy security. ($1 = 10.2438 Swedish crowns)Reporting by Susanna Twidale, editing by Gwladys FoucheOur Standards: The Thomson Reuters Trust Principles.

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Persons: Vattenfall, Susanna Twidale, Gwladys Organizations: Norfolk, Vanguard East, Thomson Locations: Norfolk Boreas, Britain, Norfolk