Vattenfall, a Swedish energy company, has for years been doing preliminary work for what would be one of the world’s largest offshore wind complexes, in the North Sea off eastern England.
Last month, Vattenfall said it would halt the first of three phases of the wind farm complex, the Norfolk Offshore Wind Zone, which is projected to provide power for about four million homes in Britain.
The estimated price tag for the three phases has risen to 13 billion pounds, or about $16.6 billion, from £10 billion.
“With the new market conditions, it simply doesn’t make sense to continue the project,” Helene Bistrom, head of business area wind at Vattenfall, said during a video presentation.
The decision led Vattenfall, which is owned by the Swedish government, to write-down more than $500 million.
Persons:
Vattenfall, ” Helene Bistrom
Locations:
Swedish, North, England, Norfolk, Britain, Vattenfall