Vattenfall has stopped the event of the Norfolk Boreas offshore wind energy undertaking within the UK and can overview the way in which ahead for all the 4.2 GW Norfolk Zone, the Swedish vitality firm revealed in its interim report.
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The developer mentioned that the choice to cease the undertaking was made attributable to ”difficult market situations”, including that ”monetary frameworks haven’t tailored to mirror the present market situations” to date.
The halt to the event of Norfolk Boreas could have a damaging impression on earnings of SEK 5.5 billion (EUR 477.4 million), Vattenfall mentioned.
”Increased inflation and capital prices are affecting all the vitality sector, however the geopolitical state of affairs has made offshore wind and its provide chain notably susceptible. General, we see price will increase as much as 40%,” Vattenfall mentioned.
”We have now determined to cease the event of Norfolk Boreas in its present type and never take an funding choice now attributable to talked about components, which triggers the impairment. We’ll study one of the best ways ahead for all the Norfolk Zone, which along with Boreas additionally contains the Vanguard East and West tasks.”
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The Norfolk Zone contains the Norfolk Vanguard and the Norfolk Boreas offshore wind farms.
Situated 72 kilometres off the Norfolk coast in southeast Britain, the 1.4 GW Norfolk Boreas is the primary part of the Norfolk Offshore Wind Zone for which Vattenfall secured a Contract for Distinction in July 2022.
Development on the undertaking was initially scheduled to start this 12 months and the wind farm was anticipated to supply its first energy in 2027.
Norfolk Vanguard is situated some 47 kilometres from the Norfolk coast. The wind farm was awarded a Improvement Consent Order (DCO) in February 2022.
Vattenfall has already chosen Tier 1 contractors for the Norfolk Zone, together with Siemens Gamesa for the supply of the wind generators, Havfram for the set up of the generators, Siemens Power and Aker Options for the grid infrastructure, DEME and LS Cable & Methods for the supply and set up of the export cables, and Hellenic Cables for the inter-array cables.
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