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UK Offshore Wind Farm Axed in Blow to Tory Climate Plans (3) - Bloomberg Law

Bloomberg Law · last updated

UK Offshore Wind Farm Axed in Blow to Tory Climate Plans (3)

The Swedish utility said a wind farm planned in the North Sea, which would provide power for 1.5 million UK homes, is no longer viable after costs for the technology soared 40%. Vattenfall will take a hit of 5.5 billion Swedish krona ($537 million) because of the decision, it said in a report released Thursday.

“Although demand for fossil-free electricity is greater than ever, the market for offshore wind ...

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Related Knowledge Center: ENERGY BASICS: wind

State of Play

Decades of government support for the development of wind energy has resulted in lower costs and a rapidly growing share of electricity generated by wind turbines. Wind in 2019 accounted for 7.3 percent of electrical generation, surpassing for the first time hydropower at 7.0 percent. 

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