Ørsted Halts Hornsea 4 Offshore Wind Project

Ørsted A/S has announced the discontinuation of its Hornsea 4 offshore wind project in the UK in its current form. The project, initially awarded a Contract for Difference (CfD) in September 2024, faced increased supply chain costs, higher interest rates, and rising risks in execution and operation. These factors have diminished the project's value, leading Ørsted to cease further spending and terminate related contracts.

Despite the challenges, Ørsted CEO Rasmus Errboe reaffirmed the company's commitment to offshore wind in the UK, signaling potential future development of Hornsea 4. For now, Ørsted anticipates break-away costs of DKK 3.5 to 4.5 billion in 2025, with an EBITDA impact of DKK 3.0 to 3.5 billion. Ørsted’s overall 2025 financial projections remain unchanged.