As Ørsted withdraws: Iberdrola continues with UK project on same terms

Building offshore wind farms is a difficult discipline these days. Ørsted emphasized this on Wednesday with the abandonment of Hornsea 4, just nine months after the project secured a Contract for Difference (CfD) in the latest British tender. A half-percentage point increase in interest rates, combined with price increases for materials since the fall, was apparently enough to make such a major shutdown preferable for the Danish utility.