Vattenfall is halting the development of a major offshore wind power project in the UK due to surging costs and challenging market conditions pressuring new developments, the Swedish utility said on Thursday. Vattenfall will not proceed with the development of the 1.4-gigawatt (GW) Norfolk Boreas offshore wind project as the offshore wind industry has seen cost increases up to 40%, the company said in its Q2 results release today. The soaring costs, coupled with increased cost of capital, put significant pressure on all…
