Blow: Orsted is the largest offshore wind developer
The world’s largest offshore wind developer, Orsted, has abandoned plans for a mega-plant to develop green fuels, the latest company to scale back on commitments to switch to cleaner energy sources such as hydrogen and wind.
The company was building a hub in Sweden, which would be used by sectors such as shipping and aviation.
By combining hydrogen and carbon dioxide, the plant would produce 55,000 tons of e-methane per year.
But managing director Mads Nipper said: ‘The business case has deteriorated due to the inability to secure long-term offtake contracts at sustainable prices and the significant increase in project costs.’
The measure to halt work has cost £172 million.
Ørsted is a major player in the sector and plans to build an £8 billion offshore wind farm in the North Sea by the end of 2027, which will power more than 3.3 million UK homes.
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