UK Wind Farm Owner to Miss Windfall Profit Despite Subsidy Delay
- Orsted hedged power production from Hornsea 2 wind farm
- Wind power could help rein in surging UK power prices
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Renewable energy developer Orsted A/S won’t make a windfall profit from the surging costs of UK power despite delaying the start of a price cap on its latest and largest project off the coast of England.
The world’s biggest developer of offshore wind farms has fully commissioned its Hornsea 2 project, which will provide enough electricity for more than 1.4 million homes. Clean power sources like wind could help rein in power costs that are set to soar to record levels this winter. But that can only happen if operators sell power for cheaper than the market prices that are mostly set by expensive gas-burning plants.