Blow: Orsted is the largest offshore wind developer
The world’s largest offshore wind developer Orsted has ditched plans for a mega plant to develop green fuels – becoming the latest company to scale back commitments to switch to cleaner energy such as hydrogen and wind.
It had been building a hub in Sweden for use by sectors from shipping to aviation.
Through combined hydrogen and carbon dioxide, the facility would have produced 55,000 tons per year of e-methane.
But chief executive Mads Nipper said: ‘The business case has deteriorated due to the inability to sign long-term offtake contracts at sustainable pricing and significantly higher project costs.’
The move to halt work has cost £172million.
Orsted is a major player in the sector and is set to build an £8billion offshore wind farm in the North Sea by the end of 2027 to power more than 3.3m UK homes.
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