After securing the works contract last year, Vattenfall has made the decision to stop work on Norfolk Boreas Offshore Wind Farm. The project has come to a halt due to rising costs caused by inflation, rendering the offshore wind farm project financially unviable, with two other sites: Vanguard East and Vanguard West also being reviewed. Vattenfall is one of Europe’s largest producers and retailers of electricity and heat, operating 10 wind farms across the UK. Vattenfall planned to construct the Norfolk Boreas Offshore Wind Zone off the coast of Norfolk, providing power to more than 4 million homes in the UK. Jack Weaver, Chief Operating Officer at the Norfolk Chambers, said: “Like all businesses operating in Norfolk, Vattenfall are being squeezed by multiple macro-economic pressures. Stubbornly high inflation, rising interest rates, a very tight labour market and an increasingly uncertain policy environment are undeniable, but this decision will not have been taken likely. Nevertheless, it is unfortunate to see such a significant expansion of our offshore renewables offer hitting pause. This decision will not impact on the positive relationship Norfolk Chambers has with Vattenfall, and we will continue to engage positively with them to ensure Norfolk businesses still benefit from the win-win scenario of investment in the drive to Net Zero.”
