GB Energy could have vital role to help deploy renewable energy projects

Following the announcement that Ørsted is discontinuing its work on Hornsea 4, Prospect is calling on GB Energy to play an important role by directing public investment to support critical renewable energy projects and ensure they are successfully deployed.

The renewable energy giant said that it was discontinuing work on Hornsea 4 in its present state due to “several adverse developments relating to continued increase of supply chain costs, higher interest rates, and an increase in the risk to construct and operate Hornsea 4 on the planned timeline for a project of this scale.”

As a result, it has also cancelled the project’s associated contracts, which will have further detrimental effects for local companies in the supply chain. Ørsted has said it will continue to evaluate its options to develop the project in the future.

The original plan for Hornsea 4 would generated enough electricity to power more than a million homes.

Commenting on the developments, Sue Ferns, Prospect Senior Deputy General Secretary, said:

“Ørsted halting work on Hornsea 4 highlights how tight the margins are on a lot of offshore wind projects that the government is relying on to achieve Clean Power 2030.

“Intelligent public investment, through an institution like GB Energy, could help address this and accelerate deployment, and mitigate the need for greater consumer subsidies for renewable energy projects.

“By acting as a model employer, GB Energy could also play an important role in helping improve working conditions in the offshore wind sector and help ensure there are good jobs available for workers transitioning away from other sectors.”