Ørsted discloses grid delays on Hornsea 3 and Borkum Riffgrund 3
Ørsted has reported grid connection delays affecting its Hornsea 3 project in the UK and Borkum Riffgrund 3 in Germany, according to Windpower Monthly and Recharge News. The delays come in a quarter where US impairment losses also weighed on the company's bottom line, with Windpower Monthly reporting a sharp decline in Q1 profits despite higher offshore generation volumes. Grid queue congestion in two of Europe's most active offshore wind markets represents a systemic risk for project schedules and revenue recognition. Operators and lenders with exposure to late-stage UK and German offshore assets should factor extended commissioning timelines into financial models.
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