EnBW Records $1.4 Billion Impairment After Withdrawal from British Offshore Wind
The German energy company withdraws from the Mona and Morgan offshore projects in the United Kingdom. The failure at the government auction and rising supply chain costs drive this decision, generating a €1.2 billion charge.
| Countries | Allemagne, Royaume-Uni, Japon |
|---|---|
| Companies | EnBW, BP |
| Sector | Énergie Éolienne |
| Theme | Marchés & Finance |
EnBW announces an impairment charge of €1.2 billion ($1.4 billion) following its withdrawal from two offshore wind projects in the United Kingdom. The Mona and Morgan wind farms, with a combined potential capacity of 3 gigawatts, did not secure government support during this week’s record auction on contracts for difference (CfD), the British electricity price guarantee mechanism. The company, majority-owned by the German state of Baden-Württemberg and associated municipalities, specifies that these non-operational charges will not affect its cash flows.
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