Hornsea 3 benefits from a Contract for Difference (CfD) at a price indexed to inflation, guaranteeing financial stability. The flexibility offered by this framework allows Ørsted to submit part of the Hornsea 3 capacity for the next UK allocation round. This strategy, combined with synergies with previous projects, ensures a solid risk-reward profile.
Technology and Innovation
Ørsted has secured major contracts for Hornsea 3, including with Siemens Gamesa for 14 MW wind turbines. The majority of capital expenditure was contracted before the recent inflationary pressures, allowing us to negotiate competitive prices and work on value-creation opportunities. Larger turbines and synergies with Hornsea 1 and 2 reduce operating costs.
Economic and social impact
Hornsea 3 promises to deliver low-cost green energy to the UK, while generating thousands of high-quality jobs and billions of pounds of investment in the country’s offshore wind supply chain. Hundreds of companies will be involved in the construction, operation and long-term maintenance of the wind farm.
Prospects for the future
With enough generating capacity to supply over 3.3 million UK homes, Hornsea 3 will play a key role in meeting the UK government’s climate and energy targets. The project will support up to 5,000 jobs during the construction phase and around 1,200 permanent jobs thereafter.
Hornsea 3 marks a decisive step in the UK’s energy transition. In addition to strengthening the country’s energy independence, this project positions Ørsted as an undisputed leader in the offshore wind energy sector.
