Ørsted secures contracts for UK Wind Farms
Ørsted has won contracts for parts of two British offshore wind projects, Hornsea 3 and 4, located in the North Sea. Under the contracts, Ørsted will receive a fixed price per megawatt-hour regardless of the prevailing electricity price, with the British state to cover any difference if the market price is lower. The settlement price for Hornsea 3 was initially £37.35 per megawatt-hour and has now been negotiated up to £54.23 for over a third of the park’s capacity. Hornsea 4’s settlement price is £58.87 per megawatt-hour for 2.4 gigawatts. Ørsted will have a combined capacity of over 5 gigawatts in the Hornsea area once Hornsea 3 is operational, which is expected by 2027. The United Kingdom aims to quadruple its offshore wind capacity to 60 gigawatts by 2030. Ørsted currently operates 12 offshore wind farms in the UK, including Hornsea 1 and 2.