He spoke at a summit in April. In March, Ørsted had said that its giant 3-GW Hornsea 3 project, said to be the world's largest wind project, might have to be paused unless it gets government support, as costs have risen so fast. Despite the Inflation Reduction Act (IRA) of 2022, at least 9.7 GW of projects in the US are at risk because their developers want to renegotiate or leave contracts that they say offer too low a price for their projects, said BloombergNEF. The contracts were signed before inflation hit. Vattenfall said it would "not take an investment decision now" on Norfolk Boreas, instead booking an impairment charge of SEK5.5bn ($537mn). As recently as July 2022, the project had won a contract for difference (CfD) in a UK auction, giving it a minimum price of GBP37.35/MWh in 2012 prices for the output, about GBP45/MWh currently. The results of the auction, with record low prices, were welcomed by UK ministers at the time as a sign of the offshore wind's falling costs.