The 2,400 MW Hornsea 4 project, which had secured a Contract for Difference (CfD) in September 2024, encountered adverse developments that increased the project's execution risk and undermined its value creation potential. In response, Ørsted has terminated the project's supply chain contracts and ceased further spending, stepping back from the CfD awarded in the sixth allocation round. Rasmus Errboe, Group President and CEO of Ørsted, expressed the company's commitment to supporting the UK government's offshore wind targets but emphasized a value-focused approach to capital allocation. "After careful consideration, we've decided to discontinue the development of the Hornsea 4 project in its current form, well ahead of the planned Final Investment Decision later this year," said Errboe. He added that Ørsted would retain the project rights and seek future development opportunities that align with shareholder value.