EnBW Halts UK Offshore Wind Projects Mona and Morgan Due to Lack of Support
EnBW Energie Baden-Württemberg AG has suspended its Mona and Morgan offshore wind projects in the UK, citing a lack of government support and resulting in a €1.2 billion impairment. The decision was influenced by rising supply-chain costs, lower wholesale prices, higher interest rates, and execution risks. BP Plc holds a 50% stake in these projects, while EnBW's adjusted EBITDA forecast for 2025 remains between €4.8 billion and €5.3 billion.
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EnBW Energie Baden-Württemberg AG has suspended the Mona and Morgan offshore wind projects in the UK due to the absence of government support, resulting in a €1.2 billion impairment. The projects had a combined capacity of 3 GW.
EnBW cited rising supply-chain costs, lower wholesale prices, higher interest rates, and execution risks as reasons for the decision. BP Plc holds a 50% stake in both projects through its joint venture JERA Nex bp. The UK’s latest wind auction saw RWE AG secure multiple contracts, while EnBW's adjusted EBITDA forecast for 2025 remains between €4.8 billion and €5.3 billion.
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