This is the best summary I could come up with:

Shares in the world’s biggest wind power company fell 20% on Wednesday after it told investors it had no choice but to take a 28.4bn Danish kroner (£3.3bn) impairment charge and stop the developments off the New Jersey coast.

It has also cast doubt on Ørsted’s plans to develop a third phase of the Hornsea project in British waters, which would be the single largest windfarm in the world and would play a large role in the UK’s ambition to grow its offshore wind capacity five-fold to 50GW by the end of the decade.

Nipper added that there was no doubt that the global offshore wind industry found itself in a “perfect storm” of sky-rocketing costs, caused by high inflation and rising interest rates.

The oil company’s head of low carbon energy, Anja-Isabel Dotzenrath, addressed delegates at a London conference hours after Ørsted cancelled its US projects, saying that the US offshore wind industry was fundamentally broken because government policies were not keeping up with the sector’s rapid growth.

The company won a government contract to build the Norfolk Boreas project after bidding a record low price of £37.35 a megawatt hour (MWh) for the electricity generated.

Anna Borg, Vattenfall’s chief executive, said it was “so obvious to everyone that the situation has changed dramatically since last year”, meaning the price would now need to be significantly higher to make financial sense.

The original article contains 650 words, the summary contains 232 words. Saved 64%. I’m a bot and I’m open source!

Higher interest rates make capital-intensive electrical generation, notably renewables and nuclear, less viable. Offshore wind is the more expensive of the renewables, so it gets hit first.