Hornsea 3: Orsted's $10bn pick-me-up after offshore wind's 'annus horribilis'

Orsted and the UK are tied at the hip when it comes to offshore wind – the Danish group helped turn Britain into a world-leader in the sector – but both have spent much of 2023 reeling from a blizzard of cancelled projects, failed auctions and multi-billion-dollar write-downs.

That made Thursday’s final decision to build the 2.9GW Hornsea 3 project a massive year-end shot in the arm not just for Orsted and the UK, but for the wider offshore wind sector that has endured, as the late Queen Elizabeth II might have termed it, an annus horribilis.