The massive Hornsea 3 offshore wind farm in UK waters is “at risk” unless Britain acts to help an industry that has seen “extraordinary” pressures on its investment environment, warned global giant Orsted, adding that developers could even hand back hard-won government power deals.

Duncan Clark, Orsted’s UK and Ireland head, said an “extraordinary combination” of supply chain pressures and rising interest rates meant the UK investment environment had deteriorated since the last set of renewable energy contract-for-difference deals were awarded in 2022, with the 2.9GW