National Grid has booked a £303m impairment on its paused 2800MW Community Offshore Wind in the New York Bight, a joint venture with German developer RWE.
The company cited the regulatory uncertainty created in the US for offshore wind developers since the election of President Donald Trump.
The company wrote in its 2024/2025 financial results report: “Whilst there are longer term trends that give us confidence in the need for offshore wind generation in the north east, significant nearer term policy uncertainty has led us to recognise an accounting impairment of £303 million as an exceptional charge.”
The impairment was the primary cause of 2.1% negative asset growth in the company’s National Grid Ventures arm.
RWE and National Grid have “reduced the scope of our development activities until there is greater certainty”, the company wrote in the report.
“Our focus remains on delivering efficient and required energy infrastructure that will lead to affordable, reliable energy for our customers.”
National Grid also posted an operating profit of £5.36bn for the year that ended on 31 March, a 12% increase from the previous year.
Community Offshore Wind submitted a bid for New York state’s fifth procurement this past autumn before the project was paused.