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The UK Department for Business, Energy and Industrial Strategy (BEIS) has awarded Ørsted a contract for difference for its 2,852MW Hornsea 3 offshore wind farm. The project was awarded at an inflation-indexed strike price of GBP 37.35 per MWh.
 
Ørsted will build Hornsea 3 including transmission assets (offshore and onshore substations and export cables). When the wind farm has been fully commissioned, Ørsted will, in accordance with UK regulation, divest the transmission assets to a new owner. Ørsted expects to take final investment decision on Hornsea 3 within 18 months and potentially as soon as by end of 2022.  Hornsea 3 will be located 160 km from the Yorkshire coast, and Ørsted expects to commission the wind farm in 2027.
 
When Hornsea 3 comes online, Ørsted’s Hornsea zone – comprising Hornsea 1, 2 and 3 – will have a total capacity of in excess of 5 GW. The Hornsea Zone will also include Ørsted’s Hornsea 4 project, which could have a capacity of approx. 2.6 GW. Hornsea 4 is currently going through the planning process with a decision expected in early 2023.
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