German utility EnBW has cancelled two UK offshore wind projects, Mona and Morgan, roughly 3 gigawatts combined, taking an impairment of around £1 billion (about €1.2 billion).

The stated reasons: EnBW failed to win a government Contract for Difference in the latest UK renewable energy auction, while also facing supply-chain cost inflation, lower wholesale power prices, and higher interest rates. The company had already committed roughly £840 million of a planned £1 billion-per-project partnership with BP and JERA before pulling out.

The part worth adding: this isn't a one-off. It follows Ørsted's cancellation of its Hornsea 4 project and Vattenfall's earlier pause of its Norfolk Boreas project, a genuine, repeating pattern of UK offshore wind developers walking away from projects as costs rise faster than the government's support keeps pace.

The bottom line: offshore wind isn't failing as a technology, it's failing the current economics of specific UK projects, repeatedly, for the same underlying reasons: costs up, government support not keeping pace, and financing getting harder.