National Grid Books EUR 360 Million Impairment After Community Offshore Wind Project Paused

May 15, 2025, by Adrijana Buljan

National Grid Ventures has recognised an impairment related to the Community Offshore Wind project of GBP 303 million (approximately EUR 360 million; USD 402 million) in its results for the full fiscal year 2024/2025. The project development was recently paused by the joint venture between RWE and National Grid amid challenging conditions for offshore wind in the US.

“During the year, our Community Offshore Wind joint venture paused development activity in line with the broader slowdown of the US offshore wind industry. 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”, National Grid states in the full-year results.

The 1,314 MW Community Offshore Wind project is the first of multiple phases planned for the New York Bight lease area that the joint venture between RWE Renewables and National Grid acquired in the federal auction in 2022.

The entire lease area can house 3.2 GW of installed offshore wind capacity.

At the end of April, RWE unveiled that it had stopped all its offshore activities in the US for the time being.

In a speech delivered to shareholders at the company’s annual general meeting on 30 April, Marcus Krebber, CEO of RWE, said that the company would only invest in US projects if all necessary federal permits are in place, all tax credits are safe harboured, and all relevant tariff risks are mitigated.

RWE Freezes US Offshore Wind Activities, Citing Political Uncertainty

Business & Finance

Krebber added that the US stood out for its increasing electricity demand, creating a favourable market environment. He noted that renewables and battery storage, with their short development timelines, are well-positioned to help meet this surge in demand.

“Nevertheless, we remain cautious given the political developments. We have introduced higher requirements for future investments in the US,” said Krebber.

Last year, the joint venture between RWE and National Grid Ventures entered the Community Offshore Wind project in New York’s fifth solicitation for offshore wind energy and submitted finalised proposals in October 2024.

New York Bidders File Final Proposals, RWE Plans 2.8 GW Offshore Wind Farm

Planning & Permitting

In the previous solicitation, which was cancelled by New York State after GE Vernova dropped plans for its 18 MW wind turbine, RWE and National Grid participated with the first, 1,314 MW phase of the development at the Community Offshore Wind lease area.

In October 2024, the joint venture submitted a Community Offshore Wind proposal that encompasses two phases with a total capacity of 2.8 GW, with plans to produce first power in 2030 and be fully operational two years later.