National Grid has reported a £303 million impairment on its 2,800MW Community Offshore Wind project in the New York Bight, a joint venture with German developer RWE. The company attributed the write-down to increased regulatory uncertainty affecting offshore wind development in the United States, particularly since the election of President Donald Trump.
In its 2024/2025 financial results, National Grid stated, “Whilst there are longer-term trends that give us confidence in the need for offshore wind generation in the northeast, significant nearer-term policy uncertainty has led us to recognise an accounting impairment of £303 million as an exceptional charge.”
The impairment charge was the primary factor contributing to a 2.1% negative asset growth in National Grid Ventures, the company’s non-regulated energy business. National Grid and RWE have since “reduced the scope of our development activities until there is greater certainty,” according to the report.
The company reiterated its commitment to focusing on energy infrastructure that ensures affordable and reliable energy for customers. “Our focus remains on delivering efficient and required energy infrastructure that will lead to affordable, reliable energy for our customers,” the report stated.
National Grid also reported an operating profit of £5.36 billion for the year ending March 31, a 12% increase from the previous year. Despite the setback with the offshore wind project, the company continues to advance its energy infrastructure portfolio.
The Community Offshore Wind project had submitted a bid for New York state’s fifth offshore wind procurement in the autumn before the decision to pause development.
