Denmark delays construction of $30bn energy island

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Energy minister Lars Aagaard told Reuters that rising costs and high interest rates were behind the decision, with the project requiring another 50 billion Krone (US$7.5 billion) in state support.

The artificial island would collect power from surrounding offshore wind turbines before distributing it back to the mainland.

Aagaard told Reuters that the project was no longer viable following raw material price increases and interest rate rises but that it could be redesigned to include power cables linked to Germany.

The project is not the only major energy island planned for the North Sea. Contractor Jan de Nul Group is helping to build the Princess Elisabeth energy island off the coast of Belgium that will have a capacity of 3.5GW.