"This perfect storm hinges on mostly one thing, namely to ensure that there is a reset of what offshore power needs to cost right now," Nipper said. Wind developers have said the electricity price on offer at auctions has been too low for them to embark on new projects given the industry's problems with rising costs. "I want to be absolutely clear that we are taking away all learnings from this into future project development and timing for capital commitments," he said. "It is without a doubt proven that this was the wrong decision," Chief Executive Mads Nipper told journalists. The company said it had invested significantly at an early stage in Ocean Wind 1, the most advanced of the two projects.
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