Vattenfall announced in a Monday statement that it had decided to suspend the development of the Swedish Kriegers Flak Offshore Wind Power Project until further notice because "unviable Swedish investment requirements".

Vattenfall was granted permission by the Swedish government to build a massive wind farm in 2022. The project is expected to generate enough electricity to power around 500,000 households per year. Production will begin in 2028.

Vattenfall announced in a Monday statement that the investment requirements for offshore wind power in Sweden were not feasible. The company decided to stop all future development of the project.

This is the latest indication of the growing importance of offshore wind energy.

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As a result, the company has been under increasing pressure due to rising costs and disruptions in supply chains. (Reporting and editing by Stine Jacobisen, Terje Solsvik)

(source: Reuters)