British utility National Grid has booked a £303m ($403m) impairment on its 2.8GW Community Offshore Wind project in the New York Bight being developed by a joint venture with German firm RWE. The Community Offshore Wind joint venture stopped development activity due to the broader problems within the US offshore wind industry led by president Donald Trump’s fight against offshore wind. Independently, RWE stated at the end of last month that it had stopped all its offshore activities in the US, as well as claiming that it would cut around 73 employees from the Boston area. National Grid said in its most recent financial results that it does see longer-term trends that give the company confidence in the need for offshore wind generation in the US northeast. However, significant near-term policy uncertainty pushed the company towards taking the accounting impairment of $403m as an “exceptional charge”. This big of an impairment was the main cause of 2.1% negative asset growth in the company’s National Grid Ventures arm. The report revealed that both RWE and National Grid would reduce the scope of their development activities until there is greater certainty in the offshore wind sector. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsOffshore Wind United Kingdom United States