The construction of a new artificial energy island in the North Sea off Denmark has once again been delayed, the country's energy minister confirmed recently.
Lars Aagaard told Reuters that high costs and rising interest rates mean the scheduled completion of the energy island has been moved to 2036, or three years later than previously expected.
Aagaard added that the projected investment is now in excess of DKK200 billion (US$29.9 billion). However, he did not indicate the extent of the cost increase compared to the earlier projections.
The project, which was originally a collaboration with Denmark and Belgium as partners and co-investors, aims to construct an artificial island that would serve as a hub for the collection and distribution of renewable electricity generated by nearby offshore wind turbines.
Aagaard remarked that collaboration with Germany was also a possibility to ensure the project will continue, especially after the latter country showed "great interest in being connected" to the island. The project would then need to be redesigned to provide a direct connection with Germany via cables.
