In its 2024/2025 financial results report, National Grid stated: "Whilst there are longer term trends that give us confidence in the need for offshore wind generation in the north east, significant nearer term policy uncertainty has led us to recognise an accounting impairment of £303 million as an exceptional charge." This charge was the main factor behind a 2.1% decline in asset growth within National Grid Ventures.
National Grid and RWE have scaled back development activities for the project, awaiting clearer regulatory guidance. The company noted in the report: "We have reduced the scope of our development activities until there is greater certainty."
Despite the pause, National Grid emphasized its commitment to providing efficient energy infrastructure. The company stated: "Our focus remains on delivering efficient and required energy infrastructure that will lead to affordable, reliable energy for our customers."
For the fiscal year ending March 31, 2025, National Grid reported an operating profit of £5.36 billion, a 12% rise from the previous year. The Community Offshore Wind project, which had submitted a bid in New York’s fifth procurement round last autumn, remains on hold pending improved market conditions.
