NuScale Power and the Utah Associated Municipal Power Systems have ended the 462MW project. In January, NuScale raised the target price for power from the project from $58/MWh to $89/MWh, citing a “changing financial landscape”. NuScale's VOYGR is the only small modular nuclear reactor (SMR) design certified for use in the United States.

Shares in Ørsted plunged 26% today, extending their drop this year to 60%, after the group recorded $4bn of impairments, after it stopped two projects off the New Jersey coast. The offshore wind industry, which has been championed by governments, has been hit hard by supply chain disruptions, rising costs and higher interest rates.

“Offshore Wind remains difficult this year with losses of roughly $1 billion,” said GE CEO Larry Culp. Offshore-wind developers face increasing challenges including supply-chain disruptions, rising costs for components and higher interest rates. The company expects to spin off its power and renewable energy operations next year, to become GE Vernova.

Sector falls 20% in two months. The decline comes despite tens of billions of dollars in tax credits, subsidies and loans by governments in the US and Europe. The renewable sector is particularly vulnerable to high interest rates, because companies agree long-term contracts, fixing the price at which they will sell energy, before developing their projects.

The state, which renationalised EDF, is at odds with boss Luc Rémont, particularly over the way nuclear power prices are regulated, just ahead of its biggest reactor construction programme. EDF has net debt of €65bn with annual spending needs of €25bn per year, up from €16bn-€17bn in the past, and which EDF does not want to finance with more loans.

Prices of PV modules have dropped by more than a quarter since the beginning of the year, according to the industry trade group SolarPower. This is creating concrete risks for companies to go into insolvency as their significant stock will need to be devalued. It calls on the European Commission to buy up European companies' solar module stockpiles.

The last US-owned enrichment plant closed in 2013. Rosatom is the only company that does everything in-house, from ore extraction to fuel enrichment. Its main competitors are European companies Orano and Urenco. Most vulnerable are small modular reactors that rely on uranium enriched to higher levels. Rosatom supplies all of such fuel to the US.

Wind turbine maker Vestas warned of supply chain issues and a slowdown in approvals for new wind power projects as it returned to a quarterly loss. It increased its price for onshore and offshore turbines to €1.04mn per MW from €0.97mn last year. Orders for its turbines rose by 8% in MW. Its warranty costs were up 39% and amounted to 4.5% of revenue.

Vattenfall spent years planning 140 turbines off England's east coast. Now it stopped the project. Surging costs of turbines, labour and financing rendered it unviable given the low price locked in for its electricity. The cost of building offshore wind farms has climbed 40% this year and they are vulnerable to rising interest rates due to high upfront investments.

Major European electricity interconnections are behind schedule because of “cable market congestion”. Raw materials such as copper are in short supply and 3 manufacturers, Italian Prysmian, Danish NKT and French Nexans control 75% of the market. Analysts doubt production capacity will align with the pace at which new projects need to be built.

Wind farm projects are getting cancelled, major developers are pulling out, and investors are questioning whether it will ever turn a profit. Equipment costs have risen and central banks have put up interest rates. A study last month estimated that a 3.2 percentage point increase in the cost of capital would raise the price of German offshore wind by 26%.

The UK announced £157 million in grants to support nuclear power generated by small modular reactors, so the UK can hit its target of providing up to a quarter of its electricity from domestic nuclear energy by 2050. The government remains committed to “mega projects” like EDF's Sizewell C, for which it provided a £700 million investment.