Ørsted was awarded a Contract for Difference (CfD) for Hornsea 3 in July 2022 at an inflation-indexed strike price of GBP 37.35 per MWh in 2012 prices. After securing a CfD in 2022, the developer said that with 2.9 GW, Hornsea 3 was the largest single offshore wind farm in the world.

When Ørsted took the FID on the offshore wind farm in 2023, the company noted that the CfD framework permitted a reduction of the awarded capacity and that it would use this flexibility to submit a share of Hornsea 3’s capacity into the UK’s CfD allocation round 6 (AR6) .