The economic downturn and high costs have forced organizers for Scotland’s Hydro Connect Festival to cancel plans for this years event.

The festival, which would have been in its third year, will be postponed until 2010.

Organizers for the festival, which takes place in the grounds of Inveraray Castle in Argyll, Scotland, told NME.com that “The fact that Connect’s audience is arguably affected more by the credit crunch than some other festival markets, means that it would be foolish for us to expect the growth necessary to help Connect thrive in 2009.”

In the past, the festival has played host to Franz Ferdinand and Sigur Rós.