A view of the turbines at Orsted’s offshore wind farm near Nysted, Denmark, September 4, 2023. REUTERS/Tom Little/File Photoon Wednesday halted the development of two U.S. offshore wind projects and said related impairments had surged, as the industry grapples with supply chain delays and higher costs.
On Wednesday, the Danish company raised that number to 28.4 billion crowns and said provisions relating to the cancellation of the two projects would amount to between 8 billion and 11 billion in the fourth quarter.
“It is without a doubt proven that this was the wrong decision,” Chief Executive Mads Nipper told journalists. Wind developers have said the electricity price on offer at auctions has been too low for them to embark on new projects given the industry’s problems with rising costs. headtopics.com
Orsted, which in June announced plans to invest 475 billion crowns by 2030, said it was in the process of reviewing its investments and could introduce cost-saving initiatives. Orsted’s share price has tumbled 52% since an August profit warning, cutting its market value to 112 billion crowns from 235 billion.
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Orsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issuesDanish energy developer Orsted is scrapping two large offshore wind power projects off the coast of New Jersey, adding uncertainty to a nascent industry the Biden administration is counting on to help transition away from the burning of planet-warming fossil fuels. Read more ⮕
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