The offshore wind industry had been lulled into a false sense of security through cheap money and a deflationary services market, Orsted’s outgoing interim COO Andy Brown said today.
The head of Danish energy giant Orsted says the US is an attractive place to build new offshore wind farms even after inflationary shocks devastated the sector over the past year.
The board of Orsted selected Lene Skole to take over as chair as the company’s management navigates a turnaround plan following heavy losses in its US offshore wind business last year.
The head of Ørsted has promised to “fight with everything I’ve got” to restore investor confidence in the company, after a disastrous 2023 led to major US writedowns and losses.
Orsted A/S (CPH:ORSTED) will pause dividend payments until at least 2025 and slash plans to build new projects this decade as part of a wide array of cost-cutting measures outlined by chief executive officer Mads Nipper.
Wind-energy titan Orsted A/S (CPH:ORSTED) will pitch its strategic plan to investors this week, after a disastrous 2023 that saw a multi-billion-dollar writedown on US projects and the dismissal of two top executives.
Women account for as little as 5% of the offshore workforce in the wind sector, this “drastically low” figure means the industry is missing out, says Charlie Guthrie, head of renewables at 3t.
Equinor, Ørsted and RWE announce bids for fourth New York offshore wind round
Orsted A/S (CPH:ORSTED) agreed to buy out its joint venture partner in a New York offshore wind farm after abandoning two New Jersey projects last year and taking $4 billion in impairment charges.
Eversource Energy plans to offload stakes in South Fork, Sunrise and Revolution wind projects in the US
Ørsted has taken a final investment decision (FID) on the 2.9GW Hornsea 3 wind project – billed as the world’s single largest offshore wind farm.
Hydrogen UK has appointed executives from Ørsted and Centrica to serve as co-vice presidents of the trade association.
Pict Offshore has partnered with Maersk Training to help instruct workers in the use of its Get Up Safe (GUS) transfer system at US offshore wind farms.
Orsted (CPH: ORSTED) will benefit from permanent tax breaks announced by UK Chancellor Jeremy Hunt in an effort to support the country’s business in the shift to clean energy.
The developers of a floating wind scheme off the northeast coast of Scotland have begun gathering wave, wind and weather data at the site.
The crisis engulfing Europe’s wind industry is proving to be a wake-up call: things have to change radically to make progress on what’s a key part of the climate transition.
Two of Ørsted’s top executive management will step down with immediate effect as the company grapples with major impairments and cancellations on its US projects.
Orsted A/S (CPH: ORSTED) has withdrawn from a partnership developing offshore wind projects in Norway as the company grapples with big losses resulting from rising costs.
The UK government is preparing to offer significantly higher subsidies for new offshore wind farms to get the country’s clean-power strategy back on track after developers shunned a previous auction.
If governments are serious about achieving decarbonisation targets, there needs to be an honest conversation about how to do so in an environment of perennial macroeconomic uncertainty.
Norwegian energy firm DNV has completed the first phase of its joint industry project (JIP) aimed at establishing offshore substation standards for the growing floating wind sector.
The cancellation this week of two major wind projects off the coast of New Jersey effectively sinks President Joe Biden’s end-of-the-decade goal for building out offshore wind energy, a component of the US plan to eventually reach net zero.
Orsted A/S (CPH: ORSTED) shares slumped to their lowest level in six years after the Danish utility dropped two US wind projects and recorded 28.4 billion kroner ($4 billion) in impairments as the crisis in the wind industry is only getting worse.
The biggest manufacturers of wind turbines and solar panels are facing their most serious financial challenges in years even as deployments of clean energy head for an annual record.
As the German government scrambles to prop up Siemens Energy AG, another major European wind firm faces its own moment of truth after warning of billions of euros in writedowns.