Ørsted

2024 - 2 - 7

Ørsted Makes Major Moves in Offshore Wind Markets

Ørsted, a global renewables major, implements significant changes including suspending dividends, cutting jobs, and exiting markets in response to challenges.

In recent news from DK, Ørsted, a prominent player in the offshore wind industry, has made strategic decisions to streamline its operations. The company, in collaboration with Eversource, provided seed funding for the Connecticut Wind Collaborative to support the supply chain and workforce. However, despite positive ventures, Ørsted found it necessary to suspend dividends, implement job cuts, and withdraw from certain offshore wind markets to enhance efficiency and sustainability. These actions were taken after Ørsted reported a hefty loss in 2023 but also marked a significant increase in EBITDA from its offshore wind sites.

The Danish developer's 2023 operating performance showcased a noteworthy doubling of EBITDA, amounting to DKK 18.7 billion. Ørsted's revised business plan, announced during a Capital Markets Update, included Thomas Thune Andersen stepping down as Chair and a comprehensive review of the company's portfolio. The company's shift in focus towards leaner operations was evident as it recalibrated investment and capacity targets, signaling a potential reduction in renewables build targets and job roles.

In addition to the operational changes, Ørsted has initiated a cost-saving plan following setbacks in its US wind projects. The company faced challenges such as supplier delays and increasing costs, leading to significant impairment charges. This financial restructuring aims to mitigate losses and enhance the company's financial stability amidst industry challenges.

With regards to the key individuals and organizations mentioned in the text, Ørsted's Chairman Thomas Thune Andersen's decision to step down signals a pivotal moment in the company's leadership. Additionally, the partnership between Ørsted and Eversource in funding the Wind Collaborative underlines their commitment to supporting the renewable energy sector. These actions by industry leaders like Ørsted demonstrate the adaptability and resilience required in the dynamic renewable energy landscape.

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Image courtesy of "4C Offshore"

Orsted & Eversource help fund Connecticut Wind Collaborative (4C Offshore)

Seed funding for the Wind Collaborative includes $577,500 from joint venture partners Ørsted and Eversource as part of their supply chain and workforce ...

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Image courtesy of "Financial Times"

Ørsted suspends dividend, cuts jobs and exits offshore wind markets (Financial Times)

Wind developer says moves needed to create 'leaner and more efficient company'

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Renewables major Ørsted crashes to heavy loss in 2023 amid US ... (Windpower Monthly)

This 2023 operating result included Ørsted more than doubling Ebitda from its offshore wind sites (DKK 20.2 billion). The increase was due to the ramp-up of ...

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Image courtesy of "Offshore WIND"

Ørsted Doubles Offshore Wind Earnings in 2023 (Offshore WIND)

World's leading offshore wind developer Ørsted has reported an operating profit (EBITDA) of DKK 18.7 billion (about EUR 2.5 billion) for 2023 and expects ...

Capital Markets Update: Ørsted presents updated business plan ... (marketscreener.com)

Capital Markets Update: Ørsted presents updated business plan following comprehensive portfolio review – Thomas Thune Andersen steps down as Chair at upcoming ...

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Offshore wind firm Orsted cuts investment after review (RTE.ie)

Ørsted, the world's biggest offshore wind farm developer, trimmed its investment and capacity targets today and paused dividend payouts as part of a major ...

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Orsted to exit markets as it cuts jobs, targets (reNEWS)

The Danish developer is also planning for leaner development within floating offshore wind and P2X. Project cancellations and phasing of capital expenditure ...

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Orsted slashes renewables target, quits markets and cuts jobs (Recharge)

Global offshore wind pacesetter Orsted today (Wednesday) unveiled a major downgrade in its ambitions including a reduced renewables build target, job cuts, ...

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Ørsted to cut up to 800 jobs and exit some offshore wind markets (Splash 247)

Danish offshore wind giant Ørsted is cutting jobs and exiting several markets after a “substantially challenging” 12 months and massive impairments and ...

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Orsted Launches Cost-Saving Plan After U.S. Wind Projects ... (The Wall Street Journal)

Faced with spiraling costs and supplier delays, the Danish renewable-energy company booked a 26.8 billion Danish kroner ($3.86 billion) impairment charge and a ...

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Offshore wind firm Orsted cuts investment, capacity targets after review (Reuters)

Orsted , the world's biggest offshore wind farm developer, trimmed its investment and capacity targets on Wednesday and paused dividend payouts as part of a ...

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Danish windfarm firm Ørsted to axe up to 800 jobs and pause dividend (The Guardian)

Company developing world's largest offshore windfarm in North Sea attempts to recover from turbulent year.

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Renewables giant Orsted exits several offshore wind markets ... (CNBC)

Danish renewables giant Orsted on Wednesday announced plans to cut jobs and exit several offshore wind markets after a tumultuous year of rising costs.

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Ørsted implements wide-ranging financial plan after US setbacks (Riviera Maritime Media)

Company is to leave certain markets, suspend dividend payments, cut jobs and has cut its 2030 offshore wind target.

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Ørsted exits some offshore markets, cuts 2030 capacity ambitions (Renewables Now)

Ørsted A/S (CPH:ORSTED) has today presented a revised business plan, which involves exiting some offshore wind markets, job reductions and lowering the com.

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Danish renewables major Ørsted cuts jobs and targets, exits markets ... (Windpower Monthly)

Ørsted has slashed its installed renewables target, announced a series of job cuts, and pulled out of nascent offshore wind markets as part of an “extensive” ...

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Stock Market Today: Dow, S&P 500 Open Higher; Snap, NYCB ... (The Wall Street Journal)

The poster child for the wind-power revolution is freezing dividends, exiting parts of Europe and cutting hundreds of jobs after inflation and [supply chain ...

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Ørsted narrows offshore wind focus to contain costs (Offshore Oil and Gas Magazine)

Ørsted's board has approved a business plan that targets 35-38 GW of installed renewable energy capacity by 2030, down from its previously declared target ...

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Wind power giants find little shelter from sector troubles (Reuters)

The world's three biggest wind power groups - Siemens Energy , Orsted and Vestas - on Wednesday gave a sober view of the year ahead for an industry buffeted ...

Ørsted A/S (DNNGY) Q4 2023 Earnings Call Transcript (Seeking Alpha)

Ørsted A/S (OTCPK:DNNGY) Q4 2023 Results Conference Call February 7, 2024 7:00 AM ETCompany ParticipantsRasmus Haervig - Investor RelationsMads Nipper -...

Employees elected as board members to the Board of Directors of ... (Financial Times)

Anne Cathrine Collet Yde , Global HR Business Partner, People & Development (re-elected); Ian McCalder , Radio Communication Project Specialist, EPCO & IT; Lara ...

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S&P downgrades Danish wind power firm Orsted on U.S. offshore risks (Reuters)

S&P downgraded Danish wind power giant Orsted to BBB on Wednesday, citing higher leverage on its balance sheet and major U.S. impairments in 2023 due to ...

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Ørsted to exit markets and cut jobs amid rising costs (Power Technology)

The company will exit offshore markets including Norway, Spain and Portugal, and deprioritise activities in Japan. February 8, 2024. Share this article.

Ørsted to run leaner after US offshore wind losses (Power Engineering International)

In a company statement, Ørsted said its “US offshore projects caused significant impairments and additional costs for terminating contracts, leading to a ...

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