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...Keeley-Jasmine Cavendish London SE21, UK...
...Mads Nipper, president and chief executive, said the moves were needed to make Ørsted a “leaner and more efficient company”....
...Analysts at RBC said Ørsted “now needs to execute on various components of its plan”....
...Ørsted’s shares, listed in Copenhagen, have fallen more than 70 per cent since peaking at the start of 2021....
...Ørsted will still struggle to shake off a crisis of confidence in its ability to deliver projects....
...Read more Ørsted here...
...Ørsted said it would bid for a higher price for a chunk of Hornsea’s capacity in the next annual auction for government contracts in 2024....
...Andrew Brown, a member of Ørsted’s board, will be interim chief operating officer....
...It said Ørsted’s rating could be lowered one notch early next year after a meeting with management....
...Copenhagen-listed Ørsted has been hit by rising costs, which have created problems for projects in the US in particular....
...Despite strong results in its underlying business, Ørsted may struggle to get the wind back into its sails....
...It said Ørsted’s rating could be lowered one notch to BBB early next year after a meeting with management....
...In recent years, Ørsted has transformed itself from an oil and gas producer into a leading wind company....
...Danish wind energy giant Ørsted announced on Tuesday that it will cease operations on two offshore projects in a major blow to the nascent US sector....
...By last year, Ørsted had already impaired its offshore New York Sunrise project by DKr2.5bn. At what point might Ørsted give up on its US projects?...
...The three power stations sit alongside Ørsted’s vast wind business, which stretches from the UK to Taiwan....
...However, Renaud Saleur, a former trader at Soros Fund Management who now heads Anaconda Invest, said he had covered his short positions in Siemens Energy and Ørsted in early November and now owns Ørsted...
...Nipper said Ørsted was still planning to push ahead with its latest planned UK offshore wind farm, Hornsea 3, which agreed the same fixed price as Norfolk Boreas in last year’s auction round....
...Not a description that can be applied to struggling Danish renewable energy developer Ørsted....
...Ørsted, which is listed in Copenhagen and 50.1 per cent owned by the Danish state, had its most profitable year last year....
...Vattenfall and Orsted have warned they might need to shelve wind farm projects without additional tax breaks from the UK government, not Vestas and Orsted as wrongly stated in an article on March 7....
...After pricing in a green future for Orsted, shareholders deserve more share price appreciation. That will not happen until Orsted gets a better handle on its project costs and its hedging programme....
...We had been bulls on Ørsted. But the share price has crumbled. It is time for chief executive Mads Nipper to deliver on promises with greater precision....
...Last month Danish wind giant Ørsted announced a delay to the start of its Ocean Wind 1 wind project off New Jersey until 2026....
...A person with knowledge of the talks between ministers and the sector confirmed Orsted was also among the companies seeking investment allowances, a form of tax relief. Orsted declined to comment....
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