
Ørsted halts over half of hydrogen projects
Energy company Ørsted has discontinued over half of its green fuel projects initiated in spring 2023, according to Rasmus Errboe, Ørsted’s commercial director. Six out of eleven projects were dropped, including the British Oyster project, the larger British Gigastack, and the German Lingen Green Hydrogen project, developed with BP. Ørsted faced a 1.5 billion Danish kroner write-down upon withdrawing from the FlagshipOne project. CEO Mads Nipper announced a scaling back in green fuel efforts due to slower market progression. The company also paused the work on Green Fuels for Denmark, a major Danish green fuel factory with 600 million kroner in government funding. The slow development of green fuels is affecting companies like Maersk, which is struggling to secure enough methanol for its fleet. As a result, the shipping vessel ‘Astrid Maersk’ has largely operated on fossil fuels since its naming.