Today’s news / Ørsted pays $125M in wind project settlement
Ørsted and CEO Mads Nipper have entered a settlement in the USA worth over 850 million kroner. The money is to be paid to the state of New Jersey. (Archive photo). Photo: Emil Nicolai Helms/Ritzau Scanpix

Ørsted pays $125M in wind project settlement

Ørsted agrees to a $125 million settlement with New Jersey for the cancelled Ocean Wind 1 and 2 projects, resulting in substantial write-downs. Challenges such as supply chain disruptions and rising interest rates led to abandoning these projects, which caused Ørsted to revise their investment goals. Investment estimates were reduced by DKK 35 billion for 2024-2026, with a new target of 35-38 gigawatts of capacity by 2030. These changes come after the firm’s significant stock value drop in 2022, although some recovery has occurred since November last year.