
Norwegian energy giant boosts Ørsted shares
Ørsted’s stock price rose by six percent on Monday following the purchase of 9.8 percent of its shares by the Norwegian energy conglomerate Equinor. The shares acquired number 41.2 million, making Equinor the second-largest investor in Ørsted, with the Danish state remaining the largest at 50.1 percent ownership. Equinor’s stake is valued at approximately $2.5 billion, or 17 billion Danish kroner, aligning with their value-driven growth strategy in renewable energy. Equinor endorses Ørsted’s strategy and management without seeking board representation and intends to increase its ownership to 10 percent pending regulatory approval. Over the past year, Ørsted faced challenges, abandoning the Ocean Wind 1 and 2 projects in the USA, leading to a 28.4 billion kroner write-down due to increased costs from supply chain delays and rising interest rates. The company has since dropped or postponed several projects, particularly in green fuels, halting 6 out of 11 hydrogen projects since spring 2023.