Today’s news / Ørsted hit hard in the stock market with new Billions in writedowns
The clouds are gathering over Ørsted, which again has to make a write-down in the billion range. (Archive photo). Photo: Ida Marie Odgaard/Ritzau Scanpix

Ørsted hit hard in the stock market with new Billions in writedowns

Ørsted, a Danish energy company, has announced a significant writedown of DKK 12.1 billion, resulting in a 10.7% loss in market value on the stock exchange. The writedown is attributed to rising interest rates, lower valuations of U.S. seabed areas, and delays in the Sunrise Wind project. The re-election of wind farm critic Donald Trump as U.S. President has further shaken investor confidence, posing potential challenges for Ørsted’s future projects, particularly in offshore wind development in the U.S. This is not the first substantial writedown for Ørsted; in autumn 2023, the company faced writedowns totaling DKK 28.4 billion due to increased costs in projects Ocean Wind 1 and 2. Since early 2021, Ørsted’s stock has plummeted nearly 80%, with shares once valued at roughly DKK 1300 now trading at only DKK 278.7.