Ørsted to Face Billion-kroner Loss

Ørsted has experienced significant losses, with a 20.2 billion kroner deficit reported in 2023 following a 28 billion kroner writedown linked to the withdrawal from the Ocean Wind 1 and 2 projects in the USA. As the company unveils a new business plan, it has revised its goal for installed capacity to 35-38 gigawatts by 2030, a reduction from the previous 50 gigawatt target. Future investments have also been cut, with 35 billion kroner less to be spent between 2024 and 2026 compared to the initial projections made in June 2023. Additionally, Ørsted plans to reduce its fixed costs by 1 billion kroner by 2026, leading to a global workforce reduction of around 250 employees. No dividends will be distributed for 2023, 2024, and 2025. Chairman Thomas Thune Andersen is stepping down during the forthcoming general meeting on March 5. Despite speculation, Ørsted has not disclosed any plans for a capital increase.