{"id":300212,"date":"2024-02-07T11:04:56","date_gmt":"2024-02-07T10:04:56","guid":{"rendered":"https:\/\/climatescience.press\/?p=300212"},"modified":"2024-02-07T11:04:58","modified_gmt":"2024-02-07T10:04:58","slug":"orsted-suspends-dividend-cuts-jobs-and-exits-offshore-wind-markets","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=300212","title":{"rendered":"\u00d8rsted suspends dividend, cuts jobs and exits offshore wind markets"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"723\" height=\"431\" data-attachment-id=\"300214\" data-permalink=\"https:\/\/climatescience.press\/?attachment_id=300214\" data-orig-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/zScreenshot-2023-11-03-111148-1024x611-1.webp?fit=1024%2C611&amp;ssl=1\" data-orig-size=\"1024,611\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"zScreenshot-2023-11-03-111148-1024&amp;#215;611-1\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/zScreenshot-2023-11-03-111148-1024x611-1.webp?fit=723%2C431&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/zScreenshot-2023-11-03-111148-1024x611-1.webp?resize=723%2C431&#038;ssl=1\" alt=\"\" class=\"wp-image-300214\" srcset=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/zScreenshot-2023-11-03-111148-1024x611-1.webp?w=1024&amp;ssl=1 1024w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/zScreenshot-2023-11-03-111148-1024x611-1.webp?resize=300%2C179&amp;ssl=1 300w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/zScreenshot-2023-11-03-111148-1024x611-1.webp?resize=768%2C458&amp;ssl=1 768w\" sizes=\"auto, (max-width: 723px) 100vw, 723px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Wind developer says moves needed to create \u2018leaner and more efficient company\u2019.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The world\u2019s largest offshore wind developer \u00d8rsted is suspending its dividend, cutting jobs and\u00a0exiting several\u00a0markets as the group plots a recovery from a calamitous 12 months.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00d8rsted said on Wednesday it would \u201cpause\u201d dividends for 2023-2025, cut as many 800 jobs and retreat from markets in Norway, Spain and Portugal. The <a href=\"https:\/\/ft.com\/content\/cb191b4d-6960-414a-9692-06489dc847fa\">Financial Times<\/a> has the story.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chief executive Mads Nipper is battling to restore investor confidence after an overly aggressive expansion in US market and higher interest rates left the Danish group facing multibillion dollar impairments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The measures announced on Wednesday are designed to make\u00a0<a href=\"https:\/\/www.ft.com\/stream\/f6b91fe6-54e2-4ecf-8533-e82676df543a\">\u00d8rsted\u00a0<\/a>a \u201cleaner and more efficient company\u201d, Nipper said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As the group, which is 50.1 per cent owned by the Danish government, tries to stabilise itself, chair Thomas Thune Andersen will step down after almost a decade in the job. Andersen\u2019s exit comes after former finance chief Daniel Lerup and chief operating officer Richard Hunter left in November.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00d8rsted\u2019s struggle reflects the pressures facing the wider industry, which investors had championed until higher interest rates, overly ambitious expansion plans and supply chain disruption hit the sector over the past two years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, \u00d8rsted has been particularly exposed in part because of its large presence in the still embryonic US market, where it has struggled to get tax credits and complained of onerous requirements for parts to be made locally.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read the full story <a href=\"https:\/\/ft.com\/content\/cb191b4d-6960-414a-9692-06489dc847fa\">here<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The world\u2019s largest offshore wind developer \u00d8rsted is suspending its dividend, cutting jobs and\u00a0exiting several\u00a0markets as the group plots a recovery from a calamitous 12 months.<\/p>\n","protected":false},"author":121246920,"featured_media":300214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"The world\u2019s largest offshore wind developer \u00d8rsted is suspending its dividend, cutting jobs and\u00a0exiting several\u00a0markets as the group plots a recovery from a calamitous 12 months.","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691822437,691826787,691826786,691821028,691818818],"class_list":{"0":"post-300212","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-orsted-2","9":"tag-cutting-jobs","10":"tag-danish-government","11":"tag-green-jobs","12":"tag-tax-credits","14":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/zScreenshot-2023-11-03-111148-1024x611-1.webp?fit=1024%2C611&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1g68","jetpack-related-posts":[{"id":397882,"url":"https:\/\/climatescience.press\/?p=397882","url_meta":{"origin":300212,"position":0},"title":"Orsted Pull The Plug On\u00a0AR7","author":"uwe.roland.gross","date":"08\/26\/2025","format":false,"excerpt":"As we know, Orsted, Denmark\u2019s world leading offshore wind developer, pulled out of its Contract for Difference to build a giant 2400 MW Hornsea 4 wind farm in May. The contract had only been signed last year, with a guaranteed, index linked price on the table of \u00a384.97\/MWh. But they\u2026","rel":"","context":"In \"\u00d8rsted\"","block_context":{"text":"\u00d8rsted","link":"https:\/\/climatescience.press\/?tag=orsted-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/08\/AQMqMmQokZhSf57SBrGq5qSj2FQwPYb2-n_Ng4m6m67EzBc7AXMfJGrcc4s2UNxzgaOT4IuGptXkJts-82fhSxEL_iJvzs_0V-VRho-zcQ5OAucO6ES3HVVgAM9QTKg3CwpmPaq2KHkhYtfGenKKTbW7dfMvcg-1.jpeg?fit=1200%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/08\/AQMqMmQokZhSf57SBrGq5qSj2FQwPYb2-n_Ng4m6m67EzBc7AXMfJGrcc4s2UNxzgaOT4IuGptXkJts-82fhSxEL_iJvzs_0V-VRho-zcQ5OAucO6ES3HVVgAM9QTKg3CwpmPaq2KHkhYtfGenKKTbW7dfMvcg-1.jpeg?fit=1200%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/08\/AQMqMmQokZhSf57SBrGq5qSj2FQwPYb2-n_Ng4m6m67EzBc7AXMfJGrcc4s2UNxzgaOT4IuGptXkJts-82fhSxEL_iJvzs_0V-VRho-zcQ5OAucO6ES3HVVgAM9QTKg3CwpmPaq2KHkhYtfGenKKTbW7dfMvcg-1.jpeg?fit=1200%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/08\/AQMqMmQokZhSf57SBrGq5qSj2FQwPYb2-n_Ng4m6m67EzBc7AXMfJGrcc4s2UNxzgaOT4IuGptXkJts-82fhSxEL_iJvzs_0V-VRho-zcQ5OAucO6ES3HVVgAM9QTKg3CwpmPaq2KHkhYtfGenKKTbW7dfMvcg-1.jpeg?fit=1200%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/08\/AQMqMmQokZhSf57SBrGq5qSj2FQwPYb2-n_Ng4m6m67EzBc7AXMfJGrcc4s2UNxzgaOT4IuGptXkJts-82fhSxEL_iJvzs_0V-VRho-zcQ5OAucO6ES3HVVgAM9QTKg3CwpmPaq2KHkhYtfGenKKTbW7dfMvcg-1.jpeg?fit=1200%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":292211,"url":"https:\/\/climatescience.press\/?p=292211","url_meta":{"origin":300212,"position":1},"title":"Orsted Will Switch Part Of Hornsea 3 To Round\u00a06","author":"uwe.roland.gross","date":"12\/21\/2023","format":false,"excerpt":"\u00d8rsted has taken final investment decision (FID) on the world\u2019s single largest offshore wind farm, Hornsea 3, which will have a capacity of 2.9 GW and is expected to be completed around the end of 2027. Hornsea 3 will be \u00d8rsted\u2019s third gigawatt-scale project in the Hornsea zone following Hornsea\u2026","rel":"","context":"In \"\u00d8rsted\"","block_context":{"text":"\u00d8rsted","link":"https:\/\/climatescience.press\/?tag=orsted-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Wind-Farm-1536x1024-1.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Wind-Farm-1536x1024-1.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Wind-Farm-1536x1024-1.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Wind-Farm-1536x1024-1.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Wind-Farm-1536x1024-1.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":408345,"url":"https:\/\/climatescience.press\/?p=408345","url_meta":{"origin":300212,"position":2},"title":"Orsted vs. Trump: An offshore battle looms","author":"uwe.roland.gross","date":"10\/15\/2025","format":false,"excerpt":"The world\u2019s largest offshore wind developer, backed by the government of Denmark, is on a deliberate collision course with the Trump Administration.","rel":"","context":"In \"offshore wind project\"","block_context":{"text":"offshore wind project","link":"https:\/\/climatescience.press\/?tag=offshore-wind-project"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/10\/0AQNsJhG9cxtS2P2yG_XhnzCHzFMK0OW_chLoQrhvUYyn4hV5g-myHCHvvQI4KpYkFTiy3SR2QAOLfGj6WJSxg7V-moGBMKrzV1ReZ8vhd4oSHvVbXzUXT5W50ehPHPot-1.jpeg?fit=1200%2C590&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/10\/0AQNsJhG9cxtS2P2yG_XhnzCHzFMK0OW_chLoQrhvUYyn4hV5g-myHCHvvQI4KpYkFTiy3SR2QAOLfGj6WJSxg7V-moGBMKrzV1ReZ8vhd4oSHvVbXzUXT5W50ehPHPot-1.jpeg?fit=1200%2C590&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/10\/0AQNsJhG9cxtS2P2yG_XhnzCHzFMK0OW_chLoQrhvUYyn4hV5g-myHCHvvQI4KpYkFTiy3SR2QAOLfGj6WJSxg7V-moGBMKrzV1ReZ8vhd4oSHvVbXzUXT5W50ehPHPot-1.jpeg?fit=1200%2C590&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/10\/0AQNsJhG9cxtS2P2yG_XhnzCHzFMK0OW_chLoQrhvUYyn4hV5g-myHCHvvQI4KpYkFTiy3SR2QAOLfGj6WJSxg7V-moGBMKrzV1ReZ8vhd4oSHvVbXzUXT5W50ehPHPot-1.jpeg?fit=1200%2C590&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/10\/0AQNsJhG9cxtS2P2yG_XhnzCHzFMK0OW_chLoQrhvUYyn4hV5g-myHCHvvQI4KpYkFTiy3SR2QAOLfGj6WJSxg7V-moGBMKrzV1ReZ8vhd4oSHvVbXzUXT5W50ehPHPot-1.jpeg?fit=1200%2C590&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":286289,"url":"https:\/\/climatescience.press\/?p=286289","url_meta":{"origin":300212,"position":3},"title":"\u00d8rsted Abandons New Jersey Wind Projects","author":"uwe.roland.gross","date":"11\/03\/2023","format":false,"excerpt":"Offshore wind developer \u00d8rsted said it is pulling out of its Ocean Wind 1 and Ocean Wind 2 projects off New Jersey, citing escalated financial difficulties and supply chain issues.\u00a0 \u201c\u00d8rsted has decided to cease the development of Ocean Wind 1 and 2,\u201d said the company in its statement. 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Related impairments could amount to as much as 39.4 billion Danish crowns ($5.58 billion). From NOT A LOT OF PEOPLE KNOW THAT By Paul Homewood Another\u2026","rel":"","context":"In \"Denmark\u2019s \u00d8rsted\"","block_context":{"text":"Denmark\u2019s \u00d8rsted","link":"https:\/\/climatescience.press\/?tag=denmarks-orsted"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0106951538-1633352231704-gettyimages-948490942-_dsc2179.jpeg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0106951538-1633352231704-gettyimages-948490942-_dsc2179.jpeg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0106951538-1633352231704-gettyimages-948490942-_dsc2179.jpeg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0106951538-1633352231704-gettyimages-948490942-_dsc2179.jpeg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0106951538-1633352231704-gettyimages-948490942-_dsc2179.jpeg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/300212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/users\/121246920"}],"replies":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=300212"}],"version-history":[{"count":7,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/300212\/revisions"}],"predecessor-version":[{"id":300220,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/300212\/revisions\/300220"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/media\/300214"}],"wp:attachment":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=300212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=300212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=300212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}