Energy Business News

"Ørsted's Turbulent Year: Dividend Suspended, Jobs Cut, and Offshore Wind Market Exits"

Orsted, the world's largest offshore wind developer, plans to cut jobs, pause dividend payouts, and exit several offshore wind markets after a challenging year marked by rising costs. The company will reduce as many as 800 jobs worldwide, pause dividends for the financial years 2023 to 2025, and retreat from markets in Norway, Spain, and Portugal. Orsted's stock price has fallen over 40% in the last 12 months, and it has revised its power generation capacity target to 35-38 GW by the end of the decade, down from the previous 50 GW target. Despite the challenges, Orsted remains optimistic about the future of the renewable energy industry.