"Ørsted's Turbulent Year: Job Cuts, Dividend Suspension, and Offshore Wind Market Exits"
TL;DR Summary
Orsted, Siemens Energy, and Vestas, the world's top wind power developers and turbine makers, are anticipating another challenging year in 2024, following industry-wide difficulties in 2023. Factors contributing to the challenges include cost increases, rising interest rates, turbine quality issues, and project delays. As a result, the companies are suspending dividends and implementing cost-cutting measures to return to profitability. Orsted is also reducing its workforce and exiting certain offshore markets, while Siemens Energy is focusing on resolving quality problems in its onshore wind business.
- Wind Power Giants Warn of Another Challenging Year Ahead OilPrice.com
- Renewables giant Orsted exits several offshore wind markets, pauses dividend after turbulent year CNBC
- Danish windfarm firm Ørsted to axe up to 800 jobs and pause dividend The Guardian
- Breakingviews - Orsted revival requires more than belt-tightening Reuters
- Ørsted suspends dividend, cuts jobs and exits offshore wind markets Financial Times
Reading Insights
Total Reads
0
Unique Readers
1
Time Saved
2 min
vs 3 min read
Condensed
80%
422 → 84 words
Want the full story? Read the original article
Read on OilPrice.com