Orsted's US Offshore Wind Projects Face $2.3 Billion Risk
Orsted, the world's largest offshore wind farm developer, has seen its share price plummet by 20% due to the risk of $2.3 billion in impairments in its US operations. The company cited supply chain problems, soaring interest rates, and a lack of new tax credits as the main factors contributing to the impairments. Delays from suppliers could result in impairments of up to 5 billion crowns, while the failure to secure additional tax credits may lead to impairments of another 6 billion crowns. The increase in long-dated interest rates in the US will also cause impairments of around 5 billion crowns. Orsted's announcement has further dampened investor sentiment towards the stock.