"Ørsted's Turbulent Year: Job Cuts, Dividend Suspension, and Offshore Wind Market Exits"
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.
