Orsted Takes $4 Billion Hit on Abandoned US Wind Projects
- Orsted Shares have slumped more than 55% so far this year
- Danish firm posts its worst quarterly loss in history
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Orsted A/S shares slumped to their lowest level in six years after the Danish utility dropped two US wind projects and recorded 28.4 billion kroner ($4 billion) in impairments as the crisis in the wind industry worsens.
The huge writedown is deeper than investors and analysts feared and just the latest in a string of bad news from an industry vital to slow global warming. Surging costs and rising interest rates have led to project delays and Germany’s Siemens Energy AG is in talks with the government to help shore up its balance sheet.