Orsted Withdraws From Contract for Maryland Offshore Wind Farm
- Deal to sell power was no longer viable, the company said
- The US is key to Orsted’s troubles and also its future growth
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Orsted A/S withdrew from an agreement with regulators in the US state of Maryland to sell electricity from a big offshore wind farm it plans to build in the Atlantic Ocean.
It’s the latest step for the Danish firm to reconfigure a portfolio of American projects after soaring costs forced it to take billions of dollars of writedowns last year. Orsted’s executives intend to update investors Feb. 7 on how they’ll reset the company after the setbacks.