Orsted Axes Dividend as CEO Tries to Cut Spiraling Costs
- Company cuts 2030 green power goal by at least 24%, cut jobs
- Orsted aims to recover from steep losses in US wind last year
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Orsted A/S will suspend dividend payments until at least 2025 and slash plans to build new projects this decade as part of a wide array of cost-cutting measures outlined by Chief Executive Officer Mads Nipper.
The Danish wind-power giant will cut its target for its green power project construction by at least 24% to between 35 and 38 gigawatts by 2030, down from a previous goal of 50 gigawatts, according to a statement on Wednesday. That will help limit capital expenditure with Nipper also ramping up asset sales as he tries to haul the company back from huge writedowns on unfulfilled projects.