Orsted recorded a 12.1 billion-krone ($1.7-billion) hit on its earnings as the costs of offshore wind farms, particularly in the U.S., keep rising.
The setback is the latest in a long series of issues for Denmark’s Orsted, one of the world’s biggest developers of wind farms at sea. The news comes as the offshore wind industry in the U.S. faces President Donald Trump who vowed in the first hours of his second term that he will stop leasing areas for new projects.
"The impairments announced today, and especially the continued construction challenges, are very disappointing,” Mads Nipper, Orsted’s chief executive officer said in a statement on Monday. "We remain committed to the U.S. market in the long term with its potential for renewables to meet the growing electricity demand and create thousands of industrial jobs across the U.S.”
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