Post by : Bianca
Haleem
Ørsted posted a net loss of 1.7 billion Danish crowns ($265.5 million) in the third quarter, saying U.S. trade measures and paused developments dealt a serious blow to its offshore business.
The Danish energy group, once a clean-energy front-runner, has seen its share price fall roughly 85% from the 2021 highs amid mounting project expenses, supply-chain delays and growing political resistance.
Washington’s reinstatement of tariffs on key renewable components and a freeze on approvals for new offshore wind projects disrupted several of Ørsted’s U.S. plans. The company highlighted the ongoing stop-work order affecting the large Revolution Wind scheme off the East Coast.
In the quarter, Ørsted recorded impairment charges of 1.8 billion crowns linked to the “increased tariffs in the U.S. and negative impact from the stop-work order,” while noting that lower interest rates offered limited relief to results.
The figures were less severe than some feared: analysts had pencilled in a 1.95 billion crown loss, and Ørsted reported an EBITDA of 3.06 billion crowns — under forecasts but indicating its European assets continue to generate steady returns.
The update underscores the challenges facing the world’s largest offshore wind developer as geopolitical shifts and cost pressures complicate the transition to clean energy.
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