Ørsted is writing down DKK 12.1 billion in the fourth quarter of 2024. The write-down is due, among other things, to interest rate increases and delays at the Sunrise Wind offshore wind farm in the US. Ørsted writes this in a company announcement.
- The write-downs we have announced today – and especially the continued construction challenges – are very disappointing, says Ørsted CEO Mads Nipper in the announcement. The CEO emphasizes that management is satisfied with the operational development.
The development in long-term US interest rates has led to an increase in the average cost of capital during the fourth quarter of 2024, Ørsted writes.
This has had a negative impact on the value of the company's US portfolio - primarily the offshore wind projects, it says. This factor results in a write-down of DKK 4.3 billion. DKK.
In addition, Ørsted's seabed areas off the coasts of New Jersey, Maryland and Delaware have been written down by DKK 3.5 billion. This reflects, among other things, "the current uncertainties in the market," Ørsted writes.
And Ørsted has postponed the expected commissioning of the Sunrise Wind project to the second half of 2027. This results in a write-down of DKK 4.3 billion.
This is not the first time that Ørsted has been hit by write-downs in the billions.
In the fall of 2023, the company dropped plans to build the Ocean Wind 1 and 2 wind farms in the United States. This was because the projects had become much more expensive to build due to delays in supply chains and rising interest rates. In this connection, the total write-downs amounted to DKK 28.4 billion. DKK.
Also in connection with the half-year financial statements, which were presented in July 2024, Ørsted wrote down the value of several projects.
/ritzau/
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