Ørsted went too far in its investment in the American market and should have withdrawn from several projects earlier. The company's CEO Rasmus Errboe acknowledges this after the large losses the energy group has suffered from its activities in the USA. This is reported by Finans.
- It is my regret that we did not withdraw from the USA earlier. When you look back on it now, it is clear to everyone that we did not withdraw quickly enough, says Rasmus Errboe, CEO of Ørsted.
According to the media, Ørsted's involvement in the USA has cost over 40 billion DKK in total in write-downs, delays and related costs. The cancellation of the Ocean Wind projects in 2023 alone led to losses of DKK 28.4 billion. Following the losses, Ørsted has tightened its approach to new projects. Among other things, external investors must enter the projects earlier through the company's so-called farm down model. At the same time, the energy group has introduced a new limit for the risk in the projects. As a starting point, Ørsted will not assume financial obligations of more than 10 percent of the total capex before a final investment decision is made. Ørsted has also dropped the goal of becoming the world's first so-called Green Major and will instead focus on becoming the global market leader in offshore wind.
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