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Earlier this month, she said the U.S. offshore wind industry was "fundamentally broken" after BP wrote down $540 million on its wind power projects offshore New York, blaming inflation and red tape that meant projects ran over budget and over time. Globally, the renewables sector has been undermined by slow permitting, technological challenges, rising raw material costs and higher costs of capital. As BP seeks to guarantee it can meet its internal returns target of 6% to 8% on renewables projects, Dotzenrath said BP was working out how to reduce costs globally. You need one of the local energy suppliers to help you push ahead with the permitting processes and establish the onshore grid connection," she said. BP does not produce electrolysers, which split water to produce hydrogen, but Dotzenrath said did not rule out greater involvement.

Persons: Chris Helgren, Anja, Isabel Dotzenrath, Norway's Equinor, Denmark's, Dotzenrath, we'll, Chancellor Olaf Scholz, Thyssenkrupp, Christoph Steitz, Ron Bousso, Barbara Lewis Organizations: BP, REUTERS, Reuters, Siemens Energy, BASF, Thomson Locations: Vancouver , British Columbia, Canada, LONDON, Japan, U.S, New York, U.S.A, Germany

☆ Orsted's finance and operations chiefs out after big losses
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +3 min

The offshore wind industry has found itself in a perfect storm of rising inflation, interest rate hikes and delays in the supply chain struggling to cope with growing demand. Orsted, the world's largest offshore wind developer, on Nov. 1 scrapped two U.S. offshore wind projects, flagging $5.6 billion in related impairments after delays, partly due to vessel availability, meant costs soared. "Together with the finance team and the group executive team, Rasmus Errboe will lead the work on supporting Orsted's capital structure and long-term commitment to its credit rating," the company said. Board member Andrew Brown, who has executive experience from Shell and Portugal's Galp, was appointed interim COO, Orsted said. The company said contracts it had signed for its U.S. offshore wind projects were secured recently and were therefore more reflective of current costs.

Persons: Tom Little, Rasmus Errboe, Andrew Brown, Daniel Lerup, Richard Hunter, Orsted, Mads Nipper, Nipper, Essi Lehto, Susanna Twidale, Louise Rasmussen, Mark Potter Organizations: REUTERS, Shell, RWE, Thomson Locations: Nysted, Denmark, HELSINKI

☆ ‍Orsted records $4 bln in impairments, ceases development of some US offshore wind projects
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

A view of the turbines at Orsted's offshore wind farm near Nysted, Denmark, September 4, 2023. The world's largest offshore wind farm developer has made a final investment decision on Revolution Wind, Orsted said in a statement, adding that it is expected to be completed by 2025. Development of the wind projects had been adversely affected by supply chain issues, increased interest rates and a lack of an OREC (offshore renewable energy certificate) adjustment on it's Sunrise Wind project, the company said. "Significant adverse developments from supply chain challenges, leading to delays in the project schedule, and rising interest rates have led us to this decision," Orsted chief executive officer Mads Nipper said. In August, Orsted said it may see U.S. impariments of $2.3 billion due to supply chain problems, soaring interest rates and a lack of new tax credits.

Persons: Tom Little, Orsted, Mads Nipper, Joe Biden, Gursimran Kaur, Christian Schmollinger, Michael Perry Organizations: REUTERS, U.S, Thomson Locations: Nysted, Denmark, Bengaluru

A view of the turbines at Orsted's offshore wind farm near Nysted, Denmark, September 4, 2023. Orsted, the world's largest offshore wind developer, said in August it may see impairments of 16 billion Danish crowns ($2.3 billion) on its U.S. offshore developments due to supply chain problems, soaring interest rates and a lack of new tax credits. Norway's Equinor (EQNR.OL), BP's partner on those New York offshore wind developments, booked a $300 million impairment on the projects on Friday. In Massachusetts, two offshore wind developers, SouthCoast Wind and Commonwealth Wind, agreed to pay local utilities to terminate deals that would have delivered around 2,400 MW of energy. Avangrid also canceled a contract to sell power in Connecticut from its proposed 804-MW Park City offshore wind farm.

Persons: Tom Little, Denmark's, Joe Biden, Orsted, Jacob Pedersen, Portugal, France's, Avangrid, Scott DiSavino, Louise Breusch Rasmussen, Ron Bousso, Jonathan Oatis, Josie Kao Organizations: REUTERS, BP, U.S, Analysts, Reuters, Commonwealth, Shell, Energias, Thomson Locations: Nysted, Denmark, U.S, Danish, New York, Massachusetts, Connecticut, Rhode Island and Massachusetts, In Massachusetts, Commonwealth, Spanish, Copenhagen, London, Bengaluru

A general view of GE Renewable Energy wind turbines, part of Pattern Energy’s Western Spirit Wind project, the largest wind project in the U.S., near Encino, New Mexico, U.S., March 15, 2023. Renewable energy funds globally suffered a net outflow of $1.4 billion in the July-September quarter, the biggest ever quarterly outflow, according to LSEG Lipper data. Reuters GraphicsInvestors have been exiting traditional energy funds, too, but the rate has slowed - net outflows reached $438 million in the last quarter compared with $3.32 billion in the previous three months. Reuters GraphicsDemand for exposure to renewable energy had been a major driver of cash flowing into climate-related funds in recent years. Wind projects off Britain, the Netherlands and Norway have been delayed or shelved due to rising costs and supply chain constraints, raising concerns about countries hitting their 2030 renewable energy targets.

Persons: Bing Guan, Denmark's, Madeline Ruid, Ruid, Morningstar, they're, Rich Pontillo, Patturaja, Tommy Reggiori Wilkes, Simon Jessop, Tomasz Janowski Organizations: GE Renewable Energy, REUTERS, Investors, Reuters Graphics, Companies, U.S . Infrastructure, Clean Energy Exchange, Energy, Reuters, Nasdaq, Intelligence, Thomson Locations: U.S, Encino , New Mexico, BENGALURU, LONDON, Britain, Netherlands, Norway, Bengaluru, London

We are growing but nowhere near fast enough," said Ben Blackwell, CEO of the Global Wind Energy Council. In June, Siemens Gamesa said quality problems at its two most recent onshore wind turbines would cost 1.6 billion euros ($1.7 billion) to fix. "The ratio between risk and reward is out of line in the offshore wind market in many jurisdictions. You can see this from investors not showing up," the Global Wind Energy Council's Blackwell told Reuters. "The situation in U.S. offshore wind is severe," Orsted CEO Mads Nipper said last month.

Persons: Pascal, Jon Wallace, WindEurope, Markus Krebber, Germany's, Ben Blackwell, Rob West, Siemens Gamesa, Fraser McLachlan, McLachlan, Jochen Eickholt, Wallace, Energy Council's Blackwell, Denmark's Orsted, RWE's Krebber, Joe Biden's, Mads Nipper, Nina Chestney, Nichola Groom, Christoph Steitz, Nora Buli, Francesca Landini, Toby Sterling, David Clarke Organizations: REUTERS, Rights, European, Jupiter Asset Management, EU, Shell, Siemens, LinkedIn, Wind Energy, Thunder Said Energy, GCube Insurance, Bloomberg New Energy Finance, Energy, Reuters, European Commission, Thomson Locations: Le Havre, Normandy, France, European Union, Britain, Netherlands, Norway, Ukraine, Jupiter, U.S, Los Angeles, Frankfurt, Milan, Amsterdam

☆ Factbox: US offshore wind projects facing inflation headwinds
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +10 min

One megawatt (MW) can power about 1,000 U.S. homes but since wind is an intermittent resource - 1 MW of offshore wind can power about 500 U.S. homes, according to offshore wind developers. SOUTH FORKDenmark's Orsted (ORSTED.CO), the world's largest offshore wind power developer, is building the 132-MW project off Rhode Island and Massachusetts. COMMONWEALTH WINDThe 1,232-MW project off Massachusetts, which was formerly a part of the larger New England Wind project, is also facing potential delays. ATLANTIC SHORES OFFSHORE WIND SOUTHThe joint venture between Shell and French EDF is developing a large offshore wind park off New Jersey. MARWINMaryland's first offshore wind project is expected to start operations in 2025-2026.

Persons: Joe Biden, Kevin Lamarque, Joe Biden's, GW, Lazard, Vineyard, Orsted, Eversource, NYSERDA, Norway's Equinor, Avangrid, MARWIN, Nerijus Adomaitis, Nichola Groom, Scott DiSavino, Marguerita Choy Organizations: Federal, State, White, REUTERS, U.S, U.S . Department of Energy, Reuters, Washington , D.C, U.S . Energy Information Administration, Avangrid, Copenhagen Infrastructure Partners, Public Service Enterprise, Orsted, Eversource Energy, Rhode Island Energy, Dominion Energy, Virginia Beach, Dominion, NYSERDA, COMMONWEALTH, Shell, EDF, US, Italy's Renexia SpA, US Wind, Thomson Locations: Washington , U.S, U.S, New England, New York, Pennsylvania, Washington ,, Spanish, Copenhagen, Rhode Island and Massachusetts, New Jersey, Rhode, Connecticut, Orsted, VIRGINIA, Virginia, York, Long, Montauk, Massachusetts, French, ATLANTIC, Atlantic Shores, Italy's Renexia, Maryland

☆ Orsted CEO says abandoning US wind projects a 'real option'- Bloomberg News
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

CEO of Grundfos Mads Nipper presents the financial statements of 2017 at a news conference in Bjerringbro, Denmark, March 13, 2018. "We are still upholding a real option to walk away," Orsted CEO Mads Nipper told Bloomberg News in an interview. "But right now, we are still working towards a final investment decision on projects in America." Last week Orsted said it may see U.S. impairments of 16 billion Danish crowns ($2.3 billion) due to supply chain problems, soaring interest rates and a lack of new tax credits. ($1 = 6.9488 Danish crowns)Reporting by Gursimran Kaur in Bengaluru; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Mads Nipper, Henning Bagger, Biden, Orsted, Gursimran Kaur, Jan Harvey Organizations: Scanpix, REUTERS, Bloomberg, Bloomberg News, Thomson Locations: Bjerringbro, Denmark, Scanpix Denmark, U.S, America, Bengaluru

☆ Morning Bid: Cooler labor warms markets
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +5 min

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. Stubborn inflation readings from Europe on Wednesday and hesitation around this week's China market rebound suggested the coast was far from clear despite worldwide stock and bond market rally in the previous session. Ebbing consumer confidence in August reinforced the message of slowing activity, however, and The Conference Board's so-called labor market differential, derived from respondents' views on whether jobs are plentiful or hard to get, narrowed by almost six points to 26.2% - its lowest since April 2021. China's stock markets also stalled after a two-day rally, with U.S. Commerce Secretary Gina Raimondo claiming on her three-day visit to the country that many U.S. firms now see China as "un-investable". But it seemed to draw a line under the stock market this week with a series of supports and the prospect of further cuts in lending, deposit and mortgage rates.

Persons: Mike Segar, Mike Dolan, St's, bitcoin, Gina Raimondo, Denmark's, Kristalina Georgieva, James, Brown, Forman, Louise Heavens Organizations: Wall, New York Stock Exchange, REUTERS, Labor, Nasdaq, Securities, Exchange, U.S . Commerce, International Monetary Fund, Treasury, Cooper Companies Reuters Graphics Reuters, Reuters, Reuters Graphics Reuters, Thomson Locations: Manhattan, New York City , New York, U.S, Europe, China, Monday's U.S, Spain, Beijing, payrolls, Shanghai, CrowdStrike

☆ Denmark's Orsted anticipates $730 mln impact on US portfolio
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

General view of the Walney Extension offshore wind farm operated by Orsted off the coast of Blackpool, Britain, September 5, 2018. 1 offshore wind farm developer, said on Wednesday it anticipates impairments of up to 5 billion Danish crowns ($729.78 million) on its U.S. portfolio, as there is an increasing risk in its suppliers' ability to deliver on their commitments. The Ocean Wind 1, Sunrise Wind, and Revolution Wind projects are adversely impacted by a handful of supplier delays, the company said in a statement. In July, Orsted's Ocean Wind project won approval from the U.S. Interior Department, to help the country reach its goal of developing 30 gigawatts of offshore wind by 2030 on every shoreline.

Persons: Orsted, Phil Noble, Gursimran Kaur, Andy Sullivan Organizations: REUTERS, U.S . Interior Department, Ocean, Public Service Enterprise, Thomson Locations: Walney, Blackpool, Britain, U.S, Orsted, New Jersey, Bengaluru

☆ Orsted plunges 20% on risk of $2.3 billion in US impairments
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

General view of the Walney Extension offshore wind farm operated by Orsted off the coast of Blackpool, Britain, September 5, 2018. "The situation in U.S. offshore wind is severe," Chief Executive Mads Nipper told reporters on a conference call. The company's Ocean Wind 1, Sunrise Wind, and Revolution Wind projects are adversely impacted by several supplier delays, which may trigger impairments of up to 5 billion crowns, the company said in a statement. On top of this, the increase in long-dated interest rates in the United States affected both offshore as well as some onshore wind projects and will cause impairments of around 5 billion crowns, Orsted said. The U.S. government has set a national goal to develop 30 gigawatt of offshore wind by 2030.

Persons: Orsted, Phil Noble, Mads Nipper, Bernstein, Terje Solsvik, Gursimran Kaur, Nora Buli, Andy Sullivan, Conor Humphries Organizations: REUTERS, Rights, U.S ., Ocean, Public Service Enterprise, Thomson Locations: Walney, Blackpool, Britain, Rights OSLO, United States, U.S, New Jersey, Oslo, Bengaluru

COPENHAGEN, Aug 10 (Reuters) - Denmark's Orsted (ORSTED.CO), the world's No. 1 offshore wind farm developer, on Thursday reported second-quarter operating profit below expectations and confirmed its full-year guidance. Orsted kept its 2023 forecast for EBITDA excluding new partnerships unchanged at between 20 billion and 23 billion crowns. "However, compared to the guidance provided in our annual report for 2022, we now expect higher earnings in Offshore than initially announced," Chief Executive Mads Nipper said in a statement. ($1 = 6.7816 Danish crowns)Reporting by Jacob Gronholt-Pedersen, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

Persons: Orsted, Mads Nipper, Jacob Gronholt, Pedersen, Terje Solsvik Organizations: Thomson Locations: COPENHAGEN

☆ European wind developers play down Siemens Gamesa turbine troubles
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +4 min

UBS analysts said that in a worst-case scenario charges for Siemens Energy could exceed 5 billion euros. Denmark's Orsted said it operates one onshore wind farm with Siemens Energy turbines and that Orsted's portfolio of turbines has "high availability rates, reflecting that wind power has very little down-time." Siemens Gamesa has already told Iberdrola that it would proceed with a retrofit design, the source said, adding no technical issues for the remaining fleet of Siemens Gamesa turbines had been observed. Siemens Energy shares were up 5.7% at 1428 GMT, recovering some losses after analysts said Friday's sell-off was overblown. Siemens Gamesa first disclosed problems around its 5X model in July 2021, flagging higher than expected ramp-up costs.

Persons: Siemens Gamesa, Germany's, Denmark's Orsted, Eolus Vind, Iberdrola, Friday's, Andres Gonzalez, Forrest Crellin, Christoph Steitz, Marek Strzelecki, Nikolaj Skydsgaard, Nora Buli, Pietro Lombardi, Nina Chestney, Mark Potter, Alexander Smith Organizations: Siemens, Siemens Energy, UBS, EDF, Copenhagen Infrastructure Partners, Siemens Gamesa, Poland's PGE, Thomson Locations: Spanish, Copenhagen, Baltica, Baltic, London, Paris, Frankfurt, Warsaw, Oslo, Madrid

The company has provided more than 132 gigawatts (GW) of wind turbines as of the end of April this year to all global regions: 108 GW of onshore wind and 22 GW of offshore wind. The discovery of faulty components at Siemens Gamesa's onshore wind turbines had already caused a charge of nearly half a billion euros in January. Siemens Gamesa has provided wind turbines to some of the biggest power companies and oil and gas majors worldwide. Shares in European wind turbine producers Nordex (NDXG.DE) and Vestas (VWS.CO) also fell as confidence in the industry was shaken. Many wind power developers have already seen delays in projects due to the availability of components and rising costs.

Persons: Siemens Gamesa, Spain's, Denmark's, Nina Chestney, Christoph Steitz, Susan Fenton Organizations: Siemens Energy, Siemens, SIEMENS, WHO, Scottish Power Renewables, East Anglia, Poland's PGE, Siemens AG, Thomson Locations: Spain, Europe, Americas, Britain, North, Baltica, Baltic

☆ Taiwan's wind industry braves cross-strait risks in clean energy boom
▼ + stars: | 2023-05-10 | by ( Sarah Wu | ) www.reuters.com time to read: +8 min

With large swathes of Taiwan's territorial waters restricted due to defense, shipping and other uses, offshore wind developers will soon run out of space. It's a question of whether you want to pay the price," insurance broker Clive Lin told offshore wind developers in a packed lecture hall in Taipei. Political risk insurance is typically not covered in mainstream insurance policies, so developers have to buy it additionally. The risk of a military confrontation and its impact on Taiwan's wind farms are hard to quantify, analysts say. "In a kinetic conflict invasion, Taiwan's going to have so many other problems, offshore wind is going to be way down on the list," Cancian said.

Representatives of the renewable energy sector say those goals could be missed without policy changes, especially as other countries are doing more to attract investment in green power. Rod Wood, managing director at wind energy developer Community Wind Power, is among those seeking changes to the EGL in Britain's March 15 budget. OIL AND GAS SECTOR UNHAPPY TOOOil and gas producers, which have been subject to a windfall tax since May 2022, also want change. Finance Minister Jeremy Hunt, in a meeting in December, rebuffed calls from the oil and gas industry to amend the windfall tax. Meanwhile, Britain's biggest oil and gas producer Harbour , has announced job cuts and shunned the latest licensing round.

☆ Biden's clean energy factory jobs may elude U.S. union workers
▼ + stars: | 2023-03-06 | by ( Nichola Groom | ) www.reuters.com time to read: +9 min

Right to work laws allow employees to work in union-represented workplaces and be covered by collective bargaining agreements without joining a union or paying dues. American products, he vowed, would be made with union labor. Union labor. Many of the jobs created will be union jobs, the official added. "It's not a favorable environment, but we can still organize," Samantha Smith, senior adviser for clean energy jobs at the AFL-CIO, said in an interview.

☆ Danish offshore wind power developers plan major capacity increase
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, Oct 25 (Reuters) - Denmark's Orsted and Copenhagen Infrastructure Partners (CIP) have teamed up to develop 5.2 gigawatts (GW) of offshore wind in Denmark, corresponding to more than double the country's current installed capacity, the two companies said on Tuesday. The total of four projects will be developed through the so-called open-door procedure where the developers takes initiative to build an offshore wind farm without a government tender. Denmark today has 2.3 gigawatt of offshore wind installed. Orsted is the world's largest developer of offshore wind. Register now for FREE unlimited access to Reuters.com RegisterReporting by Stine Jacobsen, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

REUTERS/David GraySummarySummary Companies Net zero push stokes hopes for offshore wind projectsVictoria state aims for 9 GW offshore wind by 2040Sector needs new regulations, to lure technology suppliersIndustry also set to face environmental, landowner concernsMELBOURNE, Sept 27 (Reuters) - Under a new government, Australia is shaping up to be the next big market for offshore wind developers, attracting interest from the likes of Shell, Denmark's Orsted and Norway's Equinor. To many in the industry, Australia could well become the next boom market for offshore wind. Community concerns about the impact of wind turbines on bird life, such as orange-bellied parrots, and sealife, such as fish and whales, are also expected. "There's only a limited number of vessels in the world that can be used for erecting turbines offshore. Victoria state's Gippsland coast first in lineThe state, which has spearheaded the country's offshore wind push, plans to procure 2 gigawatts (GW) of offshore capacity with supply due by 2032, enough to power 1.5 million homes.

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