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☆ The live-action 'Lion King' prequel 'Mufasa' will star both Beyoncé and Blue Ivy — here's everything we know
▼ + stars: | 2024-04-29 | by ( Kirsten Acuna | Palmer Haasch | ) www.businessinsider.com time to read: +6 min

Disney's live-action "The Lion King" remake is getting a prequel in 2024 called "Mufasa: The Lion King." AdvertisementDisney's prequel to its "The Lion King" remake, "Mufasa: The Lion King," has finally gotten its first trailer — and as luck would have it, this film stars Beyoncé too. Here's everything we know about "Mufasa: The Lion King." Timon and Pumbaa are seen in 2019's "The Lion King." "Mufasa: The Lion King" serves as an origin story for Simba's father.

Persons: Disney's, King, Oscar, Barry Jenkins, Disney, Ivy, —, Beyoncé, Jon Favreau's, Simba, Sean Bailey, Jenkins, Mufasa, Rafiki, hasn't, Scar, Mufasa's, Chiwetel Ejiofor, Aaron Pierre, James Earl Jones, Tiffany Boone, Kelvin Harrison Jr, Taka, Mads Mikkelsen, Kiros, Nala, Simba's, Blue Ivy, Pumbaa, Seth Rogen, Billy Eichner, Donald Glover, John Kani, he's, Walt, Timon Organizations: Service, Disney, Walt Disney Studios, Pride Rock Locations: Pride

America's first commercial-scale offshore wind farm is officially open, a long-awaited moment that helps pave the way for a succession of large wind farms. The Biden administration has approved six commercial-scale offshore wind energy projects, and auctioned lease areas for offshore wind for the first time off the Pacific and Gulf of Mexico coasts. Ørsted CEO Mads Nipper called the opening a major milestone that proves large offshore wind farms can be built, both in the United States and in other countries with little or no offshore wind energy currently. The first U.S. offshore wind farm was supposed to be a project off the coast of Massachusetts known as Cape Wind. The nation's second large offshore wind farm, Vineyard Wind, is expected to open later this year off the coast of Massachusetts, too.

Persons: Ørsted, Kathy Hochul, Deb Haaland, Biden, Hochul, “, ” Hochul, Eversource, Mads Nipper, Equinor, David Hardy, Ørsted . Ørsted, It’s, it’s, Haaland Organizations: Montauk Point , New York . New York Gov, . New York, Fork, Associated Press, Ørsted ., DONG Energy, Danish Oil, Gas, Industry, Copenhagen Infrastructure Partners Locations: Montauk Point , New York ., Gulf of Mexico, . New, York, Rhode Island, Long, United States, New York, Norwegian, Denmark, Germany, U.S, Massachusetts, Avangrid, Copenhagen, AP.org

WASHINGTON (AP) — Ancient stone tools found in western Ukraine may be the oldest known evidence of early human presence in Europe, according to research published Wednesday in the journal Nature. Archaeologists used new methods to date the layers of sedimentary rock surrounding the tools to more than 1 million years old. The chipped stone tools were likely used for cutting meat and perhaps scraping animal hides, he said. The very earliest stone tools of this type were found in eastern Africa and date back to 2.8 million years ago, said Rick Potts, who directs the Smithsonian Institution's Human Origins Program. “The oldest humans with this old stone tool technology were able to colonize everywhere from warm Iberia (Spain) to Ukraine, where it's at least seasonally very cold – that’s an amazing level of adaptability,” said Potts.

Persons: ”, Mads Faurschou Knudsen, it's, Roman Garba, Rick Potts, “, Potts Organizations: WASHINGTON, Aarhus University, Czech Academy of Sciences, Smithsonian, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP Locations: Ukraine, Europe, Korolevo, Denmark, Spain, Africa, Iberia

☆ Women in Iceland want you to know it's not a gender equality utopia, despite what the statistics say
▼ + stars: | 2024-02-16 | by ( Grace Dean | ) www.businessinsider.com time to read: +22 min

AdvertisementBoth Icelandic and foreign-born women told BI that though they largely feel safe in Iceland, it's no feminist paradise. "That was like a wake up call for many women," Thorgerdur J. Einarsdóttir, professor of gender studies at the University of Iceland, told BI. Some groups of women are more vulnerable to violence and low wages, including foreign-born women, women with disabilities, and trans women, the interviewees said. Older generations fight so younger ones can flourishBut despite these concerns, the women BI spoke to said that they largely felt safe living in Iceland. Women BI spoke to largely said they felt optimistic about the changes that future generations would bring.

Persons: —, Arni Torfason, Saadia Zahidi, Valenttina Griffin, Grace Dean, Adolphsdóttir, Einarsdóttir, Vigdís Finnbogadóttir, Sigurðardóttir, Iceland's, Halldor Kolbeins, Sonja Ýr Þorbergsdóttir, Þorbergsdóttir, Inclusivity, Alice Olivia Clarke, Mads Claus Rasmussen, Ritzau Scanpix, they'd, Steinars, she'd, she's, Ása Steinars, Alondra Silva Muñoz, Griffin, Silva Muñoz, Sigrún, Rósa, that's, Shruthi Basappa, I've, it's, Jewells Chambers, Silva Muñoz –, millennials –, … Organizations: Service, Viking Women, Stockings, Women's Rights, Nordic, Red Stockings, United Nations, Farmers ' Union, University of Iceland, Getty, Iceland, UN, Statistics, Sweden –, Icelandic Teachers ' Union, SEI Locations: Iceland, Reykjavik, Icelandic, Denmark, AFP, Canada, Norway, Sweden, Statistics Iceland, Colombia, Lithuania, Spain, Poland, India, Chile, WomenTechIceland, it's, Brooklyn, New York City, Thorhildur

☆ US F-16s are exceeding the expectations of Ukraine's pilots, report says
▼ + stars: | 2024-02-10 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +4 min

Ukrainian pilots training on US F-16s are "very impressed" with the fighter jets, a report said. The Ukrainian service of the Voice of America report cites a Ukrainian Air Force pilot. AdvertisementUkrainian pilots are "very impressed" with US F-16 fighter jets, the Ukrainian service of the Voice of America reported. It will still be several months before they see action against Russian forces, a Ukrainian Air Force spokesman said. AdvertisementDespite this, it noted that "the effort spent training Ukrainian pilots, ground crews, and logisticians to operate and maintain these aircraft will have long-term value."

Persons: —, Pat Ryder, Grant Shapps, we're, Rustem Umerov, Volodymyr Zelenskyy, Mads Claus Rasmussen, Ritzau Scanpix Organizations: Ukrainian Air Force, US Air Force, Service, Air Force, Pentagon Press, Britain's Royal Air Force, UK Defence, Armed Forces, Ukraine's Defense, Russia, Russian, Getty, The Telegraph, US Air, AIM, Atlantic Council Locations: Europe, Denmark, Ukraine, AFP, Netherlands, Norway

☆ Renewables giant Orsted exits several offshore wind markets, pauses dividend after turbulent year
▼ + stars: | 2024-02-07 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Burbo Bank, Liverpool Bay, England, viewed from the sea turbines on Burbo wind farm off the UK coast. Danish renewables giant Orsted on Wednesday announced plans to cut jobs, pause its dividend payouts to shareholders and exit several offshore wind markets after a tumultuous year of rising costs. Orsted, the world's largest offshore wind developer, said it planned to take steps "to become a leaner and more efficient" organization following a year marked by "substantial challenges." Nipper said the company's financial results had been "adversely affected" by impairments on U.S. offshore projects taken in the third quarter of 2023. Orsted canceled two major offshore wind farm projects in the U.S. late last year, citing high inflation, rising interest rates and supply chain bottlenecks.

Persons: Ørsted, Mads Nipper, Nipper, Orsted Organizations: Burbo Bank, Wednesday, Orsted Locations: Liverpool Bay, England, Danish, Norway, Spain, Portugal, London, Copenhagen, U.S

☆ Harrison Ford jokingly called Mads Mikkelsen a Nazi on the 'Indiana Jones' set
▼ + stars: | 2024-02-05 | by ( Caralynn Matassa | ) www.businessinsider.com time to read: +1 min

Mads Mikkelsen recalled working with Harrison Ford on "Indiana Jones and the Dial of Destiny." AdvertisementMads Mikkelsen has nothing but good things to say about working with Harrison Ford — even after the "Indiana Jones" star called him a Nazi. In an interview with Business Insider about his new film "The Promised Land," Mikkelsen revisited his past roles in some of Hollywood's biggest film franchises. While reflecting on "Indiana Jones and the Dial of Destiny" and his role as Jürgen Voller, a "former" Nazi obsessed with time travel, the actor recalled one silly on-set moment with Ford. This story is available exclusively to Business Insider subscribers.

Persons: Mads Mikkelsen, Harrison Ford, Indiana Jones, " Mikkelsen, Jürgen Voller, Ford, —, Harrison Ford —, Mikkelsen, Jürgen Organizations: Nazi, Service, Business, Ford Locations: Nazi

☆ Mads Mikkelsen on His Movie & TV Roles: 'Hannibal,' 'the Promised Land' & 'Indiana Jones'
▼ + stars: | 2024-02-02 | by ( Caralynn Matassa | ) www.businessinsider.com time to read: +11 min

On his ever-growing collection of billion-dollar franchise roles, and playing with dinosaurs nextMikkelsen as Kaecilius in "Doctor Strange." Did you have that issue at all while filming "Doctor Strange"? We did have that in "Doctor Strange," to a degree. And that there's a very good reason for that because "Doctor Strange" is born from a psychedelic graphic novel, which was very different from the other ones. The most fun must've been "Doctor Strange" because I got to do two things I love: doing magic and flying Kung Fu.

Persons: who's, Mads Mikkelsen, Ludvig Kahlen, Mikkelsen, Nikolaj, he's, " Mikkelsen, Melina Hagberg, Mus, James Bond, Indiana Jones, Hannibal Lecter, he'd, Daniel Craig, Harrison Ford Mikkelsen, Voller, Daniel, Sean Connery, Sean, it's Bond, Harrison Ford, let's, I'm, geez, I've, He's, Hannibal, Bryan Fuller —, Brooke Palmer, Bryan Fuller, Bryan, It's, we're, Le Chiffre, Strange, Kaecilius, Robert Downey Jr, Mark Ruffalo, You've, Harry Potter, Kung, Rihanna, doesn't, Thomas Vinterberg's, they're Organizations: Business, LucasFilm, Le, Nazi, NBC, Marvel, Star Wars Locations: Nazi, Harrison, Hannibal, Rihanna's

☆ ‘The Promised Land’ Review: Coaxing Crops From a Wild Land
▼ + stars: | 2024-02-01 | by ( Manohla Dargis | ) www.nytimes.com time to read: +1 min

The Danish drama “The Promised Land” takes its old-fashioned remit with enjoyable seriousness. There, on a vast shrubby expanse thought untamable yet beloved by the Danish monarch, Kahlen hopes to work the land and establish a settlement for king, country and himself. Written by Arcel and Anders Thomas Jensen, the well-paced story briskly takes Kahlen from the poorhouse to the royal palace minutes after opening, establishing the reach of his ambition. (The movie is based on the novel “The Captain and Ann Barbara” from the Danish writer Ida Jessen.) In return, Kahlen wants a title, a manor and servants; effectively, he wants to become one of them.

Persons: Mads Mikkelsen, Mikkelsen, Ludvig Kahlen, Kahlen, Nikolaj Arcel, Arcel, Anders Thomas Jensen, Ann Barbara ”, Ida Jessen Locations: Jutland, Denmark, Danish

☆ Russia really wants to stop Ukraine using Elon Musk's Starlink satellites
▼ + stars: | 2024-01-26 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +8 min

Russia is trying to cut off Ukraine's access to Elon Musk's Starlink satellites, analysts said. AdvertisementRussia is trying to cut off Ukraine's access to Elon Musk's Starlink satellites, according to space warfare analysts. Since the start of the war, Russia has been using jamming systems to try and deny Ukrainian forces access to commercial satellites. Because Starlink satellites are closer to Earth, latency — the delay between a user's action and a response on the network — is shorter. She said Starlink satellites are both "resilient" and "agile," with Starlink operators constantly updating their software to overcome Russian attacks.

Persons: Elon Musk's, It's, —, Brian Weeden, Weeden, MADS CLAUS RASMUSSEN, Kari Bingen, Bingen, Sauli Niinisto, Joe Biden, Elon Musk, Starlink, ї Bingen, Сили Спецальних Операцй ЗС Украни Organizations: Elon, Service, Russia, Business, SpaceX, Aerospace Security, International Security, Center for Strategic, International Studies, CSIS's Aerospace Security, Viasat, Reuters, Pentagon, Space Watch, The Washington Post, KU, Ukraine's Special Forces, Telegram Locations: Russia, South Funen, Denmark, Ukraine, American, Europe, Finland's, Kaliningrad, Finland, NATO, Russian, Leer, Ukrainian, Ukraine's Donetsk

In his first game back from an eight-month ban, Toney scored from a free kick to help Brentford beat Nottingham Forest 3-2 on Saturday and end a skid of five straight Premier League losses. I’m just buzzing to be back and scoring goals and playing for the team. Frank even gave Toney the captain's armband for this game, indicating how important his return is for the west London club. Toney led his team with 20 goals in 33 league games last season before being handed the ban in May. With the return of Toney, any thoughts of a relegation scrap for Brentford might soon be in the past.

Persons: — Ivan Toney, Toney, “, ” Toney, Thomas Frank, Dane, Frank, Nuno Espirito, Danilo, Ben Mee, Chris Wood, Callum Hudson, Forest's Orel Mangala, Mads Roerslev, Neal Maupay, volleying, Thomas Frank’s, “ I’m, I’ve, Gabriel Magalhaes, Gabriel Martinelli, ” Martinelli, Gabriel, Dean Henderson, Leandro Trossard, Martinelli's, Mikel Arteta’s, Roy Hodgson’s, ___ Organizations: Brentford, Nottingham Forest, Premier League, Nuno Espirito Santo, Forest, ” ARSENAL, Fulham —, Liverpool, Arsenal, Crystal, Emirates, Aston Villa, Bournemouth, League's Locations: London, Dubai, West Ham, Liverpool

☆ Take a look at the moment when Denmark's Queen Margrethe II signed her historic abdication, making her son King Frederik X
▼ + stars: | 2024-01-14 | by ( Eve Crosbie | ) www.businessinsider.com time to read: +5 min

Denmark's Queen Margrethe II officially abdicated on Sunday after 52 years on the throne. His new title is King Frederik X.Margrethe — who ruled for 52 years — announced she was stepping down on New Year's Eve. Queen Margrethe II and her son Frederik X at the signing of the instrument of abdication at the Christiansborg Palace. After signing the declaration of abdication Queen Margrethe II of Denmark (C-R) leaves the seat at the head of the table to her son King Frederik X of Denmark. Advertisement"My Mother, Her Majesty Queen Margrethe II has ruled Denmark for 52 years," he said.

Persons: Margrethe II, Crown Prince Frederik, King Frederik X, Margrethe —, —, Margrethe II of, Margrethe, Europe's, Queen Elizabeth II, Queen Margrethe II, Frederik X, Mads Claus Rasmussen, Ritzau Scanpix, Frederik, Prince Frederik, Federick, Mette Frederiksen, Queen Margrethe II of Denmark, King Frederik X of Denmark, King Frederik X's, Christian, Crown Prince Christian, Queen Margrethe, Martin Sylvest Andersen, Princess Mary, Queen Mary, Princess Isabella, Prince Vincent, Princess Josephine, Samir Hussein, King Frederik IX, Nikolai Linares, King Erik Organizations: Service, AFP, Sunday, Associated Press, Crown Prince, AP Locations: Margrethe II of Denmark, Christiansborg, Copenhagen, Danish, Christiansborg Palace, Denmark, Kingdom of Denmark

☆ Crown Prince Frederik to become King of Denmark as Queen Margrethe II abdicates
▼ + stars: | 2024-01-14 | by ( Lauren Said-Moorhouse | ) edition.cnn.com time to read: +10 min

CNN —For many in Denmark, Queen Margrethe II is the only monarch they’ve ever known. But on Sunday, a new era will get underway when she hands over to her son, Crown Prince Frederik. This means that she will be able to perform duties as head of state when both King Frederik or Crown Prince Christian are not able, such as if they were overseas. King Frederik X will rule alongside his Australian-born and hugely popular wife, Queen Mary – which will undoubtedly delight her proud admirers back home. “The story of Crown Prince Frederik and Crown Princess Mary of Denmark is one Australians have followed closely and hold dear to their hearts,” he said in a statement on Saturday.

Persons: Queen Margrethe II, they’ve, Crown Prince Frederik, King Charles III’s, of, Martin Sylvest Andersen, Frederik, Mary, Christian, Frederik VIII’s Palace, Margrethe, Kongens, Jørgen’s, King Frederik X, Queen Mary, King Frederik, Prince Christian, Frederik’s, Prince Joachim, Princess Benedikte, Mette Frederiksen, Frederik VIII, X, Christiansborg, Sixtus, Mads Claus Rasmussen, Ritzau Scanpix, Trine Villemann, Jens Otto Krag, Margrethe II, ”, Birgitte Borup, Berlingske, “, Danes, King Eric III, Borup, Queen Mary –, Mary Elizabeth Donaldson, Justin Tynan, King, Queen of, Anthony Albanese, Prince Frederik, Crown Princess Mary of, MADS CLAUS RASMUSSEN, Isabella, Vincent, Josephine, Mary’s, she’s Organizations: CNN, Guard, Squadron, State, Danish Royal House, Danish, Getty, “, Danes, British Locations: Denmark, Danish, Europe, Christiansborg, Copenhagen, of Denmark, Greenland, Faroe, Amalienborg, Frederiksgade, d’Angleterre, Holmens, Holmen, AFP, Sydney, Hobart , Tasmania, Darling Harbour, Queen of Denmark, Crown Princess Mary of Denmark, Tasmania, Australia

MARRAKECH, Morocco (AP) — International movie stars arrive in Morocco on Friday to kick off one of the Arab world's largest film festivals amid a shadow cast by Israel’s latest war with Hamas and protests that have swept the region for almost two months. The Marrakech International Film Festival, along with Saudi Arabia’s Red Sea Film Festival that is scheduled to open next week, are taking place despite war in Gaza. That’s in contrast to the Cairo International Film Festival and Tunisia’s Carthage Film Festival, both of which were canceled due to the war. Scorsese will preside over the festival's Atlas Workshops — an initiative designed to screen films or films in progress by emerging Arab and Moroccan filmmakers. The festival is scheduled to run through Dec. 2.

Persons: Israel’s, Martin Scorsese, Richard Linklater, Jessica Chastain, Mads Mikkelsen, Prince Moulay Rachid, ”, Michel Franco's, Chastain, Matteo Garrone's, Mikkelsen, Faouzi Bensaïdi, Scorsese Organizations: —, Saudi, Cairo, Film Locations: MARRAKECH, Morocco, Marrakech, Gaza, Carthage, “, Moroccan

☆ Elon Musk denies report of potential Starlink IPO in 2024
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

[1/2] SpaceX Starlink 5 satellites are pictured in the sky seen from Svendborg on South Funen, Denmark April 21, 2020. Ritzau Scanpix/Mads Claus Rasmussen via REUTERS Acquire Licensing RightsNov 15 (Reuters) - Elon Musk on Wednesday denied a report that his rocket company SpaceX was discussing an initial public offering (IPO) for its satellite internet business, Starlink, as soon as 2024. The billionaire entrepreneur has previously said he intended to list Starlink when revenue growth and cash flow became smooth and predictable. The Starlink unit is the world's largest satellite operator. "I believe he (Musk) will take Starlink out, not next year, but maybe 2025, 2026.

Persons: Ritzau Scanpix, Mads Claus Rasmussen, Elon Musk, Starlink, Jeff Bezos, He's, Justus Parmar, Parmar, Niket Nishant, Akash Sriram, Anil D'Silva, Arun Koyyur Organizations: SpaceX, REUTERS Acquire, Bloomberg, Fortuna Investments, Thomson Locations: Svendborg, South Funen, Denmark, Mexico, Bengaluru

☆ 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’s ‘deputy heads must roll’ stance is risky
▼ + stars: | 2023-11-14 | 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. REUTERS/Phil Noble Acquire Licensing RightsSINGAPORE, Nov 14 (Reuters Breakingviews) - Orsted’s (ORSTED.CO) recent implosion has finally prompted a reaction. Denmark’s $17 billion offshore wind producer on Tuesday said Chief Financial Officer Daniel Lerup and Chief Operating Officer Richard Hunter were stepping down. The COO is responsible for the procurement, construction, and operations of the wind farms, and supplier delays accounted for the lion’s share of Orsted’s U.S. writedowns. Yet Mads Nipper, who became Orsted chief executive in early 2021 and handpicked the departing duo, has been spared for now.

Persons: Orsted, Phil Noble, Daniel Lerup, Richard Hunter, Hunter, Lerup, Mads Nipper, Henrik Poulsen, Yawen Chen, Cameron, George Hay, Streisand Neto Organizations: REUTERS, Rights, Reuters, X, Thomson Locations: Walney, Blackpool, Britain, Rights SINGAPORE, United States, U.S

The world's biggest offshore wind farm company on Tuesday said it would cease all development on the Ocean Wind projects even as it moves forward with developments off neighboring New York, triggering an angry response from New Jersey Governor Phil Murphy. "People did not anticipate (Orsted) backing out of Ocean Wind," said Timothy Fox, VP at research firm ClearView Energy Partners. Nipper told analysts that unlike Ocean Wind, Orsted is still pursuing Sunrise for several reasons, including the fact that the company has already lined up a vessel to build it. Under the most accelerated proposal, the New York State Energy Research & Development Authority said it could release the next offshore wind request for proposals in late November or early December. The Ocean Wind cancellation was the latest setback for the nascent U.S. offshore wind industry in recent months, which U.S. President Joe Biden and several states have counted on to fight global warming.

Persons: Phil Murphy, Timothy Fox, Mads Nipper, Nipper, Orsted, Joe Biden, Murphy, Scott DiSavino, Jarrett Renshaw, Nichola Groom, Bill Berkrot Organizations: ClearView Energy Partners, Sunrise, New York State Energy Research, Development Authority, Analysts, BP, U.S, Thomson Locations: New Jersey, New York, U.S, Massachusetts, Connecticut, Culver City , California

☆ Wind Power Write-Downs Cast Shadow Over Industry Outlook
▼ + stars: | 2023-11-01 | by ( Giulia Petroni | ) www.wsj.com time to read: +5 min

Wind-power developer Orsted scrapped projects in New Jersey citing supply-chain problems and high interest rates. Orsted , BP and Equinor have collectively written off $4.8 billion against U.S. offshore wind projects in recent days. Equinor, BP’s partner on the Empire Wind and Beacon Wind projects, booked an impairment of around $300 million on its U.S. portfolio. Utility Dominion Energy on Tuesday received a key federal approval for its 2.6-gigawatt offshore wind project in Virginia. And Orsted confirmed its final investment decision into Revolution Wind, an offshore 704-megawatt project in Connecticut and Rhode Island.

Persons: Wayne Parry, Orsted, Mads Nipper, henning bagger, ”, Phil Murphy ’, Martin Tessier, Stifel ’, —, Engie, Vattenfall, Russ Mould, AJ Bell, Dominic, Giulia Petroni Organizations: Associated, U.S, Agence France, Republicans, Democratic Gov, ”, BP, Iberdrola, Shell, Business, Siemens Energy, Dominion Energy, giulia.petroni@wsj.com Locations: New Jersey, U.S, Danish, New York, Connecticut, Massachusetts, Swedish, Norfolk, Virginia, Rhode Island, Asia Pacific, Europe

☆ Orsted Books $4 Billion in Impairments, Walks Away From Two U.S. Offshore Projects
▼ + stars: | 2023-11-01 | by ( Dominic Chopping | ) www.wsj.com time to read: +5 min

However, the company said it has taken the final investment decision on the Revolution Wind project offshore Rhode Island, meaning it will now proceed to construction phase. Orsted isn’t alone in facing the increasing financial challenge of building new sprawling offshore projects. New York regulators last month denied requests from offshore wind developers including BP , Equinor and Orsted to give them a higher price for electricity generated from their projects off the state’s coast. The company still sees full-year Ebitda excluding new partnership agreements and provisions of between DKK20 billion and DKK23 billion. Gross investments for the year are now seen at DKK40 billion to DKK44 billion from DKK44 billion to DKK48 billion previously.

Persons: DADO RUVIC, REUTERS Orsted, Orsted, ”, Mads Nipper, Orsted isn’t, Norway’s, Dominic Organizations: REUTERS, Eversource, BP, New Locations: New Jersey, DKK268, Danish, Rhode, New York

☆ Orsted’s losing US bets need rethink of UK plans
▼ + stars: | 2023-11-01 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

Turbulent news has buffeted the wind sector of late, from faulty turbines at Siemens Energy (ENR1n.DE) to Orsted’s own surprise impairments in August. After that surprise – largely caused by suppliers’ issues – Orsted’s stock price is just a fifth of its 2021 peak of 1,350 Danish crowns. That suggests investors are neither counting on future growth from its U.S. portfolio nor sufficiently factoring in Orsted’s earnings from operating projects. That’s a far cry from the annual average increase of 14% from 2023 onwards implied by Orsted’s EBITDA target of up to 55 billion Danish crowns in 2030. Hornsea Three would require capital investments of 48.5 billion Danish crowns, according to Bernstein.

Persons: Mads Nipper, Nipper, Orsted, Bernstein, Orsted’s, Francesco Guerrera, Oliver Taslic Organizations: Reuters, Siemens Energy, Reuters Graphics Reuters, U.S ., Thomson Locations: SINGAPORE, United States, New Jersey, Danish, U.S . East Coast

ATLANTIC CITY, N.J. (AP) — Wind energy developer Orsted is writing off $4 billion, due largely to the cancellation of two large offshore wind projects in New Jersey whose financial challenges mirror those facing the nascent industry. Some projects already have been canceled, and many offshore wind developers are seeking better terms from governments with whom they have already contracted. Despite the challenges, some wind projects are moving forward. Orsted said it is proceeding with its Revolution Wind project in Connecticut and Rhode Island. And New Jersey still has several other offshore wind projects in various stages of development, with four new proposals submitted in August alone.

Persons: ” Mads Nipper, “, ”, Louis Knight, Biden, Jeff Van Drew, “ David, Goliath, Robin Shaffer, Orsted, ___, Wayne Parry Organizations: CITY, New, Orsted, Northern, World Meteorological Organization, Sierra Club, “, U.S, Government, Office, Republican, Dominion Energy, Virginia Beach, American Clean Power Association, Oceantic Network, Shell, EDF Renewables, Atlantic Locations: N.J, New Jersey, Danish, U.S, New England, Carolinas, New York, Coast NJ, Connecticut, Rhode, Virginia, Atlantic Shores, EDF Renewables North America, www.twitter.com

☆ Orsted cancels two New Jersey offshore wind projects, takes $4 billion writedown
▼ + stars: | 2023-11-01 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +1 min

Photographer: Hollie Adams/Bloomberg via Getty ImagesThe Danish wind power developer Orsted is canceling two off-shore wind projects that were planned off the coast of New Jersey and is taking a $4 billion impairment for the first nine months of the year, the company announced this week. Of the $4 billion writedown, $2.8 billion was connected to the Ocean Wind 1 project, Orsted said. The Ocean Wind 1 project would have been New Jersey's first offshore wind farm and would have generated enough electricity to power half a million homes, according to a website about the project. It was going to include 98 turbines located 15 miles off the coast of southern New Jersey. The similarly sized Ocean Wind 2 project was also going to be located off the southern New Jersey shore and was due to start in 2028, according to a website about the project.

Persons: Mads Nipper, Hollie Adams, Orsted Organizations: Economic, Bloomberg, Getty Locations: Davos, Switzerland, New Jersey

☆ Offshore Wind Firm Cancels N.J. Projects, as Industry’s Prospects Dim
▼ + stars: | 2023-11-01 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +1 min

Orsted, the Danish company that is a leading offshore wind farm developer, said on Wednesday that it would write off as much as $5.6 billion as it gives up on plans to build two wind farms off the coast of New Jersey. The charges were further evidence that offshore wind in the United States is going through a major shakeout, crimping Biden administration plans to make the industry a critical component of plans to reduce greenhouse gas emissions. High inflation and soaring interest rates are making planned projects that looked like winners several years ago no longer profitable. “The world has in many ways, from a macroeconomic and industry point of view, turned upside down,” Mads Nipper, Orsted’s chief executive, said on a call with reporters on Wednesday. The two projects, known as Ocean Wind 1 and 2, were destined to provide green energy to New Jersey.

Persons: crimping Biden, ” Mads Nipper, Nipper, Trump Locations: Danish, New Jersey, United States, Europe, Britain

☆ ‍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

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