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☆ South Fork Wind offers a glimpse at what's possible as offshore wind power projects struggle to gain traction
▼ + stars: | 2024-10-13 | by ( Pippa Stevens | ) www.cnbc.com time to read: +9 min

Soren Lassen, head of offshore wind research at Wood Mackenzie, said the U.S. offshore wind industry is going through a needed readjustment, and that while the long-term outlook remains intact, progress has been pushed out. South Fork Wind offers tangible evidence that wind projects can work. The company developed the five-turbine Block Island Wind Farm, which is northwest of South Fork Wind, in 2016. The Bureau of Ocean Energy Management first awarded the leases for South Fork Wind in 2013, which where acquired by Deepwater Wind. In September, Skyborn Renewables, a Global Infrastructure Partners portfolio company, acquired Eversource's 50% stake in both South Fork Wind and Revolution Wind.

Persons: Pippa Stevens, Soren Lassen, Wood Mackenzie, –, Orsted, David Hardy, Equinor, Jones, Biden, Avangrid, Wood Mackenzie's Lassen, Lassen Organizations: CNBC GREENPORT, U.S, Wind, CNBC, of Ocean Energy Management, Deepwater, Eversource Energy, Skyborn, Global Infrastructure Partners, CNBC Offshore, Power Authority, Ørsted, New, BP, Dominion Energy, South Brooklyn Marine, Fork, The U.S . Department of, Interior, Maryland –, GE Vernova, American Clean Locations: –, Montauk , New York, U.S, Greenport , New York, East Hampton, East Hampton , New York, Wainscott, Denmark, New York, Atlantic City , New Jersey, New Jersey, Brownsville , Texas, Virginia, Port of Virginia, Connecticut's, of New London, South Carolina , Texas, Rhode Island and Connecticut, The, Maryland, Martha's Vineyard, Nantucket , Massachusetts, Nantucket

☆ Denmark's Orsted wins $680 million JPMorgan backing for U.S. solar and battery projects
▼ + stars: | 2024-05-23 | by ( Pippa Stevens | ) www.cnbc.com time to read: +2 min

Aerial view of Eleven Mile Solar in Coolidge, Az. Put simply, large financial institutions provide part of the financing for a renewable energy project, in exchange for the project's tax credits. Smaller developers don't always have the means to enter into these partnerships, and the appetite from large financial institutions to take stakes in renewable energy projects is limited. That's "[s]till far short of what is needed in the post-IRA clean energy investment landscape," the investment bank Evercore ISI noted. Aerial view of Eleven Mile Solar in Coolidge, Az.

Persons: Az, Van Applegate, Orsted, Biden, —, Applegate Organizations: JPMorgan, U.S, Orsted's, IRA, American Council, Renewable Energy Locations: Coolidge, U.S, Coolidge , Arizona, Mineral , Texas, Nextracker

☆ Bank of America upgrades global wind stock after a brutal 2023, hiking price target
▼ + stars: | 2024-01-16 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Bank of America has upgraded wind energy giant Ørsted from "neutral" to "buy" citing an improved risk-reward profile for the battered stock. However, Bank of America analysts expect Orsted's fortunes to improve in 2024 and have raised their price target from $15.06 per share to $22.80, representing nearly 20% upside from current levels. The upgrade and price target boost come after the stock has already staged a more-than-50% recovery from its November lows. Its remaining U.S. exposure consists primarily of the Sunrise Wind project off Long Island, which still needs state contract approval, according to the bank. Even if Sunrise Wind falls through, the analysts believe the downside to Ørsted shares would be manageable.

Persons: Ørsted, Peter Bisztyga Organizations: of America, Bank of America, Street Locations: Denmark, U.S, Britain, Long

☆ Governments take action to keep offshore wind projects on track
▼ + stars: | 2023-12-05 | by ( Susanna Twidale | ) www.reuters.com time to read: +6 min

[1/2] Scroby Sands offshore wind farm can be seen off of the coast at Great Yarmouth, Britain, October 24, 2018. Investors told Reuters governments have since shown willingness to pay higher prices, helping to restore confidence in the future of the industry. Britain's last auction in September failed to attract any offshore wind projects, with developers saying the guaranteed price on offer was too low. Britain's Octopus launched a dedicated fund with Japan's Tokyo Gas (9531.T) to invest 3 billion pounds ($3.7 billion) in offshore wind projects by 2030. Soeren Lassen, head of offshore wind Research at WoodMac said more than 50 GW of offshore wind tenders globally are planned for 2024.

Persons: Chris Radburn, ”, Jonathan Cole, Corio's Cole, Keith Anderson, Anderson, Marc Hedin, Nathalie Gerl, Germany's RWE, Soeren Lassen, WoodMac, Susanna Twidale, Nichola Groom, Scott DiSavino, Simon Webb, Jane Merriman Organizations: REUTERS, Governments, Investors, Corio Generation, Power, New York, Energy, New York State Energy Research, Development Authority, Aurora Energy Research, Research, Ireland, Aurora, Gas, Thomson Locations: Great Yarmouth, Britain, U.S, New York State, China

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 16 (Reuters) - New York State will issue a new offshore wind solicitation on Nov. 30 with bids due in January 2024, the state government said, in a move that should support the troubled industry. This would allow the companies to re-offer their planned projects at higher prices and exit their old contracts. Those measures included the expedited solicitation for offshore wind and other renewable projects announced on Thursday. The offshore wind projects that the companies are developing are Orsted's 924-megawatt (MW) Sunrise, and the joint venture between Equinor and BP's 816-MW Empire Wind 1, 1,260-MW Empire Wind 2 and 1,230-MW Beacon Wind. In a positive sign for the companies, the New York State Energy Research and Development Authority (NYSERDA) on Oct. 24 awarded three offshore wind contracts at much higher prices than the earlier projects bid by Orsted, BP and Equinor.

Persons: Kathy Hochul, Brendan McDermid, New York Governor Hochul, Scott DiSavino, Jonathan Oatis, Nick Zieminski, Richard Chang Organizations: New, REUTERS, BP, New York Public Service Commission, New York Governor, New York State Energy Research, Development Authority, Orsted, Equinor, Thomson Locations: New York City, U.S, New York, Equinor

☆ 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

OCEAN CITY, N.J. (AP) — Offshore wind power company Orsted is trying to get out of a $300 million guarantee it agreed to pay New Jersey in the event it failed to build its first wind farm off the state's coast. Last Tuesday, the Danish firm scrapped its Ocean Wind I and II projects in southern New Jersey, saying the projects were no longer financially feasible. It also was obligated to pay an additional $200 million toward the development of the offshore wind industry in New Jersey. Orsted wrote off $4 billion last week, due largely to costs associated with the cancellation of its two New Jersey projects. New Jersey still has several other offshore wind projects in various stages of development, with four new proposals submitted in August alone.

Persons: Orsted, ” Orsted, Phil Murphy, Alexandra Altman, Murphy, Wayne Parry Organizations: CITY, New, New Jersey Board of Public Utilities, Gov, Republican, Shell, EDF Renewables, Twitter Locations: N.J, New Jersey, Danish, ”, . New Jersey, Atlantic Shores, EDF Renewables North America, www.twitter.com

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

☆ Fitch follows S&P in cutting Orsted's outlook
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: 1 min

A view of the turbines at Orsted's offshore wind farm near Nysted, Denmark, September 4, 2023. REUTERS/Tom Little/File Photo Acquire Licensing RightsCompanies Orsted A/S FollowNov 3 (Reuters) - Rating agency Fitch on Friday downgraded the outlook on Danish renewable energy firm Orsted's (ORSTED.CO) rating to negative, a day after S&P warned of a possible debt downgrade due to the company's massive losses on projects in the United States. Fitch affirmed Orsted's Long-Term Issuer Default Rating (IDR) at 'BBB+'. The world's largest offshore wind developer on Wednesday said it had halted plans for two U.S. wind farms and that related impairments had surged above $5 billion, sending its share price down 26% to a six-year low. Reporting by Rishabh Jaiswal in Bengaluru Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Tom Little, Fitch, Orsted's, Rishabh, Tomasz Janowski Organizations: REUTERS, Thomson Locations: Nysted, Denmark, United States, Bengaluru

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, the world's largest offshore wind developer, said it would stop developing its 2,248-megawatt (MW) Ocean Wind 1 and 2 projects in New Jersey. The offshore wind industry has found itself in a perfect storm of rising inflation, interest rate hikes and supply chain delays. 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. Orsted, which in June announced plans to invest 475 billion crowns by 2030, said it was in the process of reviewing its investments and could introduce cost-saving initiatives. Orsted's share price has tumbled 52% since an August profit warning, cutting its market value to 112 billion crowns from 235 billion.

Persons: Joe Biden, Norway's, Mads Nipper, Nipper, Bernstein, Deepa Venkateswaran, Jacob Gronholt, Pedersen, Louise Rasmussen, Gursimran Kaur, Terje Solsvik, Michael Perry, Mark Potter Organizations: Wednesday, U.S, BP, Thomson Locations: U.S, New Jersey, New York, Danish, Copenhagen, Bengaluru

Murphy said Orsted was facing the same supply chain, inflation and other challenges that competitors in the offshore wind industry face. The decision was the latest in a series of setbacks for the offshore wind industry in the northeast. A handful of other offshore wind projects have been canceled. And New Jersey still has several other offshore wind projects in various stages of development, with four new proposals submitted in August alone. The White House in statement Tuesday night noted that in just the past week several investments in offshore wind had been made.

Persons: Orsted, Biden, Mads Nipper, ” Nipper, Phil Murphy, Murphy, “, ”, Republicans —, Jeff Tittel, ” Michael Kikukawa, White, Wayne Parry Organizations: CITY, New, New Jersey Gov, Democratic, Republicans, Sierra Club, Dominion Energy, Dominion, Shell, EDF Renewables Locations: N.J, Danish, New Jersey, United States, Connecticut, Rhode Island, East, New York, Massachusetts, Spanish, Virginia, Virginia Beach, U.S, Atlantic Shores, EDF Renewables North America, www.twitter.com

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

☆ ‍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

[1/4] A view of the turbines at an offshore wind farm near Nysted, Denmark, September 4, 2023. Time is short: The EU has a legally binding goal to nearly double renewable sources as a share of total energy by 2030, to 42.5%, requiring a rapid expansion of offshore wind. But of the governments surveyed, only Britain and Poland said they had invested or budgeted for steps to improve the security of offshore infrastructure. It requires a lot of effort from the government side," said Mattia Cecchinato, senior adviser for offshore wind at WindEurope. It said it would establish a permanent coast guard base close to where offshore wind farms are planned.

Persons: Tom Little, Thomas Almegaard, Vladimir Putin, Mads Nipper, Orsted, Ewa Skoog Haslum, James Appathurai, Germany's RWE, Anitta, Mattia Cecchinato, Rasmus, Krzysztof Jaworski, Orsted's Errboe, Benjamin Mallet, Riham, Elizabeth Piper, Toby Sterling, Andrius Sytas, Marek Strzelecki, Sara Ledwith Organizations: REUTERS, Reuters, Baltic Seas, EU, NATO, NewNew, Sweden's, Soaring, Emerging, Research, Solutions, Internal, Fund, Military, Naval Operations Centre, Polish Navy, Thomson Locations: Nysted, Denmark, Europe, Baltic, Nord, Finland, Sweden, Estonia, Russian, Russia, NewNew Shipping, Netherlands, Britain, Poland, Germany, North, Swedish, Copenhagen, Moscow, Sofia, European, Anitta Hipper, Belgium, Norway, France, Lithuania, Latvia, Baltic . Poland, Paris, Berlin, London, Amsterdam, Vilnius, Warsaw

☆ Deutsche Bank just cut its price target on nearly 30 global stocks ahead of earnings — and upgraded 1
▼ + stars: | 2023-10-18 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Ahead of the upcoming earnings season, Deutsche Bank has cut price targets on nearly 30 European stocks this week and upgraded just one to "buy." The bank's biggest cut to price target was for Denmark's energy giant, Orsted . In online food delivery, Deutsche Bank said its proprietary data shows demand stabilizing for takeaway apps across markets it monitors. Elsewhere in the European utility sector, the investment bank struck a positive tone in its outlook despite the price target cuts. Deutsche Bank analysts prefer integrated utilities like RWE , Enel , SSE , and E.ON , reiterating "buy" ratings on the stocks but lowering their price targets by 2% and 12%.

Organizations: Deutsche Bank, E.ON, Fineco Bank Locations: Swiss, Enel

They come as New Jersey continues to grow as a hub of opposition to offshore wind projects from residents' groups and their political allies, mostly Republicans. The state's Democratic governor and Democratic-controlled Legislature want to make the state the East Coast leader in offshore wind energy. “Our goal is to bring offshore wind energy monitoring activities into this partnership. Opponents of offshore wind blame the deaths of 70 whales along the East Coast since December on offshore wind site preparation work. Earlier this week, Republicans in the state Senate called for a moratorium on all offshore wind projects.

Persons: Doug Perkins, “, ”, Jon Hare, Perkins, David Shanker, ” Shanker, Wayne Parry Organizations: CITY, Democratic, East Coast, Grid Ventures, National Oceanic, Atmospheric Administration, Fisheries Science Center, NOAA, Atlantic City, National Marine Fisheries Service, Right Whales Coalition, Twitter Locations: N.J, New Jersey, Essen, Germany, New York, Long, , New York, Denmark, Ocean City, Atlantic, East Coast, American, Orsted, www.twitter.com

☆ 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

However, as government policies started to line up in the industry's favor in recent years, offshore wind developers unveiled a host of new project proposals, mostly off the U.S. East Coast. Many contracts for offshore wind projects have no mechanism for adjustment in the case of higher interest rates or costs. In New York, offshore wind developers also sought to boost the price of power produced at their projects. Norway's Equinor EQNR.OL and its partner BP (BP.L) are seeking a 54% increase for the power produced at three planned offshore wind farms - Empire Wind 1 and 2 and Beacon Wind. But the offshore wind industry is not fully satisfied.

Persons: Joe Biden, Kevin Lamarque, Eli Rubin, Rubin, Equinor, France's, Scott DiSavino, Nerijus, Nichola Groom, Simon Webb, Marguerita Choy Organizations: Federal, State, White, REUTERS, U.S ., Dominion, EBW Analytics, Reuters, U.S . Federal Reserve, Commonwealth, BP, Nichola, Thomson Locations: Washington , U.S, U.S, Europe, U.S . East Coast, Rhode, Virginia, Massachusetts, New York, Oslo, Culver City

☆ Selloff wipes off over $8 bln from Orsted's market value
▼ + stars: | 2023-08-30 | 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. REUTERS/Phil Noble/File Photo Acquire Licensing RightsMILAN, Aug 30 (Reuters) - A selloff in Orsted (ORSTED.CO) shares was set to erase over $8 billion from the market value of the world's largest offshore wind farm developer on Wednesday, according to Reuters calculations, based on LSEG data. The shares were last down by 25% in afternoon trading in their largest-ever daily drop after the Danish company said it may see U.S. impairments of $2.3 billion due to supply chain problems. Copenhagen's OMX 20 index (.OMXC20) was down 1.5%. Reporting by Danilo Masoni; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

Persons: Orsted, Phil Noble, Copenhagen's, Danilo Masoni, Amanda Cooper Organizations: REUTERS, Thomson Locations: Walney, Blackpool, Britain, Orsted, Danish

☆ 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

☆ 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

☆ 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

☆ Orsted to invest $68 bln in power capacity by 2030
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble/File PhotoOSLO, June 8 (Reuters) - Renewable energy group Orsted (ORSTED.CO) will invest 475 billion Danish crowns ($68.3 billion) to achieve a 2030 goal to install 50 gigawatts (GW) of power capacity, it said ahead of an investors' update later on Thursday. The Danish company said the plans were fully self-funded and it expected to exceed goals set in 2021 for earnings before interest, tax, depreciation and amortisation (EBITDA) as well as for return on capital employed (ROCE). "We're on track to outperform our previous EBITDA and ROCE targets for 2020-2027, confirming the significant value in our portfolio of renewable projects," Chief Executive Mads Nipper said in a statement. 1 offshore wind farm developer by gigawatt capacity, operates 15.5 GW of renewable energy assets. Capacity of 4.9 GW is under construction and projects representing another 10.6 GW have been awarded, it said.

Persons: Orsted, Phil Noble, Mads Nipper, Bernstein, Terje Solsvik, Essi Lehto, David Goodman, Barbara Lewis Organizations: REUTERS, Thomson Locations: Walney, Blackpool, Britain, OSLO, Danish

☆ Adidas will sell some leftover Yeezy inventory instead of burning it, CEO says
▼ + stars: | 2023-05-11 | by ( Jessica Golden | ) www.cnbc.com time to read: +2 min

Adidas intends to sell part of its leftover Yeezy inventory and donate the money to charities that were harmed by Ye's anti-Semitic comments, the company's chief executive said Thursday. Gulden took the helm of Adidas on Jan. 1, following CEO Kasper Rorsted's departure. Adidas' most recent earnings beat expectations but were weighed down by Yeezy inventory piling up. The company parted ways with Ye in October following months of bizarre behavior and antisemitic comments from the hip hop artist. The split left Adidas with inventory levels of $500 million worth of sneakers, with selling value of over $1 billion, according to the company.

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