Wind Power Giants Warn of Another Challenging Year Ahead

Orsted, Siemens Energy, and Vestas – the three biggest wind power developers and turbine makers in the world – warned that last year’s challenges in the industry would continue this year and suspended dividends as they look to return to profitability and reduce costs. The wind industry, especially offshore wind, was plagued in 2023 by cost increases, rising interest rates, quality issues with turbines, and delays and cancelation of projects.

Ørsted is also exiting several offshore markets, including Norway, Spain, and Portugal, deprioritizing development activities in Japan, and planning for a leaner development within floating offshore wind and P2X. “In order to improve our competitiveness, ensure value creation, and ensure our ability to attract capital to the renewable build-out, we will make Ørsted a leaner and more efficient company,” CEO Mads Nipper said.

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