As the Danish renewable energy company Ørsted battled to restore its reputation following a bruising year, a rival across the North Sea had the company in its sights. After months of quietly buying Ørsted shares, Norway’s state-owned oil and gas giant Equinor revealed in October that it now had a 10 per cent stake, promising to be a “supportive” shareholder. The move was hardly unusual in Europe’s fiercely competitive energy market.
Early that November, when Ørsted said it would walk away from two huge offshore wind projects in New Jersey, triggering some $4bn in impairments, its shares tumbled almost 30 per cent. The subsequent 12 months have been rough: the company announced that its finance chief and chief operating officer would leave, a suspension of dividends, a downgrade to its renewables target to 35-38GW by 2030 and up to 800 job cuts. It also pulled out of offshore wind markets in Norway, Spain and Portugal.
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