Orsted Announces Major Restructuring Amid Financial Struggles

The Danish wind energy giant plans to cut up to 800 jobs, suspend dividends, and exit several markets to counteract spiraling costs and losses.

Orsted, facing significant financial challenges, is set to cut hundreds of jobs and suspend dividend payments until 2025.
The company will also pull out of international markets in Norway, Spain, and Portugal, focusing on core territories.
Orsted's financial results for 2023 were heavily impacted by impairments on U.S. offshore projects, leading to substantial losses.
The firm's revised business strategy aims to reduce its wind farm output target from 50 gigawatts to 35-38 gigawatts by 2030.
Shares of Orsted have plummeted, reflecting investor concerns over the company's financial health and operational challenges.