Orsted A/S (CPH: ORSTED) shares slumped to their lowest level in six years after the Danish utility dropped two US wind projects and recorded 28.4 billion kroner ($4 billion) in impairments as the crisis in the wind industry is only getting worse.
As the German government scrambles to prop up Siemens Energy AG, another major European wind firm faces its own moment of truth after warning of billions of euros in writedowns.
A report by the Global Underwater Hub (GUH) released today has emphasised the strength of the UK supply chain but warns a continuing lack of project surety is impeding necessary investment.
The European Union launched a wind power package on Tuesday to counter the growing influence of China and spur its own industry, as the bloc focuses more firmly on China as the biggest threat to its clean-tech industry.
(Bloomberg) - The best option for Sweden to mitigate a power crunch in the second half of this decade is to speed up approvals for offshore wind parks, said an executive with Orsted A/S, the world’s biggest developer of those sites.
The European Union will pledge to prop up its wind industry in the face of toughening global competition, supply-chain bottlenecks and financing concerns to ensure that the bloc can meet ambitious climate and sustainable growth plans.
The bid deadline for the Utsira Nord offshore wind zone has been delayed to 2024, while the deadline for Sørlige Nordsjø II has also been pushed back due to changes in the bidding criteria.
OEG chief executive officer John Heiton said the company is targeting up to 12 acquisitions in the offshore wind sector.
“BP is paying half a billion pounds per year” on its 3 GW commitment. “It will take not less than six years, although they say it will take four. No project has been developed that fast,” Gorski said.
The chief executive officer of Norwegian renewable energy company Statkraft has stepped down after 14 years in the position.
The European Union is planning to unveil measures to help its ailing wind sector next month, after supply-chain bottlenecks and higher financing costs have put a brake on projects.
A new study will determine the potential for shared floating platforms used by offshore wind and wave energy devices.
The Norwegian government has announced plans to assess the opening of three new offshore wind areas which could be available for tender from 2025.
Aberdeen’s floating wind crown has been passed to Norway today as the world’s largest project, Hywind Tampen, officially opens.
RWE has designated DeepOcean as a preferred supplier for subsea installation services at the Nordseecluster A offshore wind development.
A pragmatic approach based on alliances with established European contractors is the best way to learn quickly.
Ireland has officially launched its Maritime Area Regulatory Authority (MARA), alongside a plan to open an area for renewables development off the republic’s southern coast.
TotalEnergies and BP were awarded rights for 7GW worth of offshore wind concessions in German waters, paying more than €12bn to secure the areas.
Orsted's £8bn Hornsea Three wind farm is a prime example, and a number of others globally have been "re-shuffled and refocused."
Siemens Energy AG is struggling to contain the fallout after discovering a main piece on the frame of its wind turbine can move or twist over time.
First electricity has been produced by a Dutch offshore wind farm, co-developed by London-listed supermajor Shell (LON: SHEL).
DTEK, Ukraine’s largest private energy investor, has cut the ribbon on a new wind farm, less than 100 miles from the Russian front.
Aberdeen-based North Star is expected to create around 200 seafaring jobs with the order of a series of new construction ships for the offshore wind industry.
Well, they’ve signed the pledge; taken vows that they will drastically accelerate the North Sea’s offshore wind capacity to 300 Gigawatts by 2050, with a near-term target of 120GW by 2030.
Small is beautiful but it’s also nice to be part of something bigger. That applies to many aspects of life and is certainly a sound basis for energy policy which always has to be underpinned by security of supply.