Danish group Oersted revises downwards its wind generation capacity targets

The Danish group Oersted, the world's leading developer of offshore wind projects, has revised its offshore wind development targets downwards. The company is also to make 800 people redundant and suspend dividend payments. Whereas Oersted had planned to develop 50 GW of offshore wind capacity by 2030, it now plans to develop only 35 to 38 GW. Oersted's share price has lost 70% of its value since its high in 2021. The group, which is 50.1% owned by the Danish government, has been hit hard by the rising cost of wind energy components and rising interest rates.