Wednesday, August 30, 2023

Orsted Falls 20% - Go Green Go Broke!

Denmark's Orsted (ORSTED.CO), the world's largest offshore wind farm developer, said on Wednesday it may see U.S. impairments of 16 billion Danish crowns ($2.3 billion) due to supply chain problems, soaring interest rates and a lack of new tax credits.

Orsted's share price tumbled 20% to its lowest level in more than four years and is down almost 70% from its 2021 peak.

"The situation in U.S. offshore wind is severe," Chief Executive Mads Nipper told reporters on a conference call.

Orsted said the company's discussions with "senior federal stakeholders" on obtaining more U.S. tax credits for its offshore wind projects had not progressed as expected, which in turn could lead to impairments of another 6 billion crowns.

A company that relies on tax credits to survive is not viable, a country that squanders billions on tax credits for such companies will not survive.

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