Renewable energy company Orsted triples second-quarter loss

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Burdened by delayed and abandoned projects, Danish renewable energy company Orsted on Thursday reported a tripling of its net loss in the second quarter, sending its shares into a tailspin.

From April to June, Ørsted reported a net loss of 1.68 billion Danish kroner ($249 million), compared with a net loss of 538 million a year earlier.

Revenues rose by three percent to 15 billion crowns in the same period, while impairment losses for the quarter amounted to 3.9 billion crowns.

Ørsted shares fell seven percent in trading on the Copenhagen Stock Exchange.

The group announced its decision to scrap a green fuel project for container ships, partly due to its rising costs, and lamented delays to an offshore wind project in the United States, which is scheduled to start operating in 2026 rather than 2025.

The announcements follow the cancellation of a massive offshore wind project in the United States in 2023 and Ørsted’s announcement in February that it would scale back its investment.

In February, in order to strengthen its financial position, Ørsted announced that it would not pay a dividend for the financial years 2023-2025.

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