Ørsted warns of $2.3bn impairments in US offshore

Ørsted is expecting impairments of up to $2.3bn at its US offshore wind projects due to regulatory delays, supply chain issues and rising interest rates.

The company said its Ocean Wind 1, Revolution Wind and Sunrise Wind projects are being adversely affected by supplier delays; protected negotiations with federal government about additional investment tax credits for Ocean Wind 1 and Sunrise Wind; and the impact of rising interest rates.

However, it added that it planned to take final investment decisions on all three projects in late 2023 or early 2024. Ørsted's share price dropped by more than 20% after the announcement.

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