Ørsted withdraws from key markets

Offshore Windanlage vor der Küste der Niederlande — The offshore wind industry is struggling with rising costs and declining revenues.

Offshore wind turbine developer Ørsted plans to cut 800 jobs and withdraws from key markets. Turbine manufacturer Vestas, on the other hand, is optimistic about the new fiscal year.

Ørsted, the world’s largest wind turbine developer, plans to lay off 800 employees and withdraw from the Portuguese, Norwegian and Spanish markets. The Danish company announced the move on Wednesday. The company plans to install only 35 to 38 gigawatts of new wind turbines by 2030. It previously had a target of 50 gigawatts, as reported by Bloomberg.

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