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Prospects Dim for Denmark’s Renewable Energy Star
Orsted, a Danish wind farm developer, has been hammered by high costs and President Trump’s efforts to stymie renewable energy. Its struggles are rippling across Denmark.
Stanley Reed, who has covered the growth of offshore wind since 2012, reported from London.
For the Danish wind farm developer Orsted, the bad news has not stopped. Once on its way to becoming a giant of renewable energy, the company is now shrinking in everything from stock market value to ambition.
The reversal of fortune comes amid a broad downturn in the offshore wind industry set off by rising construction costs and interest rates after the pandemic and exacerbated by President Trump’s dislike of wind farms.
Orsted, which helped create and dominated the offshore wind industry, has felt a huge impact from these setbacks. The company said last week that it would lay off 2,000 people, or 25 percent of its staff, over the next two years.
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Stanley Reed reports on energy, the environment and the Middle East for The Times from London. He has been a journalist for more than four decades.
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