“Orsted is a big player in the renewables world and was one of the frontrunners, so there is a conception in the market that what the company is facing today are actually issues that could be seen across other developers,” said ABN Amro Bank NV strategist Larissa Fritz.
As the German government scrambles to prop up Siemens Energy AG, another major European wind firm faces its own moment of truth after warning of billions of euros in writedowns.
Orsted A/S, which raised the alarm in the sector this summer with possible impairments of as much as 16 billion Danish kroner (US$2.3 billion) to its US portfolio and a 46% share price loss this year, publishes earnings on Wednesday. It’s also under pressure to make a decision on a UK project before the end of December after other firms stalled on the country’s wind industry amid surging costs and rising interest rates.
