Ørsted Takes $1.7B Charge in Q4 Citing Decline in Value of US Seabed Leases

Ørsted which is focused on offshore and onshore wind farms, solar farms, energy storage facilities, renewable hydrogen and green fuels facilities, disappointed investors by announcing on Monday, January 20, an additional $1.7 billion in impairment charges. The company cited developments relating to the interest rate increases, the declining value of its U.S. seabed leases, and costs related to the construction of Sunrise Wind, a project located roughly 30 miles off the coast of New York.

“The impairments announced today, and especially the continued construction challenges, are very disappointing,” said Mads Nipper, Group President and CEO of Ørsted. He however noted, “We remain committed to the U.S. market in the long term with its potentia…