TSX:NPI - Post Discussion
Post by
BayWall on Nov 01, 2023 6:45am
Follow the leader & where's the security?
Nov 1 (Reuters) - Renewable energy firm Orsted (ORSTED.CO) on Wednesday halted the development of two U.S. offshore wind projects and said related impairments could spiral to as much as 39.4 billion Danish crowns ($5.58 billion).
The stock, which had dropped about 40% since August, plunged another 22% in early trade today.
Orsted, the world's largest offshore wind developer, said it would stop developing its 2,248-megawatt (MW) Ocean Wind 1 and 2 projects in New Jersey as part of an ongoing review of its U.S. offshore wind portfolio.
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Need security for offshore wind farms. Who will pay? No developer has made any cost provisions. North Sea countries to aim to quadruple offshore wind, security plans vague.
- Most governments say offshore developers should pay for security
- Developers say states should pay to protect territorial waters
- Spate of recent acts of sabotage underlines risks.
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Rueters (Oct 26, 2023)
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