Energy

Orsted shares slump after Danish energy giant suspends dividends and cuts 800 jobs

The Danish wind power company has announced a major cost cutting drive after it was forced to book huge multibillion-dollar write-downs last year

Orsted will narrow its focus for offshore wind development

Shares in Orsted, the Danish renewable energy giant, slumped 2 per cent in early trading after the company announced it will suspend shareholder dividends until at least 2025, while also slashing up to 800 jobs in a major cost-cutting drive.

On Wednesday, Orsted updated investors with a new business plan following the major struggles the company has faced over recent years, which has forced the energy company to book massive write-downs on unfulfilled projects.

Mads ...