Orsted to cut 2,000 jobs as wind projects stall
Orsted, one of the world's biggest wind energy companies, just announced it's cutting about 2,000 jobs—roughly a quarter of its workforce—by 2027.
The move follows a big drop in Orsted's share price after a US wind project was paused by the Trump administration, forcing the company to raise over $9 billion and rethink its plans.
US court clears Rhode Island project to continue
Even though a US court has now cleared the Rhode Island project to continue, Orsted says it'll double down on offshore wind in Europe once current projects wrap up.
CEO Rasmus Errboe said the group needed to be "more efficient and flexible," especially after high inflation and supply chain issues led to major UK project cancelations.
Despite a slight rebound, Orsted's shares are still down 53% from last year, highlighting just how tough things have been for the company.