The world's largest offshore wind developer has scaled back development targets and announced hundreds of job cuts as the renewable energy industry struggles under rising cost pressures.
Orsted is the company developing the Norfolk Coast Wind Farm. hornsea 3has also suspended payments to shareholders in an effort to strengthen its balance sheet.
Like the broader industry, Orsted has been hit by high inflation, interest rate hikes, project delays and supply chain issues in recent years.
The company plans to create up to 800 jobs. Most of the UK's offshore wind power Energy Capacity – Withdrawal from the wind power market in Spain, Portugal and Norway.
Read more from Sky News:
'Record decline in fossil fuel use' across UK and EU in 2023
The Danish company has revised its wind power targets downward. In order to reduce spending, the company aims to generate 35 to 38 gigawatts (GW) of electricity by the end of 2010, a downward revision from its previous target of 50 GW.
A gigawatt of energy can power about 1 million homes.
The announcement follows a UK auction to provide renewable energy. There were no bids.
The price offered was too low, so said the industry.
Orsted shares, which have fallen more than 30% in the past six months since September, were down 2% on Wednesday.
As a result, billions of dollars in company valuation were wiped out and stock prices hit five-year lows.