Orsted’s New CEO Slashes 2030 Investment Plan by a Quarter (3)

Orsted A/S cut its investment plans by 25% through 2030 as the struggling offshore wind giant seeks to put its finances on a healthy footing after a series of costly missteps in recent years.

The move is the first drastic step by new Chief Executive Officer Rasmus Errboe to sacrifice some of Orsted’s growth ambitions to deliver more reliable returns. His predecessor Mads Nipper left just days ago after failing to revive the company hurt by soaring costs and rising interest rates.

The Danish firm will only focus on its most profitable projects in the coming years, it said late ...