Orsted A/S shares dropped to a six-year low after New York regulators rejected a cost adjustment for offshore wind farms, prompting investor fears about a further writedown for one of the company’s US projects.
The New York Public Service Commission unanimously decided Thursday that developers must abide by the terms of existing contracts for projects, including Orsted’s Sunrise Wind, an 880-megawatt wind farm it’s developing with Eversource Energy. Offshore wind developers are being hit by the rising costs of materials, higher interest rates and inflation.
Orsted already warned of impairments of as much as 16 billion Danish kroner ($2.3 ...
