\n<\/p>\n
One of the world\u2019s biggest windfarm developers will cut its workforce by a quarter in the next two years after a series of setbacks for the industry.<\/p>\n
Danish wind giant \u00d8rsted plans to remove about 2,000 positions from its 8,000-strong workforce by the end of 2027 through a combination of redundancies, natural attrition and selling off parts of its business.<\/p>\n
The Oslo-headquartered company, which employs more than 1,200 workers in the UK, plans to make 500 redundancies by the end of the year, including 235 in its home market.<\/p>\n
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Privacy Notice: <\/strong>Newsletters may contain information about charities, online ads, and content funded by outside parties. If you do not have an account, we will create a guest account for you on theguardian.com to send you this newsletter. You can complete full registration at any time. For more information about how we use your data see our Privacy Policy. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply.<\/span><\/p>\n after newsletter promotion<\/p>\n \u00d8rsted boss Rasmus Errboe set out his plan to shrink the company weeks after the Trump administration caused its share price to plunge to an all-time low by ordering an immediate halt to work on a near-complete windfarm off the coast of Rhode Island.<\/p>\n The developer, which is 50% owned by the Danish state, was forced to fundraise more than $9bn after the political hostility in the US made it more difficult to attract investors for its pipeline of projects.<\/p>\n The order to down tools dealt a blow to \u00d8rsted, which earlier this year cancelled plans to build one of the UK\u2019s largest offshore windfarms, saying it no longer made economic sense due to high inflation and soaring costs in the industry\u2019s global supply chain.<\/p>\n Although a US court last month allowed the company to restart work on the Revolution Wind project in Rhode Island, \u00d8rsted intends to refocus its business on Europe\u2019s offshore wind sector \u2013 and select markets in Asia \u2013 once it has completed its existing pipeline of global projects.<\/p>\n Rasmus Errboe, chief executive of \u00d8rsted, said on Thursday that the group needed to be \u201cmore efficient and flexible\u201d.<\/p>\n He said: \u201cThis is a necessary consequence of our decision to focus our business and the fact that we\u2019ll be finalising our large construction portfolio in the coming years \u2013 which is why we\u2019ll need fewer employees.\u201d<\/p>\n \u201cAt the same time, we want to create a more efficient and flexible organisation and a more competitive \u00d8rsted, ready to bid on new value-accretive offshore wind projects,\u201d he said.<\/p>\n The company\u2019s market value has increased slightly since it fell to all-time lows of 99.54 Danish kroner in August, but remains 53% lower this time last year. Its share price fell to 119DKK (\u00a313.8) on Thursday, down 2.6% from the day before.<\/p>\n","protected":false},"excerpt":{"rendered":" One of the world\u2019s biggest windfarm developers will cut its workforce by a quarter in the next two years after a series of setbacks for the industry. Danish wind giant \u00d8rsted plans to remove about 2,000 positions from its 8,000-strong workforce by the end of 2027 through a combination of redundancies, natural attrition and selling<\/p>\n","protected":false},"author":1,"featured_media":27140,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50],"tags":[752,304,10950,1664,3116,962,10868,1958,4742],"class_list":{"0":"post-27139","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-environment","8":"tag-biggest","9":"tag-cut","10":"tag-developers","11":"tag-power","12":"tag-quarter","13":"tag-wind","14":"tag-windfarm","15":"tag-workforce","16":"tag-worlds"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/27139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27139"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/27139\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/27140"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}