Ørsted Swings to Loss as US Tariffs Hit Offshore Wind

Ørsted, the world’s largest offshore wind developer, has reported a sharp setback, swinging to a net loss of 1.7 billion Danish crowns ($265.5 million) in the third quarter, as U.S. trade barriers and project halts weighed heavily on its operations.

The Danish energy major, once hailed as a symbol of the global clean energy transition, has now seen its shares tumble nearly 85% since their 2021 peak. The slump reflects a storm of challenges — from soaring project costs and supply chain delays to political resistance and renewed protectionist policies in the United States.

A key blow came from Washington, where President Donald Trump’s administration reinstated tariffs on critical renewable components and suspended licensing for new offshore wind developments. The move disrupted several Ørsted projects, including the major Revolution Wind project off the U.S. East Coast, which remains under a stop-work order.

Ørsted said it booked impairment losses of 1.8 billion crowns in the quarter, citing “increased tariffs in the U.S. and negative impact from the stop-work order,” though the company noted that falling interest rates provided a modest offset.

Despite the heavy losses, the company’s performance was slightly better than feared. Analysts had expected a deeper 1.95 billion crown loss, while Ørsted posted an EBITDA of 3.06 billion crowns, below forecasts but a sign that its European portfolio is still generating stable returns.

The latest results underline how the world’s top wind energy firm is grappling with a tougher geopolitical and financial climate, where clean energy ambitions continue to clash with economic headwinds and shifting political priorities.