Global offshore wind pacesetter Orsted today (Wednesday) unveiled a major downgrade in its ambitions including a reduced renewables build target, job cuts, an exit from some markets and “leaner development” in floating wind.

Orsted – which has been under huge pressure to sort its strategy out since its US project portfolio unravelled – told investors it will:

  • Aim for 35-38GW of capacity by 2030, down from a current target of 50GW and up from 15.7GW