Orsted’s “value-focused” approach to its new business plan means less mature or slow-moving offshore wind markets may be dropped from the company’s investment portfolio – with its former floating wind ambitions in Norway, Spain and Portugal the first to take the fall.

Soaring costs on US offshore projects led Orsted to absorb heavy impairments and additional costs for terminating contracts last year, especially on the ill-fated Ocean Wind 1 project, the company acknowledged with publication of a revised business plan today (Wednesday).