Due to rising costs, Ørsted has had to pause significant projects in offshore wind and hydrogen. It had locked in electricity prices on large projects before the costs increased. In the US, it overestimated the federal government tax credits. It is now trying to raise $16.1 bln by the end of the decade by selling stakes in wind farms and other assets.

The tender for three wind farms didn’t offer subsidies or fixed prices like some others in Europe and in the UK. That left developers susceptible to market prices that can hit zero or even turn negative when conditions are windiest. Danish company Orsted also cited high interest rates, inflation and supply-chain bottlenecks as reasons for not bidding.