Orsted says US Green Energy Demand Will Grow Regardless of Election Results

Orsted said that the demand for green power will continue to grow in the United States, regardless of the person who is elected as president. 

However, the group also pointed out construction issues and increased costs at an offshore wind farm in the United States.

The U.S. offshore industry is a young one, and it has already been affected by cancelled projects. Lease sales have also been put on hold. And there was a serious construction accident that occurred at the first major offshore project in the country.

As part of the administration of President Joe Biden, Democratic Vice-President Kamala Harris championed ambitious offshore energy targets.

She is locked in a close race with Republican Donald Trump who, if he wins the White House again, has promised to cancel offshore wind projects by executive order, claiming that wind turbines are bad for the environment, killing whales and birds.

Orsted, the world's largest offshore wind farm developer booked massive impairments last year for cancelled U.S. projects due to higher inflation, interest rates, and supply chain delays.

Orsted said that the lack of installation vessels, and the difficulties with installing a substation offshore at the 704 megawatt Revolution Wind project led to an increase in costs by 1.7 billion Danish crowns (approximately $248 million) during the third quarter.

The operating profit of the group fell by 14%, to 4,44 billion crowns. In a poll conducted by the company, analysts had forecasted an average of 4.61 billion crowns.

(Source: Reuters)