
Shares were 0.7% higher in European trade
Orsted to cut 2,000 jobs as Trump’s offshore wind battle continues

Beleaguered wind farm operator Orsted announced Thursday that it intends to reduce its workforce by a quarter toward the end of 2027, in a bid to become more competitive and refocus its efforts on Europe.
Shares were 0.7% higher in European trade on Thursday. The stock came under pressure earlier this year amid concerted efforts from the White House to reduce renewable energy generation in the United States.
On his first day in office, U.S. President Donald Trump signed an executive order suspending new or renewed onshore and . He also told reporters earlier this year that during his presidency, America was “not going to do the wind thing.”
Over the summer, the Trump administration ordered Orsted to halt construction on its Revolution Wind project off the coast of Rhode Island — which was 80% complete and set to power more than 350,000 homes. A U.S. court overturned that order last month.
In September, Orsted cut its full-year guidance, citing lower-than-normal offshore wind speeds across its offshore portfolio.
“Today, we’ve told our employees that from now and until the end of 2027, we’ll be saying goodbye to many skilled and valued colleagues who’ve contributed greatly to Ørsted,” Rasmus Errboe, the company’s CEO, said in a statement on Thursday.