Danish firm Orsted halts huge UK offshore wind farm project
Danish renewables firm Orsted said Wednesday it was shelving plans to build a massive wind farm off the UK coast due to rising costs, dealing a setback to Britain's clean energy goals.
The 2 400-megawatt Hornsea 4 project would have complemented two existing Orsted wind farms and a third under construction.
But Orsted said in a statement that the project "has seen several adverse developments", including rising supply chain costs, higher interest rates and an increased risk in building it on the planned timeline.
"We've decided to discontinue the development of the Hornsea 4 project in its current form," Orsted chief executive Rasmus Errboe said.
"The adverse macroeconomic developments, continued supply chain challenges, and increased execution, market and operational risks have eroded the value creation," he added.
The existing Hornsea 1 and 2 wind farms and the Hornsea 3 project will have a combined capacity exceeding five gigawatts.
Orsted said shelving the Hornsea 4 project would cost the company between 3.5 billion and 4.5 billion kroner ($533 million and $685 million).
"I'd like to emphasise that Orsted continues to firmly believe in the long-term fundamentals of and value perspectives for offshore wind in the UK," Errboe said.
"We'll keep the project rights for the Hornsea 4 project in our development portfolio, and we'll seek to develop the project later in a way that is more value-creating for us and our shareholders."
The British government said it would work with Orsted to revive the project.
"We recognise the effect that globally high inflation and supply chain constraints are having on industry across Europe," said a spokesperson for Britain's Department for Energy Security and Net Zero.
"We will work with Orsted to get Hornsea 4 back on track," the spokesperson said.
Orsted was already dealt a $4 billion blow in 2023 when it cancelled wind farm projects in the United States, a crucial market for the group.
Now the entire sector faces a major challenge in the United States after President Donald Trump froze federal permitting and loans for all offshore and onshore wind projects.
Orsted also reported first-quarter results on Wednesday showing sales rose eight percent to 20.7 billion kroner, lower than the 21.7 billion kroner forecast by analysts surveyed by financial data firm FactSet.
Its net profit, however, nearly doubled to 4.8 billion kroner.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Car and Driver
an hour ago
- Car and Driver
Report: Most 2026 BMW Models Will Receive a Price Hike on July 1
BMW will raise prices on many of its 2026 models starting on July 1, according to a report from CarsDirect. The increase will amount to about 2 percent of the existing MSRP, with the price hike ranging from $1100 to $2500. Several models will escape the price bump, including the 2026 iX SUV and 2026 M2 coupe. The vast majority of BMW models will likely get more expensive starting next month. As reported by CarsDirect, a bulletin was sent to BMW dealerships last week stating that the MSRP of most 2026 BMW models will go up by 1.9 percent beginning on July 1, 2025. The price increases will reportedly not affect 2025 BMW inventory. BMW has so far released pricing for many, but not all, of its 2026 model year lineup, with pricing for models such as the 7-series, X1, and 2-series not yet available. The nearly 2 percent price increase also won't affect every model in BMW's lineup. The main exceptions are its 2026-model-year EVs, the i5 and the iX. (Pricing for the 2026 i4 and i7 has not been published.) The Alpina XB7, 2026 2-series Gran Coupe, and 2026 M2 are also reportedly unaffected. BMW On the top end, the price hikes amount to $2500 for models such as the X5 M, which rises from $127,200 to $129,700, according to CarsDirect. The lowest increases are for the 4-series Coupe and Z4 roadster, which each see a bump of $1100. These figures exclude the destination fee, which Car and Driver reports as part of the price, and it's unclear if the freight charge will change for any BMW models when the calendar turns to July. CarsDirect says the bulletin doesn't blame the import tariffs implemented by the U.S. government for the price hikes, instead stating that the rises are "in line with past pricing communications, and account for inflation and enhancements to standard equipment where applicable." Slight increases in the MSRP are common for new model years, but we wouldn't be surprised if the tariffs are also playing a factor. A previous report from Automotive News stated that BMW wouldn't raise prices on imported models until the end of June. We've reached out to BMW for comment regarding these reported price increases and will update the story if we hear back. Caleb Miller Associate News Editor Caleb Miller began blogging about cars at 13 years old, and he realized his dream of writing for a car magazine after graduating from Carnegie Mellon University and joining the Car and Driver team. He loves quirky and obscure autos, aiming to one day own something bizarre like a Nissan S-Cargo, and is an avid motorsports fan.
Associated Press
an hour ago
- Associated Press
Electric Metals Announces Termination of Agreement With Terrella Capital
TORONTO, ON / ACCESS Newswire / June 6, 2025 / Electric Metals (USA) Limited ('EML' or the 'Company') (TSXV:EML)(OTCQB:EMUSF) announces that the Company and Terrella Capital Ltd. ('Terrella') have mutually agreed to terminate their business consulting services agreement, originally announced on April 15, 2025. The agreement was formally terminated effective May 27, 2025. In connection with the termination, the 250,000 stock options previously contemplated for grant to Terrella under the agreement have been cancelled and will not be issued. About Electric Metals (USA) Limited Electric Metals (USA) Limited (TSXV: EML) (OTCQB: EMUSF) is a US-based mineral development company with manganese and silver projects geared to supporting the transition to clean energy. The Company's principal asset is the Emily Manganese Project in Minnesota, the highest-grade manganese deposit in North America, which has been the subject of considerable technical studies, including National Instrument 43-101 Technical Reports - Resource Estimates. The Company's mission in Minnesota is to become a domestic US producer of high-value, high-purity manganese metal and chemical products to supply the North American electric vehicle battery, technology and industrial markets. With manganese playing a critical and prominent role in lithium-ion battery formulations, and with no current domestic supply or active mines for manganese in North America, the development of the Emily Manganese Project represents a significant opportunity for America, the State of Minnesota and for the Company's shareholders. For further information, please contact: Electric Metals (USA) Limited Brian Savage CEO & Director (303) 656-9197 or Valerie Kimball Director Investor Relations 720-933-1150 [email protected] Forward-Looking Information This news release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking information') within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words 'believes,' 'may,' 'plans,' 'will,' 'anticipates,' 'intends,' 'could', 'estimates', 'expects', 'forecasts', 'projects' and similar expressions, and the negative of such expressions. Such statements in this news release include, without limitation: the ability of the Company to complete the Offering; the size, terms and timing of the Offering; participation in the Offering by insiders of the Company; the timing and receipt of TSXV and other approvals required in connection with the Offering; the intended use of proceeds of the Offering; the Company's mission to become a domestic US producer of high-value, high-purity manganese metal and chemical products to supply the North American electric vehicle battery, technology and industrial markets; that manganese will continue to play a critical and prominent role in lithium-ion battery formulations; that with no current domestic supply or active mines for manganese in North America, the development of the Emily Manganese Project represents a significant opportunity for America, Minnesota and for the Company's shareholders; and planned or potential developments in ongoing work by Electric Metals. These statements address future events and conditions and so involve inherent risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such risks include, but are not limited to, the failure to obtain all necessary stock exchange and regulatory approvals; investor interest in participating in the Offering; and risks related to the exploration and other plans of the Company. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, updated conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE: Electric Metals (USA) Limited press release
Associated Press
an hour ago
- Associated Press
Sire Search Identifies Top 5 Platforms to Boost Biotech Career Growth
Hey, biotech folks! Whether you're a lab whiz itching to land your next role in drug discovery or a hiring manager hunting for the perfect candidate to boost your startup, the life sciences world is buzzing with potential. But, real talk—finding the right job or talent in this fast-moving industry can feel like trying to spot a single cell under a microscope. Overwhelming, right? That's were specialized recruitment websites swoop in like career superheroes. I've rounded up the five best platforms to help you navigate the biotech job maze, and guess what? SIRE Searchis leading the charge with its sharp, tailored approach. Let's dive in and see why these sites are your new allies for crushing it in biotech! 1. – Your Career's Guide A recruitment platform that feels like it knows you better than your lab partner. That's SIRE Searchin a nutshell. Based in Haarlem, Netherlands—a charming spot, by the way—SIRE has been shaking up the life sciences scene since 2012. Whether you're into pharmaceuticals, medical devices, or even fast-moving consumer goods (yep, they've got that covered), SIRE's the place to find your next career win. Their reverse recruitment approach is like a secret weapon. Instead of tossing a pile of job listings your way, they do the heavy lifting first. Using data and market insights, their team—packed with recruiters who actually get biotech—handpicks roles that match your skills and goals. One Trustpilot reviewer raved, 'SIRE landed me a job that's spot-on for my expertise. They were quick and genuinely cared!' With a 4-star rating, they're clearly hitting the mark. 2. – The U.S. Biotech Hub Let's zip over to the States for BioSpace, a heavyweight for biotech and pharma jobs. With over 4,000 active listings, this sites like a treasure chest for anyone looking to dive into or climb higher in the U.S. biotech scene. From lab techs to execs, BioSpace has roles for every step of your journey. What's the deal with BioSpace? It's more than a job board—it's a whole community. You can narrow down searches by niche (like gene therapy or clinical trials) or location, so you're not stuck scrolling through irrelevant posts. They also dish out extras like industry updates, career tips, and their 'Best Places to Work' report, which is like a VIP list for biotech companies. The downside? It's mostly U.S.-focused, so it doesn't have SIRE's global reach. But for North American job seekers, BioSpace is a goldmine. 3. – Your Global Career Connector Dreaming of a biotech career that takes you worldwide? Meet Preclinical. With offices in places like the UK, Singapore, and the U.S., this platform hooks up candidates with roles in everything from drug development to regulatory affairs. It's like having a friend who knows the hottest jobs on every continent. Proclinical's strength is precision. Their recruiters dig into what employers need—skills, culture, the whole package—and match that with a huge candidate network. It's like they're playing career matchmaker, and they're good at it. They don't have SIRE's data-driven reverse recruitment trick, but their global scope is a big win for anyone wanting to think beyond borders. Plus, their blog's full of practical tips, like how to tweak your CV or nail an interview, which is super handy. 4. – The Science Lover's Hangout Next up is New Scientist Jobs, the friendly, all-purpose spot for science buffs. It covers a range of fields, but its biotech section is packed with roles in areas like vaccine research or molecular biology. Whether you're in Europe, the U.S., or elsewhere, this platform's global vibe makes it a welcoming place to explore. Why's it worth your time? It's easy to navigate, with filters to zero in on jobs by expertise or location. Their blog's a gem, too, with career advice and industry scoops that keep you in the loop. It's not as biotech-focused as SIRE, so you might need to sift a bit to find the right role. But if you're curious and love poking around, New Scientist Jobs is a solid bet. 5. – The Job-Finding Shortcut Last up is BioPharmGuy, the quirky underdog we're rooting for. Instead of hosting job listings, it points you straight to biotech company career pages, helping you dodge crowded job boards and find hidden opportunities. It's like a map of buried treasure. You can search by region or niche—like cell therapy or diagnostics—which makes it easy to target your sweet spot. The catch? It's more of a DIY experience, so you won't get the hands-on support you'd find with SIRE's recruiters. But for those who enjoy a bit of career sleuthing, BioPharmGuy is a clever tool to stand out. Why SIRE Search Takes the Crown? Let's give a shoutout to SIRE Searchfor stealing the show. Their reverse recruitment strategy is like having a career coach who's always one step ahead. By tapping into data and market trends, they find roles that fit you like a perfectly calibrated pipette. Their recruiters are biotech enthusiasts who speak your language and genuinely care about your next step. SIRE's focus on Europe—where biotech is thriving—gives them the edge, with connections to everyone from tiny startups to massive corporations. One candidate on Trustpilot said, 'SIRE made my job search feel effortless. They found me a role that's exactly where I want to be.' Employers love them, too, thanks to their knack for delivering candidates who nail both the skills and the vibe. Whether you're after a temp role or a corner office, SIRE's your partner in crime. 5 Tips to Nail Your Biotech Job Hunt Ready to hit these websites and land your dream role? Here's how to make it happen: Let's Wrap It Up The biotech world is full of possibilities, and these websites are your key to unlocking them. SIRE Searchleads the pack with its smart, personalized approach and deep love for life sciences. BioSpace, Preclinical, New Scientist Jobs, and BioPharmGuy are also stellar, each bringing their spark to the table. So, spruce up that resume, dive into these platforms, and get ready to make waves in biotech. Your next big opportunity is out there—grab it! Media Contact Company Name: Sire Search Email: Send Email Address:Staten Bolwerk City: 12011 MK Haarlem Country: Netherlands Website: Press Release Distributed by To view the original version on ABNewswire visit: Sire Search Identifies Top 5 Platforms to Boost Biotech Career Growth
