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Q3 2023 Orsted A/S Earnings Call Transcript
Welcome to this Orsted Q3 2023 Earnings Call. This call is being recorded. (Operator Instructions) Today's speakers are Group President and CEO, Mads Nipper; and CFO, Daniel Lerup. Speakers, please begin.
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Thank you very much and welcome to this earnings call for our third quarter of 2023. Since our announcement on August 29 where we anticipated an impairment of up to DKK 16 billion, several developments of both positive, but regrettably most negative have materialized in our U.S. offshore projects. These include developments on expected ITC qualification, unsuccessful OREC petition in New York, continued increase of long-dated interest rates and additional supply chain costs. And based on this development, we have decided to cease the development of Ocean Wind 1 and Ocean Wind 2. The sum of these developments is a highly unsatisfactory situation where the net result of impairments at Q3 are materially higher than estimated end
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