'We had to take radical action.' Denmark's Ørsted shifted from oil and natural gas to wind power. Many oil majors are looking to grow quickly in renewables.
As many oil companies now seek to follow suit, Ørsted is a case study on how hard the shift is. It took government intervention, years of subsidies and a wide-open competitive landscape for Ørsted to succeed. Shareholders and board members repeatedly questioned the strategy shift, and the costs ballooned the company’s debt, nearly derailing it.
Today, subsidies are falling, if they exist at all. Competition for new wind and solar projects is fierce. And returns are lower than most big oil developments.
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