Offshore wind generates just 2% of global renewable power. In Denmark, turbines are everywhere
off the coast of Denmark, in the dark, churning North Sea, 91 white turbines slice through the air. The Scandinavian country is the birthplace of the offshore-wind industry. In 1991 the world’s first such electricity generators were erected there and, 11 years later, the first large-scale offshore wind farm, built with the help of a freighter previously employed to ferry bananas.
He set about shedding fossil-fuel assets and in 2013 sold an 18% stake to Goldman Sachs, a bank, for $1.2bn to help finance investment in wind.’s initial public offering in 2016 was that year’s second-biggest anywhere. Denmark’s government retained control through a 50.1% stake. But in other ways, the company had changed. To emphasise the metamorphosis, it renamed itself after Hans Christian Orsted, the Danish discoverer of electromagnetism.
The Danish firm got a head start by winning early contracts in Britain, which was offering rich subsidies. Britain’s introduction of auctions in 2014 made companies more cost-conscious. Like rival wind developers, Orsted now uses bigger turbines, which are cheaper to build and maintain than a larger number of small ones . But its focus on wind lets it seek out potential projects years before its generalist rivals, says Deepa Venkateswaran of Bernstein.
Not everything has gone smoothly. The sale to Goldman was so controversial it helped fell Denmark’s prime minister . Amid uncertainty about the effects of America’s shale boom, it took until 2017 for Orsted to offload its oil-and-gas business. Although the firm plans to phase out coal by 2023, it still runs some fossil-fuel power stations. Hans Christian’s descendants sued over the name.
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