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Ørsted’s Mads Nipper steps down as President and CEO

Rasmus Errboe has been appointed as the new CEO and Group President of the Danish renewable energy company Ørsted after Mads Nipper left his position on 1 February.

Mads Nipper joined Ørsted in January 2021 and announcing his departure, Lene Skole, Chair of Ørsted’s Board of Directors, commented: ‘The renewable energy market has fundamentally changed since January 2021. The impacts on our business of the increasingly challenging situation in the offshore wind industry, ranging from supply chain bottlenecks, interest rate increases, to a changing regulatory landscape, mean that our focus has shifted.’

Rasmus Errboe has taken on the role of CEO after serving as the group’s Deputy CEO and CCO. He was previously Regional Head of the European market for Ørsted and former CFO for the company’s global offshore business.

Errboe commented: ‘Ørsted has a strong foundation with unique capabilities, and I’m looking forward to taking the lead on the transformation necessary to navigate the headwinds that Ørsted and our industry currently face. Offshore wind remains crucial for the green transition, and we’re deeply committed to pursuing our vision of a world that runs entirely on green energy.’

Mads Nipper said on his departure from the company: ‘Leading Ørsted through four challenging yet rewarding years has been a great privilege. Despite the obstacles we’ve faced, we’ve achieved many significant milestones, and I’m immensely proud of our colleagues’ efforts and dedication.’

Last August Ørsted announced that it had decided to end its FlagshipONE project because the liquid e-fuel market in Europe ‘is developing slower than expected.’

A final investment decision on the project had been taken in 2022 but last year Ørsted said that: ‘While we were aware of the substantial uncertainties and risks associated with the development of a pioneering and immature liquid e-fuel project and market at the time of the FID, it was a strategic choice to take a leading position in shaping the industry.’

At the time, whilst emphasising its belief in the long-term market for e-fuels, the company said that ‘industrialisation of the technology as well as the commercial development of the offtake market have progressed significantly slower than expected.’

Ørsted will publish its annual report for 2024 on Thursday, 6 February 2025.     

Image: Shutterstock

Lesley Bankes-Hughes

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