We expected Ørsted would pause to take stock and go back to basics to rebuild its credibility. Its latest capital markets update shows it has done exactly that. Ørsted cut back its growth expectations to 2030 by 25-30%, lowered portfolio risk and suspended dividends. Offshore wind remains core to the strategy. It will still be substantially bigger in 2030 than it is now. But the growth ambition is, rightly, not at the break-neck speed it once hoped for. There’s also more room for flexibility in capital allocation in the event of changing market conditions.