Using appropriate strategic models, critically diagnose and analyse the external environment facing $$rsted in the development of its Strategy. $$rsted is a Danish renewable energy company known for its focus on offshore wind power, bioenergy, and other sustainable energy solutions. Formerly known as Danish Oil and Natural Gas $($Dong Energy$),$rsted was founded by the Danish state in the $1970$s to help develop the country$$s energy reserves as the Arab oil embargo raised fears over supplies. The company began moving away from fossil fuels in $2008.$ The shift to offshore wind was stimulated by a crisis as Dong$$s oil and gas plants were ailing. The then boss $$ Henrik Poulsen $$ saw wind as a strategic differentiator. To that end, it disposed of fossil fuel assets and changed its names to $$rsted after the Danish discoverer of electromagnetism. The plan for move fully away from fossil fuels was curtailed by the $2022$ Russian invasion of the Ukraine as the Danish government compelled the company to keep its remaining oil and gas power stations open until $2024.$ Nonetheless by $2019,$ the firm was the world$$s biggest offshore wind developer with a third of the capacity outside of China. By $2018,$ offshore wind was $90\%$ of profit and $80\%$ of capital employed for the business. Whilst a multi$-$play renewables supplier, it is in offshore wind where the $$rsted exhibits evident strategic leadership. By $2023,$ it was recognised as a global leader in this field developing and operating offshore wind farms. Its presence is most evident across the following regions. Europe: $$rsted has a significant presence in various European countries, including Denmark $($where it originated$),$ the United Kingdom, Germany, the Netherlands, and other nations around the North Sea and the Baltic Sea. North America: $$rsted has been expanding its operations in North America, particularly in the United States. It has been involved in offshore wind projects along the East Coast, including in states like Massachusetts, New Jersey, and Virginia. $$rsted made a big bet upon the US Market $($after initially entering the market in $2015)$ and paid $$510$ million in $2018$ for a string of projects across the Northeastern US$.$ This was supported by aggressive onshore wind farm development. Asia$-$Pacific: $$rsted has also shown interest in the Asia$-$Pacific region, particularly in Taiwan, where it has been involved in offshore wind projects and has plans for further expansion in countries like Japan and South Korea. Other Regions: $$rsted has been exploring opportunities in other parts of the world as well, including areas like Taiwan and potentially other emerging markets with a focus on renewable energy. This reflects a very aggressive international expansion strategy followed by $$rsted$.$ At the core of its strategy was to be a first mover within the sector and to use this to win an increased share of Offshore wind capacity as it expands through public policy to stimulate the energy transition away from systemic dependence upon hydrocarbons. This bet and early mover strategy on offshore wind did $$ for a long time $$ a pay off. Although costlier than onshore wind, offshore wind costs fell rapidly with these sites facing a lot less of the NIMBY hazards of their onshore equivalents and through a $55\%$ reduction in the cost of electricity generated from offshore wind between $2010$ and $2020.$ This strategic progress was aided by the winning of early contracts in the UK $($which offered large subsidies$)$ and with its auctions making the company very cost conscious. To this end, it is now using bigger turbines, which are cheaper to build and maintain. Moreover, its focus on wind allows it to seek out projects ahead of its generalist rivals. It manages projects closely and data from existing turbines allows it to build new ones more efficiently. By $2023,$ the company had more than $8\mathrm{.}9$ gigawatts of offshore wind projects across the globe $$ enough to power $9$ million homes.

Central to the success of $$rsted is the robustness of its value chain. This value chain related to the development, production, and distribution of renewable energy, primarily focusing on offshore wind. The main components of this value chains are: Resource Identification and Development: $$rsted identifies suitable locations for offshore wind farms. This involves extensive research to assess wind patterns, water depths, and environmental impact studies to ensure sustainable and efficient energy generation. Project Planning and Permitting: Once a potential site is identified, $$rsted undertakes the planning phase, which includes obtaining necessary permits and approvals from regulatory bodies. This stage involves detailed engineering, environmental impact assessments, and stakeholder consultations. Construction and Installation: $$rsted manages the construction and installation of offshore wind turbines and associated infrastructure. This phase involves procuring and transporting turbine components, constructing foundations, and inst