Wind drives Ørsted profits north


The Danish state continues to reap the benefit of investment in wind farms, with Ørsted posting a 14% profit increase for the first nine months of 2018.

Despite lower average wind speeds in some markets, earnings from offshore wind farms in operation increased by 32%. As a result, operating profit rose to DKK10.8bn (£1.28bn).

The company said it expects full year operating profit to be significantly higher than last year’s DKK22.5bn (£2.66bn), with return on capital employed at 23% versus 15% last year.

Ørsted said earnings in its gas and LNG businesses are also higher than expected.

Looking forward, the company’s push into the US market should deliver “strong and long-term growth”, according to CEO and president, Henrik Poulsen.

The sale of 50% of the Hornsea 1 wind farm will also net the company around £4.5bn when the transaction completes in the coming weeks.

The Danish government owns the majority (50.1%) of Ørsted shares.

Related stories:

Ørsted posts bigs profit, eyes solar and storage

Ørsted to build 20MW Liverpool battery

Dong to install 2MW battery at Burbo Bank for grid balancing services

Dong calls itself Ørsted instead

Click here to see if you qualify for a free subscription to the print magazine, or to renew.

Follow us at @EnergystMedia. For regular bulletins, sign up for the free newsletter.


Please enter your comment!
Please enter your name here