Orsted has increased its full-year earnings forecast as the Danish company’s offshore wind projects boosted profits in the first three quarters of the year.
The expected full-year earnings before interest, tax, depreciation and amortisation (EBITDA) are now projected to be between DKK 24bn to 26bn (£2.6bn to £2.9bn), a slight increase from the previous estimate of DKK 23bn to 26bn, as reported by City AM.
The Danish state-supported energy group reported that operating profit had grown from DKK 19.4bn to DKK 23.6bn compared to the previous year.
In a statement, CEO Mads Nipper highlighted the “value-creating” potential of Orsted’s contract to deliver 3.5 GW of capacity for Hornsea 3, the world’s largest offshore wind farm, which is anticipated to power over 3 million UK homes upon completion. Orsted confirmed in September that it had won the contract, which also includes 2,400 capacity at Hornsea 4, as part of the UK’s most recent renewable energy auction.
“We have secured additional value-creating renewable growth opportunities in the UK with the 3.5 GW award for Hornsea 3 and 4, which is a significant contribution to rsted’s long-term renewable capacity goals,” he stated. Total earnings from Orsted’s offshore sites totalled DKK 15.3bn, a rise of 2.2bn year-on-year.
This was partly driven by higher wind speeds and prices, as well as increased generation at farms including Greater Changua, South Fork and Gode Wind 3, the company said.
Nipper commented: “Revolution Wind and Sunrise Wind, our two offshore wind projects in the US, are progressing according to the updated construction plan.”
“However, we have seen risks impacting the construction of Revolution Wind, and we are working diligently and with a strong focus to de-risk the continued project execution.”
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Original artice – https://business-live.co.uk/all-about/yorkshire-humber
