Ørsted earned 2.6 billion Danish kroner in the first quarter

After billion writedowns in 2023, the energy company Ørsted earned 2.6 billion Danish kroner in the first quarter.

This is shown in the first quarter financial statement, which has just been published.

However, the result is 19 percent lower than the same period in 2023. This is partly affected by a deferred tax liability, Ørsted writes in the financial statement.

Nevertheless, the operating income is higher in the first three months of the year compared to 2023. The earnings from offshore wind farms have increased by 18 percent, it is stated.

- As part of our partnership and divestment program, we have achieved two milestones. In the USA, we have sold a share of four onshore wind farms with a total capacity of 957 MW to Stonepeak, and in Europe, we have made a strategic decision to prioritize other markets for renewable energy onshore, and therefore we have entered into an agreement with ENGIE, under which they buy our portfolio of onshore wind and solar energy in France," said CEO Mads Nipper in a comment on the financial statement.

- During this quarter, we have been engaged in building 7.6 GW of offshore wind across our regions, and we have reached important milestones by completing the construction of Greater Changhua 1 and 2a in Taiwan and South Fork Wind in the USA. The offshore wind farms are expected to be fully operational during the second quarter. We continue to focus on completing our projects and on reducing the risk associated with the ongoing challenges in the industry's supply chain, says the CEO.

The operating result (EBITDA) excluding new partnerships and cancellation costs for the first quarter amounted to 7.5 billion DKK, which is 0.6 billion DKK higher than the same period last year.

- As a result of increased production from Greater Changhua 1 and 2a and South Fork Wind, and the higher wind speeds in the first quarter of 2024, our operating result (EBITDA) excluding new partnerships and cancellation costs was 7.5 billion DKK, driven by an 18 percent increase in earnings from offshore wind farms. This was in line with our expectations, and we maintain our EBITDA expectations for the full year, says Mads Nipper.

Ørsted's business plan for 2024 is progressing with Sunrise Wind selected for contract negotiations and completion of two offshore wind farms.

- We are working diligently to implement the business plan we presented in February. An important milestone is our Sunrise Wind project at 924 MW, which was selected to enter into contract negotiations in connection with New York's fourth offshore wind auction, says Mads Nipper.

As mentioned, the company maintains its expectations for EBITDA for the full year excluding new partnership agreements and cancellation costs at 23-26 billion DKK, and gross investments at 48-52 billion DKK.

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