Iberdrola gibes Ørsted on turbulence effects: "We suffered from it 20 years ago"

Ørsted downgraded its long-term return forecast on a series of offshore wind farms as a consequence of integrating wake and blockage effect data into its financial figures. Iberdrola says it was obliged to do the same – 20 years ago.
Photo: Iberdrola
Photo: Iberdrola

Spanish renewable energy developer downplays the significance of negative effects that led Ørsted to downgrade its long-term return guidance on a series of offshore wind farms.

Iberdrola, which builds and owns hydroelectric and solar power facilities as well as both onshore and offshore wind farms, held an investor teleconference on its Q3 2019 results late Wednesday morning.

According to Bloomberg News' transcript of the call, a question was posed about whether the Spanish company would also be impacted by the effects Ørsted highlighted in a stock exchange notice.

"So let me be a bit – not so biased. So I think, I will say those are already things related to the learning curve. I think we suffered these sort of things 20 years ago," said Iberdrola Chief Executive Ignacio Galán.

He refers to Iberdrola having installed and commissioned a very large number of wind turbines – both on land and at sea – around the globe over the course of many years.

"[We've] have already passed through this learning curve [during this period]. I'm sure our colleagues, when they have [installed a similar number] of turbines as we have, they will [also] learn how to modify the tool, " he added.

Prior to the investor call, Iberdrola also published its interim report for the first nine months of 2019. For this period, the company recorded an 18 percent growth on its earnings before interest and taxes, which totaled to EUR 4.49 billion.

English Edit: Daniel Frank Christensen

Iberdrola's profit rises despite lower RE generation

Ørsted downgrades long-term return forecast for offshore wind  

Ørsted sees itself struck less hard than rivals 

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