EnergyWatch

Ørsted's offshore wind turbines reap no benefit from towering power prices

State subsidies and risk hedging are keeping a lid on cash flow from record-high electricity prices at Ørsted, which, on the other hand, books tidy earnings made from its gas contracts with Gazprom. Meanwhile and with a heavy heart, the utility's CFO notes coal money leaving a positive mark on company accounts.

Photo: PR / Din Forsyning

Basically, this report should take the form of classic tale of everything going rather well for Ørsted. On the one hand, winds have been far weaker than normal this autumn but have also been a factor behind power prices multiplying. While the first situation is, naturally, not such so advantageous for a company whose business is largely that of developing and selling wind energy, the second matter should conversely be just great.

That, however, is not quite the case, with underperforming wind leaving a direct mark on Ørsted's power generation, down 28 percent in the third quarter against the same period last year. For the first time ever, the company's primary operating result from the offshore wind business is negatively affected by a deficit of DKK 121m (EUR 16.27m).

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

European Energy: Danish government runs risk of doing major harm to PtX

In the first quarter, European Energy has signed a deal concerning construction of a new PtX facility in the city of Aalborg as the most recent move in the third prong of activities, which primarily consist of solar and wind energy. But the company’s CEO warns of political short-sightedness.

Further reading

Related articles

Latest News

See all jobs