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.
BY MAZ PLECHINGER, TRANSLATED BY DANIEL FRANK CHRISTENSEN
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.
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