EnergyWatch

Ørsted's profits soar in Q1

The Danish utility delivers, as expected, huge profits, but maintains annual earnings guidance. Conventional energy outperforms offshore wind.

Photo: Ørsted / PR

In the first three months of the year, Ørsted generated DKK 5.7bn (EUR 766m) in profits, equating to growth of 257 percent compared to the same period last year.

While this is good news for the Danish utility, the situation is slightly more nuanced. Since Russia’s invasion of Ukraine, Ørsted has been under heavy pressure, not least in terms of image, due to the multi-year gas contracts which the company was egged on by politicians to ink in 2000s to ensure Danish supply security – but have now become a fraught topic.

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