Ørsted ready to temper offshore wind investments

Financial discipline is more important than ever before, says the utility’s CEO, who’s ready to invest more in solar power and onshore wind should the offshore variety prove too troublesome.

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Ørsted CEO pleased with the 2022 result, but not the earnings mix

Ørsted suffers Q4 loss while booking strong full-year profit

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Big plans for European hydrogen pipeline network center around Danish island

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Nuclear power station in the Belgian city of Tihange. | Foto: Johanna Geron/Reuters/Ritzau Scanpix

Belgium shuts down another nuclear reactor

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Kristian Ruby, generalsekretær i Eurelectric. | Foto: Eurelectric

Eurelectric on EU market reform: "We need evolution – not revolution"

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France's nationalization of EDF paused
The French state’s takeover of the utility has been postponed due to lawsuit filed by minority shareholders.
For subscribers
RWE doubles bottom line and exceeds guidance
Preliminary figures indicate a doubling of RWE’s bottom line in 2022. Hydro/Biomass/Gas and Supply & Trading account for most of the earnings.
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Vattenfall exploring options for 2.8GW nuclear additions to Ringhals plant
The Swedish utility has applied for permission to carry out preliminary studies of setting up small atomic reactors near nuclear plant Ringhals, however not entailing conventional, earlier generation fission facilities.
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National Grid's flexible demand campaign triumphs with major voluntary usage cut
The UK’s electrical system operator has succeeded with its first real-life trial of the Demand Flexibility Service pilot operation, marking ”a major milestone in the evolution of consumer flexibility in the UK”.
Dall Energy rolls into France with big gasification furnace order
With its largest order to date in hand, the Danish biomass equipment supplier seems to have seriously emerged as a business comet and is now on the lookout for investors.
For subscribers
Ørsted takes biggest market valuation hit since 2020
Investors have paid special heed to the full-year forecast and projections of EBITDA excluding new partnerships in the DKK 20-23bn range.
Nipper rejects capital raise despite higher costs
Development expenses for offshore wind projects have piled up, potentially leading to earlier divestments than otherwise, although Ørsted’s CEO clarifies that any potential capital raise would, true to strategy, be spent on growth.
For subscribers
Ørsted deems impairment of Sunrise project a one-off
The Danish utility rules out any major future impairments in the US offshore wind portfolio. ”If we had expected more impairments, we would have completed them now,” says CFO.
For subscribers
Divestment contributes to Ørsted's "highest EBITDA to date"
According to preliminary figures, Ørsted is on track to report its highest EBITDA to date, aided by farm-downs, although the Danish utility also notes a hefty impairment on development project.
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Ørsted ejected from global top-ten list of sustainable companies
Vestas is knocked down from first place in the Corporate Knights annual ranking of the world’s most sustainable businesses, while the Danish power company gets its worst score in five years – and not on account of coal.
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Ørsted buys out partner from offshore wind project
The Danish power company goes against its standard practice in acquiring a US partner’s quarter interest in a GW-scale project.
Offshore wind rivals find unity for French tender
RWE and TotalEnergies form a consortium seeking development rights offshore of Normandy, where allocations of up to 1.6GW are open to the lowest bidder.
Norwegian oil fund buys near half stake of Iberdrola portfolio
The Spanish power company’s domestic wind and solar portfolio gets a new co-owner in the form of the Norwegian oil fund. Iberdrola maintains operatorship.
Ørsted takes FID on group's largest solar project to date
The Danish power company makes its final investment decision to develop a photovoltaic project named Mockingbird Solar Center in Texas.
For subscribers
Ørsted gets approval for English grid-scale battery project
Local planning authorities have unanimously greenlit the Danish power company’s plans to build a utility-scale lithium-ion battery system to store energy from offshore wind Hornsea 3.
"The green energy transition is a delusion"
Sufficient volumes of minerals are not being mined to enable climate change mitigation, and hydrogen will only make everything more expensive and lead to deindustrialization, says Mark P. Mills, senior fellow of a US right-wing think tank, adding that the world ought to completely abandon the notion of transforming.
For subscribers
Several board members depart Uniper following nationalization
The transfer of Uniper ownership to the German state has prompted a string of resignations, with both the board chair and the head of operations stepping down.
For subscribers
Statkraft to invest big in more Norwegian onshore wind
The utility is reportedly investing in an otherwise cancelled project in Norway’s southwest.
For subscribers
EU power market reform running on schedule
Even though proposals to overhaul the European electricity market are not yet sent to hearing, the EU Commission is still planning to share its policy outline in March.
For subscribers
Tokyo Gas reportedly close to billion-dollar acquisition of US company
US natural gas producer Rockcliff Energy could soon end up in Japanese hands in a deal worth USD 4.6bn.

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EnergyWatch

Ørsted ready to temper offshore wind investments

Ørsted CEO pleased with the 2022 result, but not the earnings mix

Ørsted suffers Q4 loss while booking strong full-year profit

Big plans for European hydrogen pipeline network center around Danish island

Belgium shuts down another nuclear reactor

Eurelectric on EU market reform: "We need evolution – not revolution"

France's nationalization of EDF paused

RWE doubles bottom line and exceeds guidance

Vattenfall exploring options for 2.8GW nuclear additions to Ringhals plant

National Grid's flexible demand campaign triumphs with major voluntary usage cut

Dall Energy rolls into France with big gasification furnace order

Ørsted takes biggest market valuation hit since 2020

Nipper rejects capital raise despite higher costs

Ørsted deems impairment of Sunrise project a one-off

Divestment contributes to Ørsted's "highest EBITDA to date"

Ørsted ejected from global top-ten list of sustainable companies

Ørsted buys out partner from offshore wind project

Offshore wind rivals find unity for French tender

Norwegian oil fund buys near half stake of Iberdrola portfolio

Ørsted takes FID on group's largest solar project to date

Ørsted gets approval for English grid-scale battery project

"The green energy transition is a delusion"

Several board members depart Uniper following nationalization

Statkraft to invest big in more Norwegian onshore wind

EU power market reform running on schedule

Tokyo Gas reportedly close to billion-dollar acquisition of US company

Latest news

Jobs