EnergyWatch

Ørsted halves bottom line

Despite a significant surge in revenue, the utility's result declines due to the offshore wind division and a lack of British divestment income. Better than expected, says CEO Mads Nipper.

Photo: PR/Ørsted

As expected, Ørsted didn't live up to its result from a year ago, when the utility upgraded its guidance due to a surprisingly fine sale of transmission rights to Hornsea 1. But now, there are no more one-time earnings to be gained from the British wind farm. This has the operating result for offshore wind dropping by 30 percent to just over DKK 3.9bn (EUR 524.6m) in EBITDA and sends the company's bottom line for the first quarter down by 52 percent to DKK 1.6bn.

This in spite of sales otherwise looking quite good. With more than DKK 18.9bn, the utility secured a revenue 23 percent higher than in the same period last year, the reasons for which include a fine period for the power plant division, where generation surged by 44 percent during the cold months. Overall, the result isn't prompting Ørsted to alter its guidance for a full-year operating result of DKK 15-16bn in EBITDA.

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