Orsted’s offshore wind division has significantly boosted the group’s earnings by nearly $500 million during the initial six months of this year.
As stated in the company’s interim report for H1 2023, Orsted experienced a remarkable 57% surge in earnings derived from offshore sites when compared to the corresponding period in the previous year. This increase amounted to Dkr3.3 billion ($488 million), resulting in a total of Dkr9 billion.
Mads Nipper, President and CEO of Orsted Group, emphasized that the offshore sites played a pivotal role in driving the group’s earnings. Furthermore, Orsted’s EBITDA reached Dkr10.2 billion, aligning with the company’s projections, although it was 22% lower than H1 2022.
The net profit totaled Dkr2.7 billion, marking a 55% decrease from the same period in 2022, and the return on capital employed (ROCE) stood at 13%.
Orsted confirmed its EBITDA guidance within the range of Dkr20 billion to Dkr23 billion ($2.9 billion to $3.4 billion), excluding earnings from new partnerships for the year. Yet, it revised its earnings expectations for the offshore sector favorably compared to the guidance outlined in its 2022 annual report.
Anticipating expenditures of around Dkr6 billion for the acquisition of PSEG’s ownership share of Ocean Wind 1 and Eversource’s ownership share of Lease Area 500 in the US, Nipper said “I’m very pleased with the financial results of the first half.”
“Our offshore business is back on strong earnings and the group’s financial performance is in line with our expectations.”
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