Orsted: Strong first half
Orsteds earnings from offshore and onshore wind farms in operation increased by 17% to DKK 8.2 billion driven by ramp-up of power generation from Hornsea 1, Lockett, and Sage Draw together with high wind speeds.
Net profit amounted to DKK 2.5 billion and return on capital employed (ROCE) came in at 11%.
The EBITDA guidance is unchanged relative to the guidance in yhe interim financial report for Q1 2020, and thus Orsted re-iterate the EBITDA guidance of DKK 16-17 billion in 2020. Orsted lower their expectation to gross investments by DKK 2 billion to DKK 28-30 billion in 2020 due to changed timing of payments.
Henrik Poulsen, CEO and President of Ørsted, says:
“Despite the comprehensive health, social, and economic consequences of COVID-19, Ørsted has maintained stable operations and strong earnings during 2020. Our asset base has continued to be fully operational and we have maintained normal availability rates on our offshore and onshore wind farms”.
Together with Copenhagen Airport, A.P. Moller - Maersk, DSV Panalpina and SAS, Orsted have founded the partnership - ‘Green fuels for Denmark’ - to develop an industrial-scale production facility to produce sustainable fuels for road, maritime and air transport in the Copenhagen area. The partnership brings together the demand and supply side of sustainable fuels with a vision to realise what could become one of the world's largest electrolyser and sustainable fuel production facilities.