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Offshore Wind Journal

Offshore Wind Journal

Lower costs and new windfarms boost profits at Ørsted

Wed 10 Jan 2018 by David Foxwell

Lower costs and new windfarms boost profits at Ørsted
Ørsted said construction costs for Race Bank and Walney Extension were lower than anticipated

Offshore wind energy leader Ørsted says stronger winds and faster ramp-up of generation from the Race Bank and Walney Extension windfarms have boosted operating profit.

“Based on our preliminary and unaudited reporting, we expect an operating profit (EBITDA) of approximately Dkr22.5Bn (US$3.6Bn) for 2017, which is an improvement on our most recent outlook of around Dkr21Bn,” said the company in a 9 January statement.

Apart from strong earnings from its offshore windfarms in the final part of the year – including Race Bank and Walney Extension – earnings from partnership agreements have been better than expected due to good progress. Lower than anticipated costs for the construction contracts for Race Bank and Walney Extension also helped the company.

Earnings from the company’s gas portfolio at its distribution and customer solutions were also better than expected.

Ørsted will publish its annual report for 2017 on 1 February 2018

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