Ørsted’s annual report for 2020 says operating profit (EBITDA) amounted to Dkr18.1Bn (US$2.9Bn), a 4% increase compared to 2019 and above its most recent guidance of Dkr16-17Bn
Earnings from offshore and onshore windfarms in operation increased by 14% to Dkr16.9Bn (US$2.8Bn), driven by the ramp-up of power generation from Hornsea 1, Borssele 1 & 2, Lockett, Sage Draw, Plum Creek and Willow Creek. In addition, the company’s year-on-year development was positively impacted by the receipt of contracts for difference for another 400-MW of Hornsea 1 from April 2020, and higher wind speeds. This was partly offset by the adverse effects of the Covid-19 pandemic.
Net profit amounted to Dkr16.7Bn and return on capital employed came in at 10%, in line with the company’s target.
Ørsted group president and chief executive Mads Nipper said, “Ørsted delivered a strong set of results in 2020, both operationally and financially.
“Despite the challenges posed by Covid-19, our colleagues have done an outstanding job to keep our energy production assets fully operational at normal availability rates.
“In 2020 we also commissioned five new windfarms and managed to move our construction projects forward. This demonstrates the resilience of our business model and the skills and spirit of our people. Safety continues to remain our key priority, and we continue to do our utmost to keep our colleagues safe across our locations.
“In January 2021, we were named the world’s most sustainable energy company for the third consecutive year, and our focus on sustainability remains stronger than ever. We are fully on track with our plan to reduce our greenhouse gas emissions to become carbon-neutral as a company in 2025.”