Ørsted has released its Q3 results statement which shows a strong financial performance, an increase in earnings – due primarily to the ramp-up of two offshore windfarms in the UK – and its strengthened position in the US market.
The company announced operating profits (EBITDA) amounting to Dkr2.2Bn (US$0.3Bn), a 27% increase on Q3 2017 and said earnings from offshore windfarms in operation increased by 31% to Dkr2.0Bn, primarily due to the ramp-up at the Walney Extension and Race Bank offshore windfarms in the UK, an increase that was offset by slightly lower wind than in Q3 2017.
Return on capital employed increased to 23% compared to 15% at 9M 2017. Operating profit for the first nine months was Dkr10.8Bn, up 14%. This was also mainly due to an increase in profit from windfarms in operation.
The company has also increased its EBIDTA guidance as a result of good progress with offshore wind projects under construction and a faster ramp-up of generation from the Borkum Riffgrund 2 offshore windfarm in Germany.
The company’s chief executive and president Henrik Poulsen said the third quarter had seen Ørsted secure a very strong, long-term growth platform in the US market. This includes the acquisition of Lincoln Clean Energy and, more recently, of offshore wind developer Deepwater Wind.
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