Orsted's Offshore Wind Power Profits Breeze Ahead

Laxman Pai
Friday, November 2, 2018

Danish wind power giant Orsted sees surge in earnings from offshore wind, driving interim profits up 14 percent and earnings up 32 percent  for the first nine months of 2018.

The world’s largest wind farm operator, formerly known as Dong Energy said that the positive results are due to its transition to a 100 percent green power business and with its third quarter financial results revealing a surge in earnings from offshore wind and a jump in its green share of generation. "Our green share of generation increased from 59% to 71%," said a statement.

Danish energy group  said operating profits for the first nine months of 2018 were up 14 per cent to DKK10.8bn ($1.65bn), compared to the same period in 2017, mainly driven by a 32 per cent uptick in operating profits from its wind farms.

“The increase is primarily due to good progress on our offshore construction projects,” Chief Executive Henrik Poulsen said in a statement, noting a faster ramp-up of power generation at the Borkum Riffgrund 2 project in Germany.

"We remain very pleased with the operational and financial performance of the company as we continue to expand our position as a global leading company in the green energy industry,” he added.

Ørsted closed the acquisition of the US-based onshore wind company, Lincoln Clean Energy (LCE) in October Onshore wind will be run and reported as a separate business unit within the Ørsted Group.

The company have entered into an agreement to acquire Deepwater Wind at a price of USD 510 million (enterprise value of USD 700 million) last month.

Categories: Wind Power Offshore Wind Renewable Energy Finance

Related Stories

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

Yinson Production Closes $1B Investment to Drive Further Growth

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

French Oil Major Acquires Interests in Multiple Blocks in Southeast Asia

UK Firm Secures Exploration Extension for Two Blocks off Vietnam

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

Current News

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com