Ørsted A/S Reports Promising Q1 2024 Results, Offshore Earnings Increase

Ørsted A/S announced its interim report for Q1 2024 today, highlighting an 18% increase in offshore site earnings and a steady progression in its business plan. According to Mads Nipper, Group President and CEO, the company's operating profit (EBITDA) excluding new partnerships and cancellation fees rose to DKK 7.5 billion. This marks an increase from the previous year, driven primarily by high wind speeds and the ramp-up of generation from the Greater Changhua 1 and 2a and South Fork wind farms.

Demonstrating its strategic execution, Ørsted has finalized the construction of two major offshore wind farms and secured the 924 MW Sunrise Wind project in New York. Meanwhile, the company has divested shares in four onshore wind farms in the US to Stonepeak and agreed to transfer onshore wind and solar assets in France to ENGIE. This shift underscores Ørsted’s strategic move to focus on more lucrative markets.

Overall, the company reiterated its financial guidance for 2024, predicting an EBITDA between DKK 23-26 billion and projecting gross investments ranging from DKK 48-52 billion. Despite the positive results in EBITDA, net profit saw a decrease compared to last year, attributed to higher tax expenses and the recognition of a deferred tax liability.