Ørsted’s Offshore Wind Farms Finish 2017 Strong

World’s leading offshore wind developer Ørsted expects an operating profit (EBITDA) of approximately DKK 22.5 billion (EUR 3 billion) for 2017, which is a 7.1% improvement compared to the company’s most recent outlook of around DKK 21 billion.

The increase is primarily attributable to strong earnings from Ørsted’s offshore wind farms in operation in the last part of the year, including from stronger winds and faster ramp-up of generation from the new UK offshore wind farms – Race Bank and Walney Extension.

In addition, earnings from partnership agreements are better than expected due to good progress and lower costs on the construction contracts for Race Bank and Walney Extension, the company said.

The earnings from the company’s gas portfolio activities in Distribution & Customer Solutions are also better than expected.

The expected investment level for 2017 remains the same, Ørsted said.