New wind farms, strong winds boost renewable energy group Orsted


New wind farms, strong winds boost renewable energy group Orsted

Danish energy group Orsted on Thursday reported first-quarter core profit above analyst expectations and raised its outlook for the year based on a ramp-up of new offshore wind parks, plus strong winds speeds.

The former DONG Energy reported a 68 percent increase in earnings before interest, taxation, depreciation and amortisation (EBITDA) of 5.5 billion Danish crowns ($899.24 million), topping the 4.03 billion expected by analysts in a Reuters survey.

Profits at the company’s offshore wind farms in operation doubled compared to the same period a year ago, due to a ramp-up of three wind parks in Britain as well as higher wind speeds, it said.

“The offshore wind business has had a strong start to the year with high yields from our operating assets and continued good progress on our construction projects,” said chief executive Henrik Poulsen. Read More

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