Ørsted sees 65% profit dip amid write-downs

Ørsted, the energy company, has experienced a 65% decrease in earnings in the first half of 2024, earning 931 million Danish kroner, down from 2.7 billion kroner in the same period of 2023. The significant decline is attributed to increased tax expenses and substantial write-downs, including a 3.2 billion kroner negative impact from write-downs. The company halted its green fuel project FlagshipOne, incurring a 1.5 billion kroner write-down due to slower than anticipated market development for liquid e-fuel. Additionally, delays on the American offshore wind project Revolution Wind led to a 2.1 billion kroner write-down. Despite these setbacks, Ørsted’s operating profit increased by 37%, with offshore wind business benefiting from higher wind speeds, increased activity, and higher prices, particularly in Taiwan.