Strong winds boost Ørsted’s offshore wind profits

Danish energy company Ørsted earned DKK 2.6 billion in the first quarter of 2023, despite a 19% decrease from the same period last year, affected by a deferred tax liability. Operational earnings, however, improved compared to 2023. The company is on track with its business plan, which includes the 924 megawatt Sunrise Wind project in New York. Ørsted saw an increase in offshore wind farm earnings to DKK 6.9 billion, driven by higher wind speeds and increased production in Taiwan and New York, though partially offset by reduced export cable capacity from Hornsea 1 offshore UK. They anticipate resolving the cable issue in Q2. In fall 2023, Ørsted wrote off DKK 28 billion due to halting two US projects, resulting in a DKK 20.2 billion total loss for the year. Early 2024 saw Ørsted taking full ownership of Sunrise Wind in New York from Eversource upon regulatory approval.