Ørsted turns massive loss into profit in one year

Ørsted’s third-quarter financial report shows no major impairment charges, thus recording a billion-profit in contrast to the previous year’s historic loss in the same quarter. In the third quarter, Ørsted made a profit of 5.2 billion Danish kroner, compared to a loss of 22.6 billion kroner in the same period in 2023 due to dropped projects leading to billion-worth impairments. The company’s third-quarter revenue was 15.8 billion kroner, a 10% decrease from 2023’s third quarter. Ørsted faced impairments during 2024, with the cancellation of the FlagshipOne green fuel project costing 1.5 billion kroner and delays in the US Revolution Wind project leading to a 2.1 billion kroner impairment. CEO Mads Nipper states that two US wind farms, Revolution Wind and Sunrise Wind, are on track according to updated plans. Ørsted has successfully renegotiated and settled contracts related to the cessation of Ocean Wind, reversing 6.4 billion kroner in cancellation costs.