Interim report for the first quarter of 2024 – Operating profit in line with expectations, with offshore site earnings increasing 18 %. Business plan progressing with Sunrise Wind award and completion of two offshore wind farms

Ørsted A/S (Orsted) Interim report for the first quarter of 2024 – Operating profit in line with expectations, with offshore site earnings increasing 18 %. Business plan progressing with Sunrise Wind award and completion of two offshore wind farms 02-May-2024 / 07:59 CET/CEST 2.5.2024 07:59:37 CEST | Ørsted A/S | Interim report (Q1 and Q3)

Today, Ørsted’s Board of Directors approved the interim report for the first quarter of 2024.

Mads Nipper, Group President and CEO of Ørsted, says in a comment to the interim report for the first quarter of 2024:
“We are working diligently on executing our business plan presented in February. A key milestone is our 924 MW Sunrise Wind project, which was selected for award in New York’s fourth offshore wind solicitation.

“With the ramp-up of generation from Greater Changhua 1 and 2a and South Fork and the high wind speeds in the first quarter of 2024, our operating profit (EBITDA) excluding new partnerships and cancellation fees amounted to DKK 7.5 billion, an increase of DKK 0.6 billion compared to the same period last year, which was driven by an 18 % increase in our offshore site earnings. This was in line with our expectations, and we reiterate our full-year EBITDA guidance.

“During this quarter, we have been constructing 7.6 GW of offshore wind across our regions, and we have reached significant milestones by finalising the construction of Greater Changhua 1 and 2a in Taiwan and South Fork in the US. Both wind farms are expected to reach final commissioning during second quarter. We remain focused on project execution and on de-risking the continued supply chain challenges in the industry.

“As part of our partnership and divestment programme, we have executed on two milestones. In the US, we have divested a share of four onshore wind farms with a total capacity of 957 MW to Stonepeak, and in Europe, we’ve taken the strategic decision to prioritise other markets for onshore renewables, and consequently, we’ve signed an agreement with ENGIE under which they will acquire our onshore wind and solar assets in France.”