Offshore wind major Ørsted’s 2019 growth pushes profits


Profits at Danish wind giant Ørsted rose last year as growth ramped up, wth new wind farms both on land as well as at sea.

The company’s earnings before interest, taxes, depreciation and amortization (Ebitda) – excluding new partnerships – rose 17% to DKr 17.5 billion last year when compared to 2018, exceeding the most recent guidance of DKr1 6-17 billion. Ebitda just in onshore and offshore wind jumped by 30% to DKr14.8 billion in 2019.

“2019 was a great year for Ørsted with continued strategic progress and global expansion. We achieved a very satisfactory operating profit (Ebitda), and the green share of our heat and power generation increased to a new high of 86%,” chief executive Henrik Poulsen said.

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Last year was a breakthrough overseas for the wind OEM.

“We reached significant milestones by winning two large-scale offshore projects in the US. We were awarded 1,100MW with our Ocean Wind project in New Jersey and 880MW with our Sunrise Wind project in New York. With these awards, we have secured a US offshore wind portfolio with a total capacity of 2.9GW to be completed towards 2024,” Poulsen stressed.

Ørsted in 2019 also commissioned Hornsea 1, the world’s largest offshore wind farm, with a capacity of 1.2GW, and decided to build the 900MW Greater Changhua 1&2a array off Taiwan.

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