Orsted leaving the doldrums as wind farms power up

Profits for the world’s biggest offshore wind developer edged up during the first three months of the year, as it battled to turn its performance around and revive investor confidence.

Orsted, which owns the Hornsea 1 wind farm in the North Sea, said that adjusted earnings before interest, taxes and other items rose by 8 per cent to DKr7.5 billion (£858 million), on the back of higher wind speeds and the acceleration of the Greater Changhua 1 and 2a wind farms off Taiwan and its South Fork joint venture off New York. Net profits declined by DKr2.6 billion, reflecting a deferred tax liability.

The Danish company reiterated guidance for adjusted earnings of between DKr23 billion and DKr26 billion, compared with DKr24 billion last year.

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