Many European energy companies are investing in offshore wind
Low wind speeds mar offshore wind profits
Below-normal speeds slashed wind power generation in Europe in Q3, highlighting the risks faced by operators in the region
Seasonal variations in wind speeds have dampened results for European energy companies’ offshore wind segments. Denmark’s Orsted, Sweden’s Vattenfall and Germany’s RWE all noted low wind speeds as a factor offsetting additional revenue from new capacity installed in the first nine months or third quarter of 2021. Orsted’s offshore power generation fell by 28pc year-on-year in Q3 “primarily due to significantly lower wind speeds, the divestment of 50pc of [the] Borssele 1&2 [wind farm] in May 2021, and a slightly lower availability”. Revenue from operational offshore wind farms decreased by 18pc, to DKK3.4bn ($530mn). This was offset by revenue from power sales, which more than tripled to
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