Orsted optimistic despite rocky Q2
Net loss on Gazprom contract has eaten into the Danish company’s quarterly profits, but it still expects an increase in full-year earnings amid renewables success
Danish energy company Orsted has raised its full-year guidance excluding new partnerships by DKK1bn ($139mn), despite its Q2 operating profits falling by 56pc year-on-year, to DKK3.6bn, as it expects further expansion of its renewables business. Offshore wind saw a particularly strong performance, with a 94pc increase in revenue to DKK17.3bn, as a result of higher windspeeds than the previous year. Similarly, Orsted doubled its onshore wind power generation due to a combination of higher windspeeds, the acquisition of assets from Brookfield Renewable Ireland and the commissioning of new US wind and solar capacity. “In general, we have seen positive market development during the first half of
Also in this section
16 April 2024
US and European oil majors snap up smaller players and look to accelerate development in a region deemed to possess all the key elements for successful CCUS deployment
15 April 2024
Demand for credits seen rising 20% this year despite issues around integrity and standardisation
11 April 2024
Volatile allowance prices and small size of voluntary market undermine ability to drive investment, says Oxford Institute for Energy Studies
8 April 2024
Chevron New Energies is lead investor in funding round by Colorado-based provider of post-combustion capture technology