Orsted doubles pre-tax profits in a year

Orsted's Walney Extension
Orsted's Walney Extension

Danish wind firm Orsted has reported double pre-tax profits on last year, thanks to a bumper increase in capacity.

The offshore wind developer today released its Q3 report showing more than £63 million in profit, a near doubling on £32m in 2017.

The firm also saw a sharp increase in from £1.4 billion in Q3 2017 to £1.7bn this year.

Orsted announced a sizeable decease on negative cash flow from over a billion pounds in 2017 to £117 million this quarter.

CEO and president Henrik Poulsen said: “During the third quarter we have secured a very strong and long-term growth platform in the American market.

“On 1 October, we closed the acquisition of the US-based onshore wind company, Lincoln Clean Energy (LCE). Onshore wind will be run and reported as a separate business unit within the Orsted Group. Construction of the 300MW-Tahoka wind farm is nearing completion.

“All wind turbines have been installed, and the project is currently being commissioned. By the end of the year, LCE will therefore have an operational capacity of 813MW. In addition, LCE has a portfolio of 700MW in advanced stages of development that can enter into construction during the coming year.

“In June, we announced our plans to divest our Danish power distribution and residential customer businesses. We have seen good interest from the market and the preparations are progressing according to plan.

“Looking at our financial performance, we delivered strong results and managed to increase earnings by 14% in the first nine months. Especially our offshore wind business contributed with earnings from offshore wind farms in operation increasing by 32%.

“We remain very pleased with the operational and financial performance of the company as we continue to expand our position as a global leading company in the green energy industry.”