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Ørsted’s Board of Directors has approved the annual report for 2020. Ørsted’s operating profit (EBITDA) amounted to DKK 18.1 billion, a 4 % increase compared to last year.
 
Earnings from offshore and onshore wind farms in operation increased by 14 % to DKK 16.9 billion, driven by the ramp-up of power generation from Hornsea 1, Borssele 1 & 2, Lockett, Sage Draw, Plum Creek, and Willow Creek. In addition, its year-on-year development was positively impacted by the receipt of CfDs of another 400 MW of Hornsea 1 from April, and higher wind speeds. This was partly offset by adverse COVID-19 impacts on especially the UK power market and lower earnings from trading activities.
 
Ørsted closed the divestment of its Danish power distribution, residential customer, and city light businesses. The transaction resulted in proceeds of DKK 20.5 billion and a gain of DKK 10.9 billion which will be deployed into its global renewable energy build-out plan.
 
Net profit amounted to DKK 16.7 billion, and return on capital employed (ROCE) came in at 10 %, in line with its target. Ørsted’s green share of heat and power generation continued to increase and reached an all-time high of 90 % in 2020, driven by continued ramp-up of our offshore and onshore wind farms.
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