In 2017, Ørsted achieved an operating profit (EBITDA) of DKK 22.5 billion, 18% up on 2016. They increased their share of renewable energy by 14 %-points to 64%. Their target is for at least 95% of our heat and power generation in 2023 to be green. Wind Power's EBITDA increased by 74% to DKK 20.6 billion. The farm-downs of 50% of Walney Extension and Borkum Riffgrund 2 contributed significantly to this. Earnings from their offshore wind farms in operation increased by 45%. The net profit for the continuing part of the group increased by DKK 1.1 billion to DKK 13.3 billion.
In the coming years, they will pursue their objective of continued build-out of offshore wind. In November, a panel of experts under the Taiwanese environmental authorities recommended granting environmental permits to their four offshore wind projects in Greater Changhua. In December, they submitted their first bid for an offshore wind farm project in the USA. The bid concerns the Bay State Wind project in Massachusetts, where they want to construct an offshore wind farm together with their partner, Eversource Energy.
For 2018, EBITDA (business performance) excluding new partnership agreements is expected to be DKK 12-13 billion in 2018 compared with DKK 12.7 billion in 2017. The company expects a 50% farm-down of Hornsea 1, either in H2 2018 or in 2019. Should the divestment materialise in 2018, EBITDA including new partnerships is expected to be higher than the DKK 22.5 billion achieved in 2017. Gross investments for 2018 are expected to amount to DKK 16-18 billion.