Ørsted has achieved an operating profit (EBITDA) of DKK 5.1 billion, down 7% compared to Q1 2018. The decrease was expected and was mainly due to a positive one-off compensation awarded following the completion of an arbitration case in Q1 2018 as well as cyclically lower earnings from their gas portfolio in Customer Solutions. This was partly offset by a 13% increase in earnings from offshore wind farms in operation and earnings from their new onshore wind farms. The green share of generation increased from 68% to 80%.
In April, they took final investment decision (FID) on the 900MW Taiwanese Greater Changhua 1 & 2a offshore wind project following the achievement of an establishment permit, approval of the supply chain plan and signing of the power purchase agreement with Taipower.
Ørsted has also submitted bids for offshore wind projects in France, the Netherlands and the USA and an outcome from all five tenders and auctions are expected over the coming three months.
In April, they took final investment decision on the 338MW US onshore wind farm Sage Draw with expected commercial operation date (COD) in Q1 2020.
EBITDA for the full year, excluding new partnerships, is expected to be DKK 15.5-16.5 billion and gross investments are expected to amount to DKK 21-23 billion.