Ørsted’s operating profit (EBITDA) amounted to DKK 6.8 billion, a 33% increase compared to the same period last year. Earnings from offshore and onshore wind farms in operation increased by 25% to DKK 5.2 billion driven by ramp-up of generation from Hornsea 1, Lockett, and Sage Draw. Furthermore, there were high wind speeds in Europe throughout Q1 2020.
Net profit amounted to DKK 3.3 billion and the green share of the heat and power generation increased from 80% to 90%. On 4 March 2020, the board increased its EBITDA (business performance) guidance from DKK 15-16 billion to DKK 16-17 billion due to updated assumptions regarding the divestment of the transmission asset for Hornsea 1. At this point in time, the board has no indication that the COVID-19 situation will significantly impact the earnings for the year, and thus they re-iterate their most recent EBITDA guidance of DKK 16-17 billion in 2020. They also re-iterate their expectation of gross investments of DKK 30-32 billion in 2020.