DONG Energy’s EBITDA was DKK 16.4 billion in 2014 compared with DKK 15.0 billion in 2013, and thus fulfilled outlook of an EBITDA above DKK 16 billion. The increase in earnings came from the Group’s position within offshore wind and a record high production of oil and gas.
The sharp decline in oil and gas prices however contributed negatively. Net profit was a loss of DKK 5.3 billion compared with a loss of DKK 1.0 billion in 2013. Gross investments amounted to DKK 15.4 billion and related primarily to offshore wind activities (West of Duddon Sands, Westermost Rough, Borkum Riffgrund 1 and Gode Wind among others) and oil and gas fields. Divestments amounted to DKK 10.7 billion for 2014. The divestments included among others ownership interests in the offshore wind farms London Array and Westermost Rough and the Stenlille gas storage facility. 2014 marked a breakthrough for the Wind Power division with regards to securing the pipeline which will realise the target of a total installed offshore wind capacity of 6.5 GW in 2020. The deciding factor was the award of subsidies for the three UK offshore wind farm projects Burbo Bank Extension, Walney Extension and Hornsea. Against this background, the Board of Directors decided in December to go ahead with Burbo Bank Extension.