Slower Wind Speeds to Hit Earnings of Offshore Wind Giant Ørsted

January 13, 2021

File Photo: Orsted
File Photo: Orsted

Ørsted warned a return to more normal wind speeds this year would hit operating earnings after the world's biggest offshore wind farm developer raised its profit forecast for 2020.

The Danish company said on Tuesday it now expected operating profit of about 18 billion Danish crowns ($2.95 billion) last year, compared with previous guidance of 16-17 billion crowns.

The upgrade was due in part to the hedging of power exposures and temporary effects in the company's gas business.

This year, however, it expects operating profit excluding new partnerships of 15-16 billion crowns.

"2020 had higher than normal wind speeds, which constitutes the largest negative impact year on year," it said in a statement.

Orsted is due to publish full 2020 results on Feb. 3.

($1 = 6.1108 Danish crowns) (Reporting by Jacob Gronholt-Pedersen. Editing by David Goodman and Mark Potter)

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