Orsted has raised its profit forecast for the full year as the Danish group’s offshore wind projects led to higher profits in the first nine months of the year.

Annual earnings before interest, tax, depreciation and amortization (EBITDA) are expected to be between DKK 24 billion and DKK 26 billion (£2.6 billion to £2.9 billion), reduced from an earlier forecast of 23 billion to 26 billion DKK.

The Danish energy group said its operating profit increased from DKK 19.4 billion to DKK 23.6 billion compared to the previous year.

In a statement, chief executive Mads Nipper highlighted the “value creation” opportunities linked to Orsted’s award to deliver 3.5 GW of capacity to the world’s largest offshore wind farm. Hornsea 3, which is expected to power more than 3 million homes in the UK once completed.

Orsted announced in September that it had won the contract, which also included 2,400 capacity at Hornsea 4, in Britain’s most recent renewable energy auction.

“We have secured additional value-creating renewable growth opportunities in the UK with the award of 3.5 GW for Hornsea 3 and 4, which is a significant contribution to Ørsted’s long-term renewable capacity targets” , he said.

Total revenues from Orsted offshore sites amounted to 15.3 billion DKK, an increase of 2.2 billion over one year.

This is partly due to higher wind speeds and higher prices, as well as ramping up production at farms such as Greater Changua, South Fork and Gode Wind 3, the company said.

Nipper added: “Revolution Wind and Sunrise Wind, our two offshore wind projects in the United States, are progressing according to the updated construction plan.

“However, we have noted risks affecting the construction of Revolution Wind, and we are working diligently and with a strong focus on eliminating risks associated with the continued execution of the project.”

By city AM

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