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Ørsted breaks profits records despite wind farm delays

4C Offshore | Tom Russell
By: Tom Russell 01/02/2023 Ørsted

Ørsted’s issued its annual report for 2022 today (1 February 2023) having recorded an operating profit (EBITDA) of DKK 32.1 billion for the year, its highest EBITDA ever. This was partly attributed to the 50 % farm-downs of
Hornsea 2 and Borkum Riffgrund 3 amounted to DKK 11.0 billion in total.

Net profit amounted to DKK 15.0 billion, DKK 4.1 billion higher than in 2021. Return on capital employed (ROCE) came in at 17 %.

Its gross investments reached DKK 37.4 billion and was driven by construction of both wind and solar assets.

Installed renewable capacity increased by 17% to 15.1 GW in 2021 due to the commissioning of the offshore wind farm Hornsea 2, the onshore wind farms Haystack, Helena Wind, and Ford Ridge as well as the acquisition of Ostwind in Europe.

It its Offshore business, earnings decreased by DKK 3.1 billion to DKK 9.9 billion compared to last year. This was attributed to adverse impacts from hedges and delays at the company's Hornsea 2 and Greater Changhua 1 & 2a construction projects.

Wind impact’ was positive with DKK 1.7 billion due to higher wind speeds than last year (DKK -0.2 billion versus a normal wind year).

Ørsted revealed the early construction work of two of its German offshore wind farms, Borkum Riffgrund 3 and
Gode Wind 3, are both progressing according to plan. In Taiwan, despite challenges, it continues the progress in all areas of the construction of Greater Changhua 1 and 2a and expect to commission the wind farm in H2 2023.

Mads Nipper, Group President and CEO of Ørsted, said: “In a year with unusual market conditions, not least the very volatile energy prices and a substantial increase in inflation, we’re happy to achieve a record-high operating profit for 2022.

"We achieved strong operational performance with our assets remaining fully operational and having robust availability rates. Our CHP plants supported the much-needed security of supply in Denmark.

"Furthermore, we achieved significant strategic results across our business, and we remain confident in our long-term financial estimates and growth ambitions. The world is facing a climate crisis, and it’s indisputable that a transition to a sustainable energy system is needed. We’re ready to be part of this much-needed renewable energy build-out.”

In 2023, EBITDA excluding new partnership agreements is expected to be DKK 20-23 billion, and gross investments are expected to be DKK 50-54 billion.


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