Ørsted’s Board of Directors has approved the interim report for the first nine months of 2024. Operating profit (EBITDA) for the first nine months amounted to DKK 23.6 billion compared to DKK 19.4 billion in the same period last year, of which DKK 6.4 billion related to a net reversal of provisions for cancelled projects.
EBITDA excluding new partnerships and cancellation fees in the first nine months of 2024 amounted to DKK 17.2 billion, an underlying increase of 12 percent compared to the same period last year.
Earnings from Ørsted's offshore sites amounted to DKK 15.3 billion, an increase of DKK 2.2 billion compared to the same period last year. The increase was driven by the ramp-up of generation at offshore wind farms Greater Changhua 1 and 2a, South Fork, and Gode Wind 3, higher wind speeds, and higher prices on inflation-indexed Contracts for Difference (CfDs) and green certificates.
Impairment losses had a negative effect of DKK 0.3 billion in Q3 2024 and DKK 3.4 billion in the first nine months of 2024. The main contributors to the net impairment were the decision to cease execution of FlagshipONE (DKK 1.5 billion) and, for Revolution Wind, the construction delay related to the onshore substation, challenges related to the offshore substation monopile installation work, an additional contingency due to a higher risk assessment, and updated market prices (DKK 3.8 billion). This was partly offset by a positive effect from the Sunrise Wind project (DKK 1.8 billion) due to it being awarded a higher Offshore Renewable Energy Certificate (OREC) by the State of New York. Additionally, a positive effect was observed from the decrease in the US long-dated interest rate (DKK 1.4 billion) across Ørsted's US portfolio.
Based on solid earnings for the first nine months, Ørsted has narrowed its full-year EBITDA guidance from DKK 23-26 billion to DKK 24-26 billion, excluding earnings from new partnerships and the impact from cancellation fees. The company has also lowered its gross investments guidance by DKK 8 billion to DKK 36-40 billion due to timing effects across the project portfolio.
