Ørsted’s operating profit (EBITDA) for the first half year amounted to DKK 13.1 billion, a DKK 3.3 billion increase compared to the same period last year. The increase was driven by a gain of DKK 5.4 billion from the 50 % farm-down of our Dutch offshore wind farm Borssele 1 & 2.
Earnings from offshore and onshore wind farms in operation were DKK 0.3 billion lower compared to the same period last year. The increased generation capacity from new wind farms in operation was more than offset by significantly lower wind speeds across Ørsted’s portfolio. As expected, higher TNUoS tariffs due to more UK wind farms, lower earnings from Horns Rev 2 due to subsidy period ending in October 2020, and lower ROC recycle prices also had a negative impact.
Earnings from existing partnerships decreased by DKK 1.8 billion compared with the same period last year. Net profit amounted to DKK 7.1 billion
Ørsted maintains its full-year EBITDA guidance of DKK 15-16 billion. However, due to the significantly lower than normal wind speeds across its entire offshore wind portfolio (including in July) and the warranty provision towards its partners related to cable protection system issues at some of its wind farms, Ørsted currently expect the outcome in the low end of the guided range. The guidance is based on an assumption of normal wind speeds in the last five months of the year.
