In the first quarter, operating profit (EBITDA) excluding new partnerships and cancellation fees of Ørsted amounted to DKK 7.5 billion, marking an increase of DKK 0.6 billion compared to the same period last year, aligning with expectations.
Earnings from offshore sites totalled DKK 6.9 billion, reflecting a rise of DKK 1.1 billion year-on-year. This upsurge was driven by enhanced wind conditions, the ramp-up of Greater Changhua 1 and 2a and South Fork, and increased prices on inflation-indexed CfDs and green certificates. However, this was partially offset by reduced capacity in the export transmission cables at Hornsea 1 due to an electrical infrastructure issue, which is currently being addressed in the second quarter.
Net profit stood at DKK 2.6 billion, lower than the corresponding period last year. While net profit benefitted from higher EBITDA and an impairment reversal on the Sunrise Wind project, tax expenses were impacted by the recognition of a deferred tax liability linked to an initial tax equity contribution for the US onshore project, Eleven Mile.
The company reiterates its 2024 guidance for EBITDA, excluding new partnership agreements and cancellation fees, ranging between DKK 23-26 billion, along with gross investment of DKK 48-52 billion.
