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Orsted posts Q1 profit dip - reNews - Renewable Energy News

Orsted’s operating profit (EBITDA) for the first quarter of 2021 was just under Dkr5bn (€659m), compared with nearly Dkr7bn in the same period last year. The Dkr1.9bn decrease to Dkr4.9bn – a fall of 28% – was mainly due to high earnings from the construction agreement related to the Hornsea 1 transmission assets in the first quarter of 2020 not being repeated in the first quarter of this year. Other factors included very strong wind speeds in the first quarter of last year and the divested distribution, residential customer, and city light businesses last year. Orsted said the first quarter of this year was also impacted by a Dkr800m warranty provision related to cable protection system issues at some of its offshore wind farms.

Investegate |Orsted A/S Announcements | Orsted A/S: Interim report for the first quarter of 2021

  The first quarter of 2021 delivered strong strategic progress and good operational performance Today, Ørsted s Board of Directors approved the interim report for the first quarter of 2021.   Our operating profit (EBITDA) for the first quarter of the year amounted to DKK 4.9 billion, a DKK 1.9 billion decrease compared to the same period last year. The decrease was mainly due to high earnings from the construction agreement related to the Hornsea 1 transmission assets in Q1 2020 not being repeated in Q1 2021, very strong wind speeds in Q1 2020 and the divested distribution, residential customer, and city light businesses last year. Furthermore, Q1 2021 was impacted by a DKK 0.8 billion warranty provision related to cable protection system issues at some of our offshore wind farms. 

Ørsted Acquires Ireland & UK Onshore Wind Power Platform

23 views Gulf Oil & Gas Ørsted has entered into an agreement with Brookfield Renewable, a global owner and operator of renewable power assets, to acquire a 100 % equity interest in its existing Ireland and UK onshore wind business, Brookfield Renewable Ireland (BRI). The agreement is based on an enterprise valuation of BRI of EUR 571 million as of 31 December 2020. The final price will be subject to customary adjustments. With the acquisition of BRI, Ørsted enters the European onshore market. BRI, headquartered in Cork, Ireland, is a developer, owner, and operator of onshore wind farms. BRI has an attractive portfolio of 389 MW in operation and under construction, 149 MW advanced development, and more than 1 GW of development pipeline in Ireland and the UK.

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