Orsted, the Danish offshore wind and renewables developer, has reported a substantial profit of Dkr5.1 billion (€683 million) for the third quarter of 2024, recovering from a loss of Dkr22.5 billion in Q3 2023. This turnaround has pushed profit for the first nine months of 2024 to Dkr6.1 billion, compared with a loss of Dkr19.8 billion for the same period last year.
Reflecting the strong performance, Orsted has updated its 2024 EBITDA guidance to Dkr24-26 billion, from a previous Dkr23-26 billion, excluding income from new partnerships and any cancellation fees. It has also revised its gross investment guidance to Dkr36-40 billion, reduced by Dkr8 billion due to timing adjustments across projects.
Group President and CEO Mads Nipper highlighted the execution of Orsted's business plan with over 2.4 GW of new renewable capacity now in operation. Orsted is also advancing its divestment program, having recently signed an agreement to sell a minority stake in four UK assets, while securing a 3.5 GW expansion for the Hornsea 3 and 4 wind projects in the UK.
In the US, Orsted's Revolution Wind and Sunrise Wind projects are progressing as planned, though Revolution Wind faces some construction risks, which the company is actively managing to maintain steady project execution.
