Orsted has reported profits in the third quarter of 2024, having sustained losses in the same period in 2023.
The offshore wind and renewables developer reported profits of Dkr5.1bn (€683m) in Q3 2024, compared with a loss of Dkr22.5bn in Q3 2023.
Profit for the first nine months of 2024 reached Dkr6.1bn compared with a loss of Dkr19.8bn for the first nine months of 2023.
Based on “solid” 9M earnings, Orsted said it has narrowed full-year EBITDA guidance from Dkr23-26 billion to Dkr24-26 billion, excluding earnings from new partnerships and impact from cancellation fees.
It has also lowered gross investments guidance by Dkr8 billion to Dkr36-40 billion due to “timing effects” across the project portfolio.
Mads Nipper (pictured), Group President and CEO of Orsted, said: “In the first nine months of the year, we have executed on the updated business plan that we presented in February, and we have put more than 2.4GW of renewable energy capacity into operation.
“We are on track with our divestment programme, where we have signed an agreement to divest a minority share in four UK assets. Furthermore, we have secured additional value-creating renewable growth opportunities in the UK with the 3.5GW award for Hornsea 3 and 4, which is a significant contribution to Orsted’s long-term renewable capacity goals.
“Revolution Wind and Sunrise Wind, our two offshore wind projects in the US, are progressing according to the updated construction plan.
“However, we have seen risks impacting the construction of Revolution Wind, and we are working diligently and with a strong focus to de-risk the continued project execution.”