Orsted experienced a 27% drop in operating profit (EBITDA) for the first quarter of 2023.
The Danish developer reported EBITDA of DKK6.9bn (€925m), DKK2.5bn lower than in Q1 2022, which was positively impacted by the DKK1.6bn farm down of Borkum Riffgund 3.
Lower power prices also had an impact, according to chief financial officer Daniel Lerup.
Earnings from offshore sites amounted to DKK5.9bn, an increase of DKK2.2bn compared to last year.
In its onshore business, Orsted saw an increase in generation of 17% due to ramp-up of generation from new assets.
This was partly offset by lower prices, especially in I&UK where a revenue cap was introduced in Q4 2022
The board said it maintains its EBITDA guidance of DKK20-23bn excluding earnings from new partnerships during the year.
Orsted group president and chief executive Mads Nipper (pictured) said: “We’re pleased with the Q1 2023 results where our offshore sites earnings are back on track as the key EBITDA driver.
“Furthermore, the construction of our current wind and solar assets is progressing according to plan.
“Among significant strategic milestones during the quarter, we took FID on our Greater Changhua 2b and 4 offshore wind farms in Taiwan with a total capacity of 920MW.We expect to start onshore construction this year with commissioning by the end of 2025.
“Greater Changhua 2b and 4 have a robust business case, which will create long-term value for Orsted.
“Our 100MW Salamander project, a joint venture between Simply Blue Group, Subsea 7, and Orsted, won a Scottish floating wind lease and is a tangible step to making floating wind a reality.
“We also acquired the 160MW early-stage Irish solar development project Garreenleen, which will bring our Irish portfolio to a total capacity of 576MW.”