Earnings at Orsted dipped in the third quarter due to a continuation of the lower than normal wind speeds that have affected the offshore industry for much of the year.
The Danish developer recorded EBITDA of almost Dkr3bn (€403m) in the last three months, down 11% on the Dkr3.4bn from the same period in 2020.
Profit plunged 96% to Dkr487m, down from Dkr12bn, while cash flow from operating activities also fell, this time by 87% to €245m.
“In most of Q3, we continued to see lower than normal wind speeds, which had an adverse impact on earnings from renewable assets in operation, which amounted to Dkr10.3bn for the first nine months of the year,” said the company.
The total effect from lower wind speeds in the first nine months of 2021 amounted to around Dkr2.5 bn compared to the same period in 2020.
However, for the nine months EBITDA was up 22% year on year to Dkr16bn thanks in part to strong earnings from the bioenergy and other division.
Chief executive Mads Nipper said: “We are very pleased that our robust business model and active approach to risk management, together with strong earnings in ‘Bioenergy & Other’ resulted in good financial results in the third quarter despite low wind speeds and unusual market conditions. We are still on track to meet our full-year guidance.
“Overall, we are very pleased with our strategic and commercial progress. This year, we have been able to secure 3.6 GW of new offshore wind capacity in 2021 and now have 18 GW of firm offshore wind capacity secured towards our 30 GW target by 2030, which is a critical step in reaching our ambition of 50 GW of installed renewable capacity by 2030 and a strong testament to our commercial strength in offshore wind.”