EnergyWatch

Abnormal weather makes Fred Olsen hit the deck

The Norwegian company lost a large sum on its renewable energy business in the last quarter.

Photo: Fred. Olsen Windcarrier

When it comes to stalled business areas, it's hard to match the cruise ship industry. With operating revenue at an impressive NOK -2 million (EUR -190,000) and a loss of NOK 254 million in this year's second quarter, Fred Olsen's cruise division is also the unsightliest stain on the accounts of parent company Bonheur. Although the wind energy business hasn't faired much better.

Even though the coronavirus pandemic hasn't played a significant role in the wind unit's Q2, Fred Olsen Renewables has been hard hit by another force of nature: the large volumes of precipitation that have filled Norway's hydroelectric reservoirs to the brim.

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