Ørsted's offshore wind turbines reap no benefit from towering power prices

State subsidies and risk hedging are keeping a lid on cash flow from record-high electricity prices at Ørsted, which, on the other hand, books tidy earnings made from its gas contracts with Gazprom. Meanwhile and with a heavy heart, the utility's CFO notes coal money leaving a positive mark on company accounts.

Photo: PR / Din Forsyning

Basically, this report should take the form of classic tale of everything going rather well for Ørsted. On the one hand, winds have been far weaker than normal this autumn but have also been a factor behind power prices multiplying. While the first situation is, naturally, not such so advantageous for a company whose business is largely that of developing and selling wind energy, the second matter should conversely be just great.

That, however, is not quite the case, with underperforming wind leaving a direct mark on Ørsted's power generation, down 28 percent in the third quarter against the same period last year. For the first time ever, the company's primary operating result from the offshore wind business is negatively affected by a deficit of DKK 121m (EUR 16.27m).

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