EnergyWatch

Ørsted heralds end of golden age in offshore wind

Despite continued expansion, Ørsted expects the lowest result in five years from its crucial offshore wind business. A different approach to divestments could save the development, however.

The expiry of subsidies for Horns Rev 2 is highlighted as one reason Ørsted expects a lower operating result from offshore wind in 2021. | Photo: Ørsted

Less than two weeks after taking up the CEO mantle, Mads Nipper released his first big news Tuesday evening CET: Even with Covid-19, the utility managed to exceed its already upgraded guidance and now expects to book an operating result of DKK 18 billion (EUR 2.4 billion) for 2020.

Upon closer examination, however, the first announcement under the new chief contains other information as well. A message that can, perhaps a bit harshly, be interpreted as saying he came at a time when offshore wind's golden age is nearing its end. Meaning the era of making grand profits from building offshore wind farms rather than the propagation of the technology, which, conversely, is in the midst of a global breakthrough.

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