Ørsted asserts cable issue will not occur at future wind farms

The cable problem that prompted Ørsted to book a EUR 107m provision and herald billion-kroner expenses for the next couple of years, happened due to cost-cutting measures. It won't happen again, says CFO.

Photo: Tekmar

The price of onshore wind energy has plummeted these past five years. This is mostly attributable to technological breakthroughs in the increasingly mature industry, streamlining efforts and tougher competition in tenders. But sometimes, such cost-cutting measures can prove expensive in the end.

Utility Ørsted underscored this fact in its quarterly financial report issued Thursday. Here, the most prominent item was a provision of DKK 800m (EUR 107m) covering errors on array cables at up to ten of the company's offshore wind farms – accompanied by the message that the costs entailed risk growing to around DKK 3bn over the coming two years.

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