EnergyWatch

Ørsted one weak month from downgrading

While the roulette ball has landed in black seven times in a row, the likelihood of it happening eight times doesn't increase, says Ørsted CEO Mads Nipper upon word that wind conditions must improve in the remainder of year to save the company financials.

Photo: Gregers Tycho/ERH

The world's largest offshore wind farm developer has seen extraordinarily poor wind conditions during the year's first seven months.

According to Ørsted, this stratospheric fact entailed that its earnings before interest, taxes, depreciations and amortizations ended up around DKK 900m (EUR 121m) lower than they would have been during a normal wind year. And, further, that expectations of the year weren't just pushed down to the lower end of its announced spread of DKK 15-16bn in EBITDA. But that this forecast is also under the assumption that all remaining months of the year will see just as much wind as in the average year.

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