Offshore Wind: Orsted Earnings, Shares Dented by Lower Wind Speeds, Cable Problems
a media briefing, but added the problem was limited to ten offshore wind farms at most. They are in the United Kingdom and Continental Europe and equipped with a cable protection system Orsted no longer uses.Orsted estimated fixing the problems could cost 3 billion crowns in total between 2021 and 2023.Sydbank analyst Per Fogh described the issue as a "significant expense", but said Orsted's underlying business was doing well, despite earnings coming in below expectations.Orsted shares were down 3.8% at 0929 GMT, having dropped more than 30% since an early January high.Citi analyst Jenny
DONG Faces Tough Year as Offshore Wind Returns Drop
China are also trying to establish a foothold, with a Chinese developer last year partnering in a Scottish offshore wind farm. "A dramatic shift has happened in the offshore wind industry over the last six months, which puts into question how much return you can get on new projects," Sydbank analyst Morten Imsgaard said. But DONG's Poulsen said: "Irresponsible players who might submit bids that are not value-creating over time will eventually be weeded out." DONG Energy is the biggest owner of offshore wind power in Europe with 16.2 percent of installed capacity
DONG Energy to Exit O&G Business
Germany's Innogy, which was split off from RWE last month. DONG, which has built more than a quarter of the world's offshore wind farms and is a major operator in Britain and Germany, said last month it had hired JP Morgan to review its oil and gas assets with a view to possible sale. Analysts at Sydbank said DONG's oil and gas assets could be worth up to 14 billion Danish crowns ($2.1 billion). DONG produced 89,000 barrels of oil and gas per day this year, down from 115,000 barrels of oil and gas daily last year. Swiss utility specialist EIC said it recently sold its holdings in DONG at around
February 2024
