Danish energy giant Ørsted has registered a net loss of DKr596m ($87.8m) attributable to shareholders in Q2 2023, compared with a profit of DKr132m for the same quarter of 2022.
The company’s revenues plummeted 37% to DKr16.47bn from DKr26.29bn.
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Its earnings before interest, taxes, depreciation and amortisation fell 8% to DKr3.32bn from DKr3.61bn.
Its operating profit slumped 34%, dropping to DKr866m in the three months to June 2023 from DKr1.31bn a year previously.
Quarterly depreciation for Q2 2023 stood at DKr2.45bn, a 7% increase compared with DKK2.3bn in the same quarter of the preceding year.
The company’s offshore wind power generation dropped 8% to three terawatt-hours (TWh) in Q2 2023, down from 3.32TWh the previous year. The decrease was largely the result of lower wind speeds.
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By GlobalDataAverage wind speeds in Q2 2023 were 8.1 metres per second (m/s), lower than last year’s Q2 average of 8.4m/s. This resulted in a 34% slump in revenues for the category from DKr17.3bn to DKr11.5bn.
Onshore power generation fell 12%, also driven by lower wind speeds.
The company’s gas and power sales also tumbled 55% and 62%, respectively. A key driver of the decline was the scrapping of the export contract with Gazprom. This contract was terminated in Q1 2023, resulting in a revenue slump of 51% from DKr9.18bn to DKr4.4bn.
