Ørsted reports unexpected decrease in 2022 offshore activity

Feb. 1, 2023
Yet Ørsted, the world's No. 1 offshore wind farm developer, achieved a record-high operating profit for 2022.

Offshore staff

FREDERICIA, Denmark — Ørsted said it achieved significant strategic results during 2022.

The company's operating profit (EBITDA) for the year amounted to DKK 32.1 billion ($4.7 billion), which was its highest EBITDA ever, of which the gain from the 50% farm-downs of Hornsea 2 and Borkum Riffgrund 3 amounted to DKK 11.0 billion ($1.6 billion) in total.

"The unexpected decrease in offshore was primarily due to adverse impacts from hedges and delays at our Hornsea 2 and Greater Changhua 1 & 2a construction projects," the company stated. 

In the UK, the company was awarded a contract for difference for building Hornsea 3, the world’s single biggest offshore wind farm, and it commissioned Hornsea 2, the world’s largest operating wind farm.

In the US, Ørsted continued the development of its portfolio of offshore wind projects off the East Coast, including taking final investment decision on South Fork.

Despite challenges in Taiwan, Ørsted continued the progress in all areas of the construction of Greater Changhua 1 & 2a and expects to commission the wind farm in second-half 2023.

Ørsted took significant steps into floating wind in Scotland and Spain.