Ørsted is stopping the Ocean Wind 1 and 2 projects in the US and has written down a total of DKK 28.4 billion for the first nine months of 2023. The company announced this in its interim report for the first nine months of the year on Wednesday night.
According to the company, the write-downs are due, among other things, to negative impacts caused by delays in the supply chain and rising interest rates. The majority of the write-downs, DKK 19.9 billion, relate to Ocean Wind 1.
The net result for the first nine months was minus DKK 19.9 billion. In the same period in 2022, the result was DKK 15.3 billion. The operating result was DKK 19.4 billion, which is 23 percent. lower than in the same period the previous year.
- We are satisfied with how our operating assets have performed in the first nine months of 2023, which has driven a satisfactory development in our earnings, says a comment from CEO and Group CEO Mads Nipper to the interim report.
Not the first write-down in the USA
Ørsted has previously announced that the projects in the USA could not deliver the expected earnings. In August, the company wrote down the value of the projects Ocean Wind 1, Sunrise Wind and Revolution Wind by five billion. kr.
In the interim report, Ørsted also states that it has made a final investment decision on the 704 megawatt Revolution Wind project.
- The project has thus entered the construction phase and is expected to have attractive value creation going forward, it says.
Ørsted further states that, based on the challenged portfolio in the US and the current market conditions, it has "initiated a wide range of measures to secure our capital structure and credit rating and to improve our competitiveness and value creation."
/ritzau/
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