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Ørsted earnings hold firm as utility on track for ‘ambitious green transformation’

Image: Orsted

Image: Orsted

Ørsted remains on track to deliver what it’s described as “one of the most ambitious green transformations” in the energy sector after it reported steady growth in H1 2019.

Reporting its half-year results today, Ørsted revealed its H1 earnings to have reached DKK8.8 billion (£1.1 billion), up marginally (2%) on last year’s performance.

That performance means the utility is on track for its full year guidance of earnings between DKK15.5 (£1.9 billion) and DKK16.5 billion (£2 billion).

First half profit did however slip 6% to DKK3.7 billion (£457 million).

It achieved this, chief executive Henrik Poulsen said, undertaking “one of the most ambitious green transformations in the global energy industry”, triggered by a commitment to the Paris Agreement and UN Sustainable Development Goals (SDGs).

Its share of energy generation determined to be green rose from 71% to 82% in H1 2019, and Poulsen said the firm was on track to meets it target of achieving a 98% reduction in its carbon emission intensity from generation by 2025.

Furthermore, the firm said it was now taking the “next major step” in its decarbonisation agenda by targeting indirect carbon emissions from its business, occurring primarily within its natural gas and consumer-facing units, while phasing out all fossil-fuelled cars from its fleet by 2025.

“We remain very pleased with the operational and financial performance of the company as we continue to expand our position as a global leader in green energy,” Poulsen said.

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