Orsted’s operating profit (EBITDA) for the first quarter of 2021 was just under Dkr5bn (€659m), compared with nearly Dkr7bn in the same period last year.
The Dkr1.9bn decrease to Dkr4.9bn – a fall of 28% – was mainly due to high earnings from the construction agreement related to the Hornsea 1 transmission assets in the first quarter of 2020 not being repeated in the first quarter of this year.
Other factors included very strong wind speeds in the first quarter of last year and the divested distribution, residential customer, and city light businesses last year.
Orsted said the first quarter of this year was also impacted by a Dkr800m warranty provision related to cable protection system issues at some of its offshore wind farms.
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