The Danish energy group Ørsted has released its 2023 results, posting a DKK20.2bn (€2.7bn) loss (compared to a DKK15bn profit in 2022), due to a 31% fall in revenues (lower power and gas volumes sold at lower prices), to cancellation fees of DKK 9.6bn (€1.3bn) related to the termination of the Ocean Wind 1 offshore wind project in the United States, to the sale of interests in offshore wind projects in the United Kingdom and in Germany and to DKK 26.8bn (€3.6bn) in impairment losses (mainly related to the Ocean Wind 1 project).
Ørsted’s installed capacity increased by nearly 1.2 GW in 2023 to reach a total of about 12.5 GW, including 5 GW of offshore wind (+314 MW), 3.7 GW of onshore wind (+253 MW), 1 GW of solar (+357 MW) and 2.8 GW of thermal (+260 MW). The increase in offshore wind capacity was primarily due to the ramp-up of the Greater Changhua 1 and 2a parks in Taiwan, while the increase in onshore wind capacity was mainly due to the commissioning of the Sunflower Wind project (201 MW) in the US. Solar capacity increased due to the partial commissioning of the Old 300 solar park in the US. Thermal capacity rose due to an extra unit at the Kyndby Peak Load Plant being temporarily back in operation.
Ørsted’s power generation remained stable in 2023, hovering around 35.6 TWh. 17.8 TWh was produced from offshore wind (+8%), 11.2 TWh from onshore wind (stable), 2.1 TWh from solar (+12%) and 4.4 TWh from thermal (-26%). The group sold 21.4 TWh of electricity (-8%%) and 16.9 TWh of natural gas (-47%) in 2023, mainly due the phasing out of its UK B2B business.
In 2024, EBITDA excluding new partnership agreements and cancellation fees is expected to reach DKK23-26bn (€3.1-3.5bn), and gross investments are expected to be DKK48-52bn (€6.4-7bn).