Ørsted boosts profit by 18% as it goes green

Ørsted earned an operating profit of DKK22.5 billion (£2.65bn) in 2017, an increase of 18% on the year before. The company’s financial results for the year also show it increased its share […]

Register now!

By Jonny Bairstow

Ørsted earned an operating profit of DKK22.5 billion (£2.65bn) in 2017, an increase of 18% on the year before.

The company’s financial results for the year also show it increased its share of renewable energy by 14% to 64% – its target is for at least 95% of its heat and power generation to be green by 2023.

As the company completed its transition to a green energy business, wind power profit increased by 74% to DKK20.6 billion (£2.4bn).

It also continued its build-out of green energy generation from offshore wind and biomass, divested its oil and gas business and committed to going coal-free by 2023.

CEO Henrik Poulsen said: “In the coming years, we will pursue our objective of continued build-out of offshore wind.

“We also want to make our utility business greener, create a smart power distribution grid and improve our customer experience through digitisation and innovation of our products.

“In addition, we are working to expand our portfolio of long-term growth opportunities within green energy.”