Orsted announces record operating profit

By Grimsby Telegraph | Posted: 30 Jan 2019

Grimsby's biggest offshore wind inward investor, Orsted, has revealed a 33 per cent increase in operating profit.

Earnings before tax at the Danish giant have hit an all time high of DKK 30 billion (£3.5 billion). 

In a statement released from the Copenhagen HQ before tomorrow's annual report, it said the results were "significantly exceeding our expectations at the beginning of the year as well as our most recent guidance of DKK 13-14 billion (£1.51b to £1.63b)".

The board of directors approved it, attributing the increase to higher achieved Renewable Obligation Certificate recycle values, lower than expected costs, and better than expected progress on German project Borkum Riffgrund Two, resulting in higher partnership gains and faster ramp-up of generation.

It comes as in the Humber, the construction team prepares for the first turbine installations at Hornsea Project One, set to be come the world's largest offshore wind farm. 

Mark Hickson and Edda Passat, in Grimsby's Royal Dock. 

Efficiencies and operational enhancements anticipated from the build-out of the £10 million East Coast Hub, which is completing in Grimsby, will be given at next week's Grimsby Renewables Partnership 2019 conference

In a change to the original line-up, Mark Hickson, head of Race Bank and Lincs operations, will speak at Humber Royal Hotel. 

He is responsible for managing the day to day site operations of both operational offshore wind farms managing safety, yield, performance and his team of offshore technicians.

He has led Race Bank since it was inaugurated in 2018, and it is the first offshore wind farm to use a service operations vessel, the Grimsby-registered Edda Passat. Mr Hickson has more than 10 years’ experience in the offshore wind industry holding technician, engineer and coordination positions at Centrica and Siemens before joining Ørsted in 2017.

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