Q3 2023 Financial Highlights & Renewable Capacity Update
Total impairments of DKK 28.4 bn consists of four components
Anticipated impairments announced on 29 August 2023
Supply chain - DKK 5 bn adverse impacts relating to supply chains
• ITC guidance - up to DKK 6 bn in the event of 30% ITC for both
Sunrise Wind and Ocean Wind 1
Total impairments
Q3 2023, DKKbn
28.4
6.2
Interest rates
•
Interest rates - around DKK 5 bn reflecting interest levels at the
time of the announcement
0.7
OREC petition
4.7
ITC guidance
Actual impairments in Q3 2023
•
Supply chain - DKK 16.9 bn increase mainly relates to Ocean Wind 1
due to continuing supplier delays further impacting our project
schedule and leading to an additional significant project delay.
Updated view on certain assumptions, including tax credit
monetization and the timing and likelihood of final construction
16
5
permits. Assume a new installation approach with a longer timeline
for Revolution Wind and Sunrise Wind
• ITC guidance - DKK 4.7 bn based on 40% ITC level for Sunrise Wind
and 30% ITC level for Ocean Wind
16.9
6
Supply chain
⚫ Unsuccessful outcome of OREC petition - DKK 0.7 bn due to
unsuccessful outcome of OREC petition for Sunrise Wind
• Interest rates - DKK 6.2 bn driven by further increase in long-dated
US interest rates
15
5
Anticipated
impairments
Actual
impairments
OrstedView entire presentation