Investor Presentaiton
Offshore sites earnings increased by 58 %
EBITDA of DKK 6.9 in Q1 2023¹
DKKm
Q1 2022
Wind
Hedges
Sites, other
Existing
partnerships
Other
incl. DEVEX
Onshore
CHP plants
Gas & Other
Offshore
Q1 2023
6
& other
Bioenergy
-300
7,819
-1,052
-6
-16
2,100
300
•
.
EBITDA excluding new partnerships
Offshore wind speeds marginally below norm (10.9 m/s in Q1 2023 vs.
norm of 11.0 m/s), and below last year (11.3 m/s in Q1 2022)
Positive hedge impact of DKK 2.1 bn, driven by negative effects in Q1
2022 from overhedging and ineffective hedges related to delayed ramp-
up of Hornsea 2 (DKK 1.6 bn), as well as a partial reversal of the
ineffective IFRS 9-related hedges recognized in 2022 (DKK 0.5 bn)
• Positive impact on sites earnings mainly from ramp-up generation at
Hornsea 2 and Greater Changhua 1 & 2a
• No material earnings from existing partnerships in Q1 2023. Positive
effect in Q1 2022 from partial reversal of the cable protection system
provision (DKK -0.5), as well as earnings related to construction progress
at Greater Changhua 1 & 2a
• Onshore earnings in line with Q1 2022, generation up 17 % due to ramp-
up from new assets, offset by lower prices
•
Lower earnings from CHP plants mainly due to unfavourable spreads for
power condensing generation
• Lower earnings from our gas activities mainly driven by positive
revaluation of gas storage facilities in Q1 2022
-1,018
-978
6,910
1. Q1 2022 EBITDA of DKK 9.4 bn, incl. farm-down gain of DKK 1.6 bn related to 50% divestment of Borkum Riffgrund 3
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