Q2 2021 Financial Highlights and Offshore Wind Build-Out Plan
Currency and energy exposure
Currency exposure Q3 2021 - Q2 2026
DKKbn
Before hedging
After hedging
70.5
GBP1
20.7
Risk after hedging,
DKKbn
GBP: 20.7 sales position
USD: 0.9 purchase position
TWD: 17.2 sales position
17.9
17.2
Energy exposure Q3 2021 - Q2 2026
DKKbn
Before hedging
After hedging
38.4
11.5
0.0
0.3
0.2
-0.9
-0.2
-2.4
USD2
TWD2
Power
Gas
Oil
Effect of price +10%
Effect of price -10%
Risk after hedging
DKKbn
Effect of price +10%
Effect of price -10%
+2.1
-0.1
+1.7
-2.1
Power: 9.3 sales position
+0.9
-0.9
+0.1
Gas: 0.3 sales position
+0.0
-0.0
-1.7
Oil: 0.2 sales position
+0.0
-0.0
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1. The GBP exchange rate for hedges impacting EBITDA in 2021 and 2022 is hedged at an average exchange rate of DKK/GBP 8.4 and 8.2.
2. For USD and TWD we manage our risk as a natural time spread between front-end capital expenditures and long-end revenue.
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