Dong’s offshore wind earnings multiplied twofold

Dong Energy, the Danish developer announced that because of their concentration on offshore wind the revenue of their wind division reached DKK 9.01 billion (equivalent to EUR 1.2 billion) in the three quarters of 2013. This is a DKK 5.1 billion increase from last year.

Revenue was propelled by increased electricity output and earnings from construction contracts of projects such as the Anholt Offshore Wind Farm in Denmark and London Array in the UK. This resulted in Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)for the wind division of DKK3.5 billion as compared to DKK 1.8 billion from last year.

According to Henrik Poulsen, CEO of Dong, “The strategic focus on maintaining and developing Dong’s global leadership position in offshore wind has led to a doubling of earnings from wind power in 2013.”

The company is presently constructing three wind farms, one in Germany and two in the UK. These wind farms’ expected completion is in 2014 and 2015. The company considers the development in wind power very satisfactory.

For once, the wind business of Dong represented a higher share of the company’s total revenue as compared to gas and oil exploration and production.

Wind investment which comprised 46% of the total also overshadowed investment on gas and oil. However, this is still lower by DKK 2.1 billion as compared to the DKK 7.7 billion in 2012. This is mostly justified by the Anholt and London Array completion.

The success of Dolt’s wind sector was the company’s reason to increase their earnings projection to DKK 13.5 to 14.5 billion in 2013, a DKK0.5 billion increase.

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