Bulletin: Orsted A/S's Better-Than-Expected 2020 Results Will Bolster Capital Expenditure Plans

PARIS (S&P Global Ratings) Feb. 3, 2021--S&P Global Ratings today said that Orsted A/S?s (BBB+/Stable/A-2) 2020 results were better than expected due to improved wind conditions and trading related to power exposure hedges. The company's reported EBITDA of Danish krone (DKK) 18.1 billion exceeded our expectation of DKK16.7 billion. Orsted's operations in 2020 proved resilient to difficult conditions related to the COVID-19 pandemic. The company not only exceeded its EBITDA guidance of DKK16 billion-DKK17 billion, but also delivered key projects on time and budget. These included an increase in total renewable installed capacity to 11.3 gigawatts (GW) from 9.9 GW in 2019, with notably the delivery of Borssele 1+2 (752 megawatts [MW]). There were also some pandemic-related capital expenditure (capex)

...February 3, 2021 PARIS (S&P Global Ratings) Feb. 3, 2021--S&P Global Ratings today said that Orsted A/S's (###+/Stable/A-2) 2020 results were better than expected due to improved wind conditions and trading related to power exposure hedges. The company's reported EBITDA of Danish krone (DKK) 18.1 billion exceeded our expectation of DKK16.7 billion. Orsted's operations in 2020 proved resilient to difficult conditions related to the COVID-19 pandemic. The company not only exceeded its EBITDA guidance of DKK16 billion-DKK17 billion, but also delivered key projects on time and budget. These included an increase in total renewable installed capacity to 11.3 gigawatts (GW) from 9.9 GW in 2019, with notably the delivery of Borssele 1+2 (752 megawatts [MW]). There were also some pandemic-related capital expenditure (capex) delays in 2020, with total capex at DKK27.0 billion compared with our previous expectation of DKK33.5 billion. Given the higher-than-expected EBITDA and lower investment, we...

Bulletin