Earnings benefiting from fast growing and heavily subsidized offshore wind production. Exposure to adverse industry conditions in power, oil, and gas markets. Strong, integrated, and leading domestic position in the Danish energy market, including stable regulated electricity distribution. Geographic concentration in oil and gas production, partly mitigated by efficient production and location in low-risk countries. Large investment program in offshore wind, partly funded by asset sales, but leading to negative free operating cash flows. Exposure to low oil and power price supported by favorable hedges over the next two years. Clear financial policies and commitment to achieving around 30% funds from operations (FFO)/debt and maintaining the 'BBB+' rating. High taxes related to Norwegian production activities, which weigh on FFO. The
