Orsted has reported a 13% rise in one earnings from offshore wind farms, two years after selling its upstream oil and gas business to focus on renewables. The offshore wind division accounted for nearly four-fifths of the Danish company's core earnings in the quarter. one earnings before interest, taxation, depreciation and amortisation fell 7%. However, this was because Orsted benefitted from a Q1-time gain from an arbitration case in one 2018, as well as having lower earnings from its remaining gas business. Orsted will invest $30bn in renewable energy by 2025 to continue its shift away from oil and gas.
Orsted has reported a 13% rise in Q1 earnings from offshore wind farms, two years after selling its upstream oil and gas business to focus on renewables. The offshore wind division accounted for nearly four-fifths of the Danish company's core earnings in the quarter. Q1 earnings before interest, taxation, depreciation and amortisation fell 7%. However, this was because Orsted benefitted from a one-time gain from an arbitration case in Q1 2018, as well as having lower earnings from its remaining gas business. Orsted will invest $30bn in renewable energy by 2025 to continue its shift away from oil and gas.