Orsted has reported a 13% rise in Q1 2018 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 2018 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 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.