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Danish energy firm posts profits as electricity and gas prices rocket

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Ritzau/The Local - [email protected]
Danish energy firm posts profits as electricity and gas prices rocket
(ARKIV) Dong Energy afslører selskabets nye navn på et pressemøde i hovedkvarteret i Gentofte mandag d. 2. oktober 2017. Energiselskabet Ørsted skruer ned for forventningerne til fremtiden og taber milliarder i værdi på børsen. Det skriver Ritzau, tirsdag den 29. oktober 2019.. (Foto: Mads Claus Rasmussen/Ritzau Scanpix)

Danish company Ørsted said on Wednesday its energy sales increased by 54 percent in 2021’s third quarter, citing hikes in gas and electricity prices as the driving factor.

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The commercial division of Ørsted, Bioenergy & Other, reported a 6.6 billion kroner profit in the third quarter of this year, a 54 percent increase.

Operating profits meanwhile rose to 1.2 billion kroner in Q3, according to the results.

Gas prices are six times the normal rate and electricity three time more expensive than normal, the company said.

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“(The large profits) are due to extraordinarily good results from our power stations and high revenues from our gas businesses,” Ørsted writes in the results.

Although increasing gas and energy prices have given Ørsted strong results, the company, which has invested in wind and solar power, has not grown overall.

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For the entire Ørsted company, operating profits in the third quarter dropped by just under 400 million kroner to 3.4 billion kroner.

That is because a relatively low amount of wind reduced the amount of energy produced by Ørsted’s wind farms.

Earlier this year, the Danish company published a plan to quadruple its position on sustainable energy by 2030.

That includes building wind and solar power farms to produce 50 gigawatts of power.

Contracts signed by the company so far can ensure 18 gigawatts of sustainable production, Ørsted said in its published results.

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