Renewables firm Orsted raised its full-year outlook on Thursday thanks to high power prices, after a disappointing showing in its offshore wind business led to weaker-than-expected second quarter core earnings which knocked its shares.
General view of the Walney Extension offshore wind farm operated by Orsted off the coast of Blackpool, Britain September 5, 2018. REUTERS/Phil Nobleraised its full-year outlook on Thursday thanks to high power prices, after a disappointing showing in its offshore wind business led to weaker-than-expected second quarter core earnings which knocked its shares.
Core earnings in the Danish firm's key offshore wind business were 1.9 billion crowns, which was well below the 3.0 billion expected by analysts. The increase in Orsted's full-year outlook, which Credit Suisse analysts said was "unsurprising", was mainly due to higher earnings in its 'Bioenergy & Other' business, which is benefiting from soaring power prices, and onshore wind.
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