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Denmark

Denmark

Dong reports EUR32m revenue rise for wind and hydro

DENMARK: Dong Energy has reported a 3% rise in electricity produced through wind and hydro for the first nine months of 2012.

Gunfleet Sands... Dong sold off 49.9% of the project to Marubeni last year
Gunfleet Sands... Dong sold off 49.9% of the project to Marubeni last year

The company said the rise stemmed from increased output from Walney 1 and 2 offshore wind farms in the UK. However, this was offset by a reduced output from Gunfleet Sands following the sale of 50% of the UK offshore project to Marubeni in September last year.

Revenue increased by DKK 2.4 billion (€322 million) to DKK 5.1 billion (€684 million) in the first nine months of 2012, of which DKK 1.8 billion (€241 million) related to income from the construction of 50% of the wind farms Anholt (DKK 1.7 billion) and Borkum Riffgrund 1 (DKK 0.1 billion) for co-investors.

However, EBITDA for the first nine months of 2012 was DKK 6.7 billion compared with DKK 11.7 billion in the first nine months of 2011. This included, a DKK 2.3 billion provision for three loss-making gas storage facility contracts in Germany.

In the introduction to the results, Dong CEO Henrik Poulsen said wind power would form two of the company's growth areas (alongside exploration and production).


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