UKX FTSE 100 Index

TIDMORSTED 
 
 
   Ørsted increases its full-year guidance by DKK 1 billion and now 
expects EBITDA excluding earnings from new partnership agreements to be 
DKK 16-17 billion in 2020. 
 
   The guidance increase is due to updated assumptions regarding the 
divestment of the transmission asset for Hornsea 1. 
 
   For offshore wind farms in the UK, we construct and subsequently divest 
the transmission asset as part of the overall project. The divestment of 
the transmission asset is a regulatory requirement and is conducted in a 
process led by Ofgem, the UK regulatory authority for gas and 
electricity markets. 
 
   Following further progress in the divestment process, we have lowered 
our assumption regarding the preferred bidder's expected return 
requirement on the transmission asset. The implication of this is 
twofold. A positive NPV impact on our own share of the transmission 
asset, as we will be paying lower than assumed tariffs going forward, 
and higher profit on the 50% share of the transmission asset we divest 
on behalf of our partner. 
 
   The impact of the latter will be recognised in EBITDA in 2020, whereas 
the EBITDA impact on our own share of the asset will materialise over 
the lifetime of the asset. 
 
   For further information, please contact: 
 
   Media Relations 
 
   Martin Barlebo 
 
   + 45 99 55 95 92 
 
   Investor Relations 
 
   Allan Bødskov Andersen 
 
   + 45 99 55 79 96 
 
   The Ørsted vision is a world that runs entirely on green energy. 
Ørsted develops, constructs and operates offshore and onshore wind 
farms, solar farms, energy storage facilities, and bioenergy plants, and 
provides energy products to its customers. Ørsted ranks #1 in 
Corporate Knights' 2020 index of the Global 100 most sustainable 
corporations in the world and is recognised on the CDP Climate Change A 
List as a global leader on climate action. Headquartered in Denmark, 
Ørsted employs 6,500 people. Ørsted's shares are listed on 
Nasdaq Copenhagen (Orsted). In 2019, the group's revenue was DKK 67.8 
billion (EUR 9.1 billion). Visit orsted.com or follow us on Facebook, 
LinkedIn, Instagram and Twitter. 
 
   Attachment 
 
 
   -- 04MAR2020_Company announcement_Ørsted increases its full-year EBITDA 
      guidance 
      https://ml-eu.globenewswire.com/Resource/Download/35fb1919-c0b1-4062-8c90-852347129914 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

March 04, 2020 05:09 ET (10:09 GMT)

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