DONG Energy Sees Continued Growth In Third Quarter
Danish energy giant DONG Energy has published its interim financial report for the 9 months of 2015, with earnings up 14%.
Earnings for one of the world’s leading wind developers was up 14% in the first 9 months of 2015, rising from DKK 13 billion to DKK 14.8 billion (working out to around $2.2 billion). DONG Energy stated that the increase was due primarily to “positive development in the underlying business as well as compensations.” Specifically, higher generation from offshore wind farms was at least partially responsible for the increase in earnings. The company’s revenue was also positively impacted by DKK 1.7 billion of sales.
Net profit was up to DKK 3.2 billion ($471,361 million), up DKK 2.4 billion on the same 9 months in 2014.
DONG Energy CEO and President Henrik Poulsen also commented on the possibility of the company going public with an IPO of its own in the near future:
“On 18 September the Danish government announced a political agreement that lays the foundation for an IPO of DONG Energy. The company’s shareholders and Board of Directors have decided to pursue an IPO within 18 months. Preparations for the IPO have been initiated. It will be another important milestone in DONG Energy’s transformation from a coal-intensive Danish utility to a global leader in the development of green, economically viable, and independent energy systems.”
The company is unsurprisingly happy with the way its 2015 has gone, with growth tracking along company expectations.
DONG Energy’s financial earnings report comes at the same time as it announced that it would be proceeding with developing the largest offshore wind farm, and not long after it inaugurated the first offshore wind farm in Germany.
DONG Energy revealed that it had agreed to construct the 660 MW Walney Extension Offshore Wind Farm in the Irish Sea, which, upon completion, will be the world’s largest offshore wind farm.
“Walney Extension will deliver clean electricity to more than 460,000 UK homes and I’m very pleased that we can now start construction of what will be the world’s biggest offshore wind farm when completed,” said Samuel Leupold, Executive Vice President at DONG Energy. “Building this offshore wind farm will bring us significantly closer to realising our strategy of having 6.5 GW of installed capacity online by 2020.”
Earlier this month, continuing a year of impressive milestones, DONG Energy also inaugurated the 312 MW Borkum Riffgrund 1 wind farm, the first offshore wind farm in Germany.
“The first offshore wind farm installed by DONG Energy in Germany is a great success,” said Uwe Beckmeyer, Germany’s Federal Minister of Economy & Energy, State Secretary, and Deputy Minister. “Borkum Riffgrund 1 is an impressive example of just how fast offshore installations can now be installed. This translates into lower costs and is good news for consumers.”
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