Ørsted Reports 19% Q1 Profit Decline Amid Higher Taxes, Despite Increased Offshore Earnings and Revenue Drop.

Danish clean energy company Ørsted A/S (CPH:ORSTED) has reported a 19% year-on-year decline in Q1 net profit to DKK 2.6 billion ($373m/EUR 349m) due to higher tax expenses. Despite this, the company reported a lower bottom line due to a deferred tax liability associated with an initial tax equity contribution for the Eleven Mile solar-plus-storage project in the US state of Arizona. Offshore earnings also rose by DKK 1.1 billion and DKK 6.9 billion due to increased wind, the ramp-up of the Greater Changhua 1 and 2a and South Fork projects, and higher prices on the inflation-indexed Contracts for Difference (CfDs) and green certificates. Revenue fell by 25% to DKR 19.2 billion due due to lower power prices across markets. The company reiterated its full-year EBITDA guidance, which includes new partnership agreements and cancellation fees, as well as gross investment of DKK 48 billion-52 billion.