Orsted optimistic despite rocky Q2

Net loss on Gazprom contract has eaten into the Danish company’s quarterly profits, but it still expects an increase in full-year earnings amid renewables success

Danish energy company Orsted has raised its full-year guidance excluding new partnerships by DKK1bn ($139mn), despite its Q2 operating profits falling by 56pc year-on-year, to DKK3.6bn, as it expects further expansion of its renewables business. Offshore wind saw a particularly strong performance, with a 94pc increase in revenue to DKK17.3bn, as a result of higher windspeeds than the previous year. Similarly, Orsted doubled its onshore wind power generation due to a combination of higher windspeeds, the acquisition of assets from Brookfield Renewable Ireland and the commissioning of new US wind and solar capacity. “In general, we have seen positive market development during the first half of