A fall in energy prices and delays to construction work put pressure on Ørsted’s (0RHE) interim pre-tax profits, which fell 12 per cent to DKK4.38bn (£531m). The leader in sustainable energy, which derives 83 per cent of its cash profits from offshore power, saw turnover fall by a fifth over its half year.
The company temporarily reduced its UK wind farm capacity in response to lower demand for electricity, due to coronavirus, and estimates a DKK150m toll on its second-quarter cash profits from the pandemic. The virus has also raised the risk of a delay to the completion of two offshore substations. These are being constructed in Singapore, and coronavirus halted work here for two months.