Dong pulls in the cash as new offshore wind farms enter service

Danish utility Dong Energy’s revenues rose to DKr56.8bn ($10bn) last year from DKr54.6bn in 2010, as the company brought new offshore wind farms into service.

However, 2011 earnings before interest, tax, depreciation and amortisation (Ebitda) were DKr300m lower at DKr13.8bn.

Investments rose sharply to DKr13.1bn, compared to DKr8.5bn in 2010, mainly because of higher spending on wind farm construction and on oil and gas fields.

Net profit fell by DKr1.6bn to DKr2.9bn, reflecting lower gains on disposal of enterprises, Dong says.

Dong commissioned the Walney 1 offshore wind farm in the UK last year, as well as more turbines at the Gunfleet Sands wind facility.

“We delivered a solid performance in 2011, with Ebitda in line with 2010,”…

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