Wind a bright spot as Dong plans cuts and divestments

Wind power provided a bright spot for Denmark’s Dong Energy, which today announced plans to cut costs and jobs, and divest DKr10bn ($1.7bn) of assets, after an “unsatisfactory” first three quarters of 2012.

Dong – the world’s biggest developer of offshore wind projects – increased revenue from wind to DKr5.1bn ($884m) in the first nine months of 2012, up from DKr 2.71bn at the same stage last year.

Wind delivered profits before interest, tax, depreciation and amortisation (Ebitda) of DKr1.82bn against a year-earlier DKr1.3bn.

Power output from wind and hydro edged up 3% to 3.3TWh. The increase was mostly driven by the addition of power from the Walney 1 and 2 offshore wind farms, but partly offset by the removal of 50% of the Gunfleet Sands…

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