Wind drives Dong to a robust Q1

Its burgeoning offshore wind base helped Denmark’s Dong Energy post a solid set of first quarter financial results.

Dong – the world’s biggest developer of offshore wind – saw its net profit grow to DKr1.6bn ($297m) in the January-March period, up from DKr1.1bn at the same stage last year.

That was mainly driven by a DKr1.7bn profits rise to DKr6.3bn before interest, tax, depreciation and amortisation (Ebitda) – itself partly fuelled by swelling returns from wind activities, said Dong.

Its first quarter figures also felt the benefit of the proceeds of its divestment of 50% of its stake in the London Array offshore wind farm in southern England.

Output from the London Array and Denmark’s Anholt offshore wind projects helped drive production in Dong’s wind and hydro division to 1.8TWh in the quarter, up from 1.5TWh in the 2013 equivalent.

The group said wind and hydro production account for 40% of the group’s Q1 total, against 24% at the same stage in 2013.

Dong CEO Henrik Poulsen said the quarter represented a good start to 2014.

“It is particularly gratifying to see the major progress in wind power, where we are currently developing our global leading position within the development, construction and operation of offshore wind farms,” Poulsen said.