London Array boosts Dong Q1
The first output from the London Array helped boost operating profits at Danish group Dong Energy, which holds a 50% stake in the project.
The 630MW UK offshore wind farm started generating its first power at the end of last year, and made an impact on Dong’s financial performance for the first quarter of 2013.
Earnings before interest, tax, depreciation and amortisation (Ebitda) at Dong’s Wind Power operation rose to DKr1.2bn ($209m), up DKr700m on the same quarter in 2012.
Power output from wind and hydro rose to 1.5TWh from a year-earlier 1.2TWh, "primarily" thanks to the London Array.
Dong said it was also boosted by power from Denmark’s Anholt offshore plant and income from offshore wind construction contracts.
The offshore wind performance helped boost Dong’s overall Q1 Ebitda to DKr4.6bn from a year-earlier DKr3.6bn.
Net profit was DKr500m, a Dkr1.8bn fall on the same period last year, which had benefitted from a one-off windfall from the sale of oil terminals.
Dong CEO Henrik Poulsen labelled the first-quarter performance “satisfactory”.