The world’s biggest offshore wind developer has warned that profits will be at the low end of guidance this year because the weather has been far less windy than expected.
Orsted, which operates turbines in UK, Danish, German and Dutch waters, said it had seen “significantly lower than normal wind speeds across our entire offshore wind portfolio” this year. It said it needed wind speeds to return to normal in the remaining five months of the year to deliver operating profits even at the bottom end of its guidance range of 15-16 billion Danish kroner (£1.7-1.8 billion).
The calm weather compounded woes for Orsted after it uncovered problems with subsea cables wearing through earlier this year. The costs of a warranty provision related to dealing
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