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Dong Energy delivers strong financial performance for 2016

DONG Energy has reported a huge increase in earnings, almost doubling performance year on year driven by “higher activity from the construction and divestment of offshore wind farms”.

Dong Energy delivers strong financial performance for 2016

Operating profit totalled £2.9 billion, with £1.7 billion of investments made in the year, as continued expansion in the sector it is world leader in continued at pace.

It narrowly outdid projections, even following revisions after the sale of a huge stake in Race Bank to Green Investment Bank.

Hornsea Project One, set to be the biggest in the world, built out of the Humber and operated from Grimsby, features highly.

Henrik Poulsen, chief executive and president, said: “The results for 2016 are highly satisfactory. We have delivered an underlying growth of 95 per cent in operating profit (EBITDA), driven by strong growth in wind power.

“In 2016, we took important steps in the green transformation with the decisions to invest in a further three offshore wind farms, including Hornsea 1, which will be the largest in the world. We also completed the biomass conversion of two Danish power stations and initiated the construction of the world’s first commercial-scale REnescience plant in Northwich in the UK that converts unsorted household waste into green energy.

“We will continue the green transformation in 2017. We expect to complete the offshore wind farm Burbo Bank Extension, the bioconversion of Skærbæk Power Station and the REnescience plant in Northwich. And today, we have announced that we will completely phase out coal from our power and heat generation by 2023.

“On the bottom line, we have delivered a strong profit from continuing operations of DKK 12.2 billion (£1.4 billion), which means that we can recommend to the annual general meeting that DKK 2.5 billion (£286 million) to be paid out in dividend

News Courtesy: www.humberbusiness.com

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