Ørsted notches record profits on green energy developments

first_imgØrsted notches record profits on green energy developments FacebookTwitterLinkedInEmailPrint分享Clean Technica:Danish energy group Ørsted has posted record profits in 2018 as it blew away 2017 figures and significantly exceeded its own expectations as it sets its sights on a target of 99% green energy generation by 2025.Ørsted posted its 2018 Annual Report at the end of January, revealing that it had achieved an all-time high operational profit (EBITDA) of DKK30 billion ($4.59 billion) for the year, up an impressive 33% compared to its 2017 figures. EBITDA without new partnerships increased by 18% to DKK15 billion ($2.30 billion) for the year, significantly exceeding the company’s expectations set at the beginning of the year and even the company’s most recent guidance of somewhere in the range of DKK13-14 billion.Company earnings from offshore wind farms in operations increased by 29% to DKK11 billion in 2018 due primarily to ramp-up at the Walney Extension, Race Bank, and Borkum Riffgrund 2 offshore wind farms. Ørsted also completed the farm-down of the 1,218 MW Hornsea 1 offshore wind farm in the United Kingdom, one of the largest ever renewable energy merger & acquisition (M&A) transactions, yielding a total EBITDA of DKK15.1 billion in 2018.Net profit amounted to DKK19.5 billion in 2018, the company’s best ever, with an increase of DKK6.2 billion over 2017’s figure.“2018 was a great year for Ørsted,” crowed CEO and President Henrik Poulsen in the company’s annual report. “We delivered our best financial result ever and continued our deployment of green energy, reaching 75% green energy in our heat and power generation. On a global scale, renewable energy will grow rapidly in the years to come. We are well positioned to take part in this significant growth.“By the end of 2018, our portfolio consisted of 12 GW of offshore and onshore wind farms and biomass-fired combined heat and power plants that are either in production, under construction or have obtained final investment decision (FID). Furthermore, we have projects with a capacity of 4.8 GW for which we have been awarded the construction concessions or entered into offtake agreements but are yet to make FID. In addition, we have a strong pipeline of projects under development. Towards 2030, it is our strategic ambition to reach an installed capacity of more than 30 GW renewable energy, provided that the build-out creates value for our shareholders. Contributing to this ambition, we raised our 2025 ambition for offshore wind from 11-12 GW to 15 GW.”More: Ørsted posts record profit in 2018last_img read more

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Low-cost investment research ‘unsustainable’, managers claim

first_imgMiFID II represented the “biggest change to the research space in decades”, said Vicky Sanders, co-founder of RSRCHXchange.Her colleague, fellow co-founder Jeremy Davies, added that three-quarters of the managers and analysts questioned said they saw the current low price for research as unsustainable.“When people pay low prices they worry they will get what they pay for,” he said.Last week, a separate report revealed brokers’ fees had dropped by almost 20% as a result of the introduction of the new rules, which took effect from 3 January.  Despite this, there was much willingness within the market for research costs to rise.“People believe that market forces will resolve many of these issues,” Davies said. “If you pay $10,000 less then it is not sustainable to receive the same quality of research. Most people say to us that, ‘we have a fiduciary duty to pay the price that we are asked to pay’.”The RSRCHXchange report also raised questions as to whether coverage of smaller companies might suffer post-MiFID II.“You have to look at the short- and long-term effects,” Davies said. “Historically, research coverage has tracked liquidity; it has not tracked alpha.”Gary Baker, managing director at the CFA Institute, a decline in the research coverage of small- and mid-cap companies could prove one of the outcomes of the implementation of the new regulations.“One of the concerns around MiFID II is whether it will be detrimental in terms of the coverage of small caps,” Baker said. “This is something that we are interested in monitoring going forward, particularly to watch whether it drives the research capacity out of the small-cap market.” MiFID II will drive down the quality of investment research with coverage of smaller companies suffering as a result, according to a survey of global fund managers.According to RSRCHXchange – an investment research aggregator – asset managers were concerned about how the unbundling of research and trading costs under the new regulations might impact investment information.Just under half of the analysts and fund managers surveyed said they felt “worse off as a result of reduced access to research”, the report noted. A further 63% said they now took fewer meetings with sell-side research analysts.The company surveyed 418 professionals collectively responsible for roughly $30trn (€25trn) of assets.last_img read more

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Arsenal sign Lille winger Nicholas Pepe for club record fee

first_img Source: BBC Arsenal have signed Ivory Coast winger Nicolas Pepe from Lille for a club record fee of £72m.The 24-year-old has signed a five-year contract at Emirates Stadium after having a medical on Tuesday.Pepe scored 35 goals in 74 Ligue 1 appearances for Lille, who he joined from Angers in 2017.“Being here is very emotional,” said Pepe. “I have come a long way and struggled a lot and so signing for this great club is a big reward.”He becomes the fourth most expensive signing in Premier League history after Manchester United duo Paul Pogba (£89m) and Romelu Lukaku (£75m), and Liverpool defender Virgil van Dijk (£75m).Pepe added: “It was important to make the right decision and I am convinced that Arsenal is the right choice.”During the 2018-19 Ligue 1 season, only Paris St-Germain’s Kylian Mbappe had more combined goals and assists than Pepe, who will wear the number 19 shirt for Arsenal.“Nicolas is a highly rated and talented winger who was wanted by many of the top teams in Europe,” said Gunners boss Unai Emery.“Signing a top-class winger has been one of our key objectives in this transfer window and I’m delighted he’s joining.“He will add pace, power and creativity, with the aim of bringing more goals to our team.”Mass turnover at Lille?Pepe was the second player to be confirmed as leaving Lille on Thursday, with Portugal Under-21 forward Rafael Leao joining AC Milan earlier in the day for £27m.It means Lille have now sold £135m worth of players during the current transfer window, with Thiago Mendes and Youssouf Kone joining Lyon for £19.8m and £8.1m respectively and Anwar El Ghazi making his loan deal at Aston Villa permanent in an £8.1m deal.In comparison, they have spent £42.4m on bringing players in this summer, with Nigeria forward Victor Osimhen’s move from Belgian side RSC Charleroi their biggest expenditure at £10.8m.last_img read more

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