COPENHAGEN, Nov 3 (Reuters) – Danish energy firm Orsted (ORSTED.CO) on Thursday lifted its profit outlook for the year on the back of high power prices, while third-quarter core earnings slightly lagged expectations on the back of soft performance in its key offshore unit.
Orsted now expects 2022 earnings before interest, tax, depreciation and amortisation excluding new partnerships of between 21 billion and 23 billion Danish crowns ($2.77 billion-$3.03 billion), up from 20 billion-22 billion seen previously.
The better outlook was mainly driven by higher earnings in its smaller business, called Bioenergy & Other, that operates combined heating and power plants “due to the higher power prices in Denmark”, it said.
This unit has benefited from the soaring power prices while Orsted’s exposure from wind and solar generation is locked in through subsidy contracts and long-term power purchase agreements.
In the third quarter, Bioenergy &…
