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Ørsted aims to exit Danish power distribution ops in 2019

Source: Twitter, @OrstedUK

January 31 (Renewables Now) - Danish offshore wind major Ørsted A/S (CPH:ORSTED) expects to relaunch an exit process for its local power distribution and residential customer businesses at a later point this year, its CEO said today.

While presenting all-time-high financial results on Thursday, the company said that it anticipates an exit from the above-mentioned operations this year. CEO Henrik Poulsen told a conference call that Ørsted is currently analysing all different options for pursuing an exit before the end of 2019.

“It goes without saying that such an exit needs to be commercially attractive to Ørsted,” Poulsen said, adding that it also has to be “a politically viable solution.” He did not want to comment on a potential price.

Ørsted announced it was gauging interest in its Danish power distribution business, the residential customer business for power and gas and the city light business in late June 2018. It discontinued the process in mid-January 2019 after the Danish ministry of finance unveiled it was no longer supporting the planned move. The company said a number of times that it does not consider itself to be the best long-term owner of these businesses given its strategy to focus on renewable energy.

The utility ended 2018 with a 75% share of renewable energy in its generation mix, up from 64% in 2017.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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