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    ORSTED   DK0060094928

ORSTED A/S

(ORSTED)
  Report
Real-time Estimate Quote. Real-time Estimate Cboe Europe - 08/04 03:00:05 am
941.6 DKK   +0.73%
03:00aORSTED A/S : Ørsted Wraps Up 130-Wind Turbine Project in US
MT
02:51aOrsted Completes Western Trail Wind Farm in Texas
DJ
02:06aORSTED A/S : Ørsted completes largest onshore wind project to date
AQ
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

195;rsted A/S ěrsted And Hofor Enters Into Agreement On Green Power For Groundbreaking Hydrogen Project

05/31/2021 | 01:15am EDT
TIDMORSTED 
 
   Today, Ørsted and HOFOR (Greater Copenhagen Utility) entered into 
an agreement that will secure green power for part of the potential 1.3 
GW Green Fuels for Denmark project to produce sustainable fuels in the 
Greater Copenhagen area. 
 
   As part of the agreement, Ørsted and HOFOR will work towards 
enabling Ørsted to offtake the power produced at Aflandshage, which 
is HOFOR's 250 MW offshore wind farm project in the Oresund Strait. At 
the same time, it has been agreed that HOFOR may place the offshore wind 
farm's substation at the premises of Avedøre Power Station. 
Together, Ørsted and HOFOR will seek to realise both technical and 
trading-related synergies between the two projects. The future 
cooperation and the concrete design of the link between the wind farm 
and the PtX plant is subject to all regulatory as well as grid 
connection matters falling into place. 
 
   Provided that a framework is established in Denmark promoting the 
development of sustainable fuels, the power from Aflandshage could 
enable parts of Green Fuels for Denmark's second phase of 250 MW and 
meet the power demand for the project's first phase. 
 
   In addition to Green Fuels for Denmark, the agreement on Aflandshage 
could potentially also cover the power demand of the electrolysis plant 
that will supply hydrogen to DFDS's proposed hydrogen-powered ferry 
between Copenhagen and Oslo, if this project is realised. 
 
   Aflandshage is being developed, and subject to regulatory approvals, 
HOFOR expects the project to deliver first power in 2024/2025. The power 
can be brought onshore at Avedøre Power Station, which is owned by 
Ørsted, and where Green Fuels for Denmark could be located. 
 
   Anders Nordstrøm, Head of Ørsted's hydrogen activities, says: 
 
   "The European ambitions for renewable hydrogen and sustainable fuels 
have increased dramatically over the past year, mainly outside of 
Denmark, but as a country, we can still play a significant role in this 
part of the global green transformation. Green Fuels for Denmark is a 
large-scale flagship project ideally suited to realising Denmark's great 
potential as a producer of sustainable fuels for heavy transport. The 
agreement with HOFOR underlines the partnership's firm belief that Green 
Fuels for Denmark can contribute significantly to reducing greenhouse 
gas emissions and create a new industrial stronghold for Denmark." 
 
   Jan Kauffmann, CFO of HOFOR, agrees. He emphasises that the determining 
factors for HOFOR have been the broad collaboration on the green energy 
of the future and the visionary coupling of sectors. 
 
   "If we're to succeed with the green transformation of our combined 
energy supply, it's important that major Danish players work together on 
shared solutions. Not least when it makes a lot of sense for both 
parties. That's why we also see great potential in this long-term 
agreement," Jan Kauffmann says, continuing: 
 
   "In my view, the next step will be to investigate how the excess heat 
generated by Power-to-X production can be incorporated into the heating 
system in the Greater Copenhagen area. At HOFOR, we see a strong 
possibility for creating a stable supply of district heating at a 
competitive price. Our district heating system needs this, and at the 
same time, we enter into a cooperation with the largest possible impact 
on our climate targets." 
 
   The production of renewable hydrogen and sustainable fuels has enormous 
potential and can reduce carbon emissions from the heavy transport 
sector significantly. Sustainable fuels are more expensive to produce 
than fossil-based fuels. To reduce the price, the production of 
sustainable fuels must be matured and build-out at industrial scale, and 
the costs must be reduced -- just as we have seen with renewable energy 
technologies, such as offshore wind, onshore wind, and solar PV over the 
past decade. For this to be feasible, the industry must join forces with 
governments to create a framework that provides incentives for private 
investments in large-scale sustainable fuel production. 
 
   About Green Fuels for Denmark 
 
   Green Fuels for Denmark is Denmark's most ambitious vision for the 
large-scale production of sustainable fuels and has a decarbonisation 
potential of 850,000 tonnes. Behind the project is a partnership 
consisting of A.P. Moller - Maersk, DSV Panalpina, DFDS, SAS, Copenhagen 
Airports, and Ørsted. 
 
   Nel, Haldor Topsøe, and Everfuel have partnered up on the first 
phase of GFDK and on developing the second phase. In addition, COWI is a 
knowledge partner on the project. The project is backed by Molslinjen, 
the City of Copenhagen, and the Capital Region of Denmark. 
 
   The vision for the partnership is that Green Fuels for Denmark will be 
built in three phases with approximately 10 MW, 250 MW, and 1,300 MW in 
total electrolysis capacity, respectively. 
 
   Ørsted will continue to pursue opportunities to secure green power 
from additional sources for Green Fuels for Denmark towards the 
commissioning of the planned energy hub at the Danish island Bornholm. 
 
   For further information, please contact: 
 
   Ørsted Media Relations 
 
   Michael Korsgaard 
 
   + 45 99 55 94 25 
 
   mikon@orsted.dk 
 
   HOFOR Media Relations 
 
   Thomas Juhl Bruun 
 
   +45 27 95 21 41 
 
   thobru@hofor.dk 
 
   Ørsted Investor Relations 
 
   Allan Bødskov Andersen 
 
   + 45 99 55 79 96 
 
   ir@orsted.dk 
 
   About Ørsted 
 
   The Ørsted vision is a world that runs entirely on green energy. 
Ørsted develops, constructs, and operates offshore and onshore wind 
farms, solar farms, energy storage facilities, and bioenergy plants, and 
provides energy products to its customers. Ørsted ranks as the 
world's most sustainable energy company in Corporate Knights' 2021 index 
of the Global 100 most sustainable corporations in the world and is 
recognised on the CDP Climate Change A List as a global leader on 
climate action. Headquartered in Denmark, Ørsted employs 6,311 
people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). 
In 2020, the group's revenue was DKK 52.6 billion (EUR 7.1 billion). 
Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and 
Twitter. 
 
   About HOFOR 
 
   HOFOR's goal is to create sustainable towns and cities based on 
climate-friendly and environmentally safe supply solutions. We want to 
create competitive and carbon-neutral energy solutions, and we are 
committed to ensuring synergies between the utility sectors and to 
creating innovation in partnerships. As a publicly owned multi-utility 
company, HOFOR supplies clean drinking water to a million Danes, 
processes wastewater, and supplies Copenhagen with climate-friendly 
district heating, town gas, and district cooling. Furthermore, HOFOR 
owns the Amager Power Station, supplying carbon-neutral heat and power 
from sustainable biomass. Currently, HOFOR is also constructing new 
large-scale wind and solar farms throughout Denmark. 
 
   Attachment 
 
 
   -- EN_GFDK_HOFOR 
      https://ml-eu.globenewswire.com/Resource/Download/6d6f493f-e783-4135-aa20-4a122893daf3 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

05-31-21 0315ET

Stocks mentioned in the article
ChangeLast1st jan.
A.P. MØLLER - MÆRSK A/S -2.00% 17375 Delayed Quote.27.80%
DFDS A/S -1.32% 345.2 Delayed Quote.25.44%
DJ INDUSTRIAL 0.80% 35116.4 Delayed Quote.14.14%
DSV PANALPINA A/S -0.53% 1498 Delayed Quote.46.86%
EVERFUEL A/S -7.86% 63.1 Real-time Quote.-50.28%
FACEBOOK INC -0.20% 351.24 Delayed Quote.28.58%
NASDAQ COMP. 0.55% 14761.294551 Real-time Quote.13.85%
ORSTED A/S -0.38% 934.8 Delayed Quote.-24.83%
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Financials
Sales 2021 56 924 M 9 088 M 9 088 M
Net income 2021 11 942 M 1 906 M 1 906 M
Net Debt 2021 19 578 M 3 126 M 3 126 M
P/E ratio 2021 33,4x
Yield 2021 1,33%
Capitalization 393 B 62 593 M 62 692 M
EV / Sales 2021 7,24x
EV / Sales 2022 7,10x
Nbr of Employees 6 311
Free-Float 44,8%
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Technical analysis trends ORSTED A/S
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Mean consensus OUTPERFORM
Number of Analysts 25
Last Close Price 934,80 DKK
Average target price 1 021,83 DKK
Spread / Average Target 9,31%
EPS Revisions
Managers and Directors
Mads Nipper Group President & Chief Executive Officer
Marianne Wiinholt Chief Financial Officer
Thomas Thune Andersen Chairman
Richard Hunter Chief Operating Officer
Lene Skole-S°rensen Deputy Chairman
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