Q2 2022 Orsted A/S Earnings Call Transcript
Welcome to the Orsted Q2 2022 earnings call. (Operator Instructions) Today's speakers are CEO, Mads Nipper; and CFO, Daniel Lerup.
Speakers, please begin.
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Thank you very much, and good afternoon, everyone. I hope you've enjoyed a nice time off. And for those of you who are still on vacation, thanks a lot for your time today. We've had a strong operational and financial first half of 2022 with our EBITDA, excluding new partnerships, amounting to DKK 11.4 billion, an increase of 48% on last year.
Earnings from ramp-up generation from offshore and onshore assets as well as higher wind speeds than last year have offset the negative impact from ineffective hedges related to the delayed commissioning of Hornsea 2. Our combined heat and power plants have benefited from the higher power prices and our gas business has been able to optimize the offtake flexibility that we have at our Northwestern European gas
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