Ørsted Resolves Taxation Dispute Over Offshore Wind Farms

Ørsted A/S has received a final opinion from the Danish Tax Agency and UK HM Revenue & Customs regarding the taxation of its Walney Extension and Hornsea 1 offshore wind farms. The EU Arbitration Convention's advisory commission confirmed that these projects have genuine legal and economic purposes, thus falling under UK taxation. This decision aligns with Ørsted's interpretation of international tax regulations.

The initial dispute arose in 2015 when Ørsted sought clarification to avoid double taxation. Despite a minor tax adjustment in Denmark, largely offset by UK tax reductions, Ørsted views this outcome favorably and anticipates similar resolutions for other projects pending review.