Ørsted receives final opinion regarding taxation of Walney Extension and Hornsea 1

10.9.2026 21:25:22 CEST | Ørsted A/S | Investor News

Today, Ørsted has been notified by the Danish Tax Agency (DTA) and UK HM Revenue & Customs (HMRC) that an advisory commission established under the EU Arbitration Convention has issued a final opinion in the case between Denmark and the UK regarding taxation rights related to the offshore wind farms Walney Extension and Hornsea 1.

According to the opinion, which follows the legal principles for taxation of services applied by Ørsted, the Walney Extension and Hornsea 1 offshore wind farms have a genuine legal and economic purpose. The projects are therefore primarily taxable in the country where they are located, in this case in the UK, and over the projects’ lifetime as they generate power and revenue.

Ørsted is satisfied with the outcome, as it is consistent with our understanding of international tax regulations and their application to the offshore wind industry.

The case dates back to 2015, where Ørsted asked the DTA and HMRC to clarify the taxation rights between the two countries, so that Ørsted´s offshore wind farms would not be subject to double taxation. However, the DTA and the HMRC failed to reach an agreement, and the case was referred to the advisory commission in 2023.

While the opinion on the two projects follows the legal principles that Ørsted has applied, it does entail a minor upwards adjustment to Ørsted’s overall tax position in Denmark as well as related interest. This adjustment is fully contained within Ørsted’s existing provisions for uncertain tax positions. The tax charge in Denmark will, over time, largely be offset by tax reductions in the UK.

Based on the opinion, Ørsted will enter into a dialogue with the DTA to find a resolution regarding the other projects where the DTA has made similar administrative decisions or draft assessments. It is Ørsted’s expectation that a resolution regarding these projects will follow the same legal principles as those laid out in the opinion received today. Similarly, Ørsted will enter into dialogue with HMRC regarding the application of the opinion.

For further information, please contact:

Global Media Relations
Rikke Dahl
+45 99 55 42 36
globalmedia@orsted.com

Investor Relations
Rasmus Keglberg Hærvig
+45 99 55 90 95
IR@orsted.com

About Ørsted
Ørsted is a global leader in developing, constructing, and operating offshore wind farms, with a core focus on Europe. Backed by 35 years of experience in offshore wind, Ørsted has 11 GW of installed offshore capacity and 7.2 GW under construction. Ørsted’s total installed renewable energy capacity spanning Europe, Asia Pacific, and North America exceeds 19 GW across a portfolio that also includes onshore wind, solar power, energy storage, bioenergy plants, and energy trading. Widely recognised as a global sustainability leader, Ørsted is guided by its vision of a world that runs entirely on green energy. Headquartered in Denmark, Ørsted employs approximately 7,300 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2025, the group's operating profit excluding new partnerships and cancellation fees was DKK 25.1 billion (EUR 3.4 billion). Visit orsted.com or follow us on LinkedIn and Instagram.