|
Ørsted A/S (Orsted)
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 Investor Relations
News Source: Ørsted A/S Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. View original content: EQS News |
| ISIN: | DK0060094928 |
| Category Code: | MSCL |
| TIDM: | Orsted |
| LEI Code: | W9NG6WMZIYEU8VEDOG48 |
| Sequence No.: | 442968 |
| EQS News ID: | 2397652 |
| End of Announcement | EQS News Service |
|
|