COPENHAGEN, (Reuters) – Denmark’s Orsted (OTC) reported Wednesday a third quarter operating profit that was slightly lower than expected. It said the low wind speeds continue to impact earnings and it continued to report operating profits.

Orsted reported that in most quarters of Q3, it saw wind speeds lower than average, which adversely affected earnings from operating renewable assets.

The negative effect of low wind speeds was estimated at around 2.5 billion crowns (389.40million) for the first nine month’s of 2018, compared to the previous year, and 1.7 million crowns when compared to a normal windyear.

These numbers show that, despite having strong fundamentals and a steady economy, renewables are still an intermittent technology. This means that earnings can be affected by swings in sunshine or winds.

Orsted reported Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA), at 2.98 Billion Danish Crowns (463.99 Million). This is 11% less than the previous year, and lower than the 3.07 billion crowns predicted by analysts in a survey.

Partially, the weakening wind power generation was offset partly by the good performances at the combined heat-power plants. This performance has been boosted by high power prices which reached record levels around the globe as economies recover from the coronavirus crises.

Orsted expects EBITDA to be between 15 and 16 billion crowns this year, exempting divestments. It also reiterated that it will likely reach only the lower end in its core profit forecast for 2021.

($1 = 6.4201 Danish crowns)