The world's largest operator of offshore wind farms said operations had remained stable during the coronavirus crisis and kept its full-year guidance unchanged.

"We have, however, seen negative COVID-19 related effects on European power markets, especially in the UK, driven by lower demand for electricity," CEO Henrik Poulsen said in a statement.

Orsted posted earnings before interest, tax, depreciation and amortisation (EBITDA) of 2.96 billion Danish crowns ($466 million), down 18% from a year earlier but above the 2.88 billion expected by analysts in a poll gathered by Orsted.

Lower demand hit earnings by around 150 million crowns, Poulsen said.

The company said it still expects to post a 2020 EBITDA of 16-17 billion crowns, but lowered its gross investments for the year by 2 billion crowns to 28-30 billion due to changed timing of payments, without specifying which payments.

Orsted has constructed around a fourth of the world's offshore wind capacity.

The company is close to completing a transition to renewable energy from fossil fuels under a plan laid out in 2017.

(Reporting by Tim Barsoe; editing by Jacob Gronholt-Pedersen and Jason Neely)