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Germany

Germany

EnBW renewables earnings grow by 1%

GERMANY: Developer and utilty EnBW said its adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) grew by 1% to €224.8 million in the first nine months of 2017.

Production from EnBW's offshore wind sites Baltic 1 and Baltic 2 helped offset lower hydropower sales
Production from EnBW's offshore wind sites Baltic 1 and Baltic 2 helped offset lower hydropower sales

EnBW said the flat growth was due to lower production and lower prices in the hydropower sector, which wind was able to compensate for. Production from the company's Baltic 1 and 2 offshore wind projects was higher than last year.

In September, EnBW said it commissioned more onshore wind farms than in any other single month, taking its total onshore capcity to 450MW.

Earnings were also aided by the sale of a 48.98% stake in the 497MW Hohe See offshore wind project to Canadian energy firm Enbridge.

The project sale helped group net profit over the first nine months of 2017 to €1.87 billion, up from just €192.5 million last year.

Adjusted Ebitda in EnBW's grid unit also grew by 9.9% year-on-year to €829.3 million.

Overall, EnBW reported revenue of €15.34 billion, up 7.5% year on year, and adjusted Ebitda of €1.52 billion — an increase of 10.8 % compared with 2016.

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