EnBW’s renewable energy business has reported a 36% fall in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to €876m in the first nine months of 2024, compared with 9M 2023.
The company has attributed lower earnings in the unit in particular to falling prices in electricity from pumped storage.
Advertisement
EnBW invested €1.2m in renewable energy, compared to €780m in the same period of the previous year.
This significant increase was mostly attributable to the offshore wind sector due to the investment in planned offshore wind farms in Great Britain.
The bulk of the investment in this segment continues to be in the He Dreiht offshore wind farm that is already under construction in the German North Sea.