Renewables earning at EnBW fell 24% in the company’s fiscal third quarter due to a fall in market power prices.
The German utility said it recorded adjusted EBITDA of €331.3m in the three months to end-March, down from €437m in the year-ago period.
This was due “to lower earnings from pumped storage as a result of the fall in market prices”.
EnBW meanwhile said a total of €506m was invested in new renewables, compared to €212.2m in the same period of the previous year.
This significant increase was mostly attributable to the offshore wind sector for investment in our planned wind farms in Great Britain and for the EnBW He Dreiht wind farm that is already under construction in the German North Sea.
“Last year was characterised by an exceptional market environment. However, the market volatility has lessened in the meantime,” said deputy chief Thomas Kusterer.
“We therefore continue to expect (group-wide) earnings in the current financial year to be slightly lower, in a range between €4.6bn and €5.2bn. The reason for this is lower revenue from the marketing of electricity generated by our power plants, due to the normalization of the market price level.
“However, our integrated portfolio approach means that we have a highly robust business model. That is also confirmed by the capital market. Only this January, we successfully issued another green subordinated bond for a total of €500m.”