TotalEnergies’ adjusted EBITDA for the renewables and electricity business was $175m in the first quarter of 2022, down 49% year-on-year due to seasonality of electricity supply activities, the company said.
EBITDA from renewables increased in the first quarter of 2022 due to production growth compared to the first quarter of 2021.
Q1 2021 included a capital gain on the partial sale of a portfolio of projects.
TotalEnergies reported $3bn in adjusted net operating income for its integrated gas, renewables and power unit in the first quarter of 2022 up from $985m in the same quarter in 2022.
The result was driven mainly by increases in gas and electricity trading prices.
Gross installed renewable power generation capacity grew to 10.7GW at the end of Q1 2022, up from 7.8GW in the same quarter in 2021.
Gross power generation capacity under development increased mainly due to the awards of concessions to develop offshore wind farms, including 3GW on the US east coast, off New York and New Jersey, and 2GW in Scotland.
In solar, TotalEnergies has acquired a 4GW pipeline of projects in the US.