Innogy adjusted earnings from its renewables business was €200m in the first quarter of 2019, up from €155m last year, boosted by higher power prices and more favourable weather conditions.
Revenue also grew to €265m from €259m in the same period last year, while output from clean power was slightly up on last year at 3.3 billion kilowatt-hours from 3.2 billion kWh.
The German company’s clean power capacity stood at 3752MW at the end of March, the same volume as last year.
Capital expenditure on renewables rose to €105m from €83m. The company started construction of two solar projects in Canada totalling 57MW during the period, with commissioning expected later this year.
Clean power projects are also under development in Spain, and final investment decisions have been taken on Innogy’s first two solar farms in the US. These projects are also scheduled to come online this year, the company said.
Overall, adjusted earnings at Innogy were down on last year at €964m from €1176m, with net profit down to €407m from €610m.
This was primarily due to developments in the UK retail business and the sale of the Czech gas grid business, the company said.
Innogy chief financial officer Bernhard Gunther said: “Despite the unusual situation in which we find ourselves with the planned transaction between Eon and RWE, we are continuing to focus on our operational business.
“Factors contributing to the improved result for Renewables include a higher market price level and new capacities which were commissioned in 2018.
“The weather conditions are also somewhat better than in the previous year.”
Innogy, which is owned by RWE, is part of a complex transaction between the latter and Eon.
The deal, when completed, will see RWE owning Eon’s renewable assets, while the latter will own the retail business of the former.