Renewables have helped Munich utility Stadtwerke Munchen post record operational earnings before interest and tax of €615m in 2017, up 19% on the €518m recorded in the previous year.
Stadtwerke Munchen holds a 49% stake in Vattenfall’s 288MW Sandbank offshore wind farm off the coast of Germany, which was fully commissioned in January 2017.
Overall, revenue reached €7.2bn in 2017 up from €6.3bn in 2016.
Profit after tax was boosted to €875m by several one-off impacts, including a nuclear tax reimbursement and positive value adjustments in the utility’s natural gas business.
Profit would have been €275m without the one-off effects, with the company having made a €164m loss in 2016.
Stadtwerke Munchen’s traditional core business “remained under pressure”, and, although “at a satisfactory level”, they are “declining”, the utility said.
These areas include grids, conventional electricity generation, sales, transport and public swimming pools.
Image: Sandbank offshore wind farm (Vattenfall)
Offshore boost for Stadtwerke
By EBS