Energie Baden-Württemberg’s (EnBW’s) adjusted EBITDA from renewables jumped almost 43% to €223.2m in the first nine months of 2016, compared with the same period last year.
Renewables accounted for 16.3% of the company’s total EBITDA, up from 9.6% last year.
EnBW said the increase was mainly down to the full commissioning of the 288MW Baltic 2 offshore wind farm in September 2015.
However, the wind strength at sea in the first nine months of 2016 has been below the long-term average on which the company’s offshore plans were based.
“This reduced the contribution to earnings made by Baltic 2 so that the previous earnings forecast for renewable energies of 10% to 20% above the previous year has now been adjusted to between 0% and 10% above the previous year,” the German company said.
Overall, the company reported revenue of about €14.3bn and adjusted EBITDA of €1.37bn, a fall of about 16% on the previous year.
This was primarily due to “temporary effects in the area of power generation”, which will be “balanced out by the end of the year”, the company said.
Therefore, EnBW continues to expect an adjusted group EBITDA of between 5% and 10% below the level in the previous year.
Image: EnBW
