Revenue at Eneco was down 9% in 2016 to €3.9bn from €4.3bn a year earlier on the back of lower power purchase prices.
The company said today group profit stood at €199 million for the year, down from €208 million in 2015.
Eneco said the results were “satisfactory” despite “difficult market conditions”.
Chief financial officer Guido Dubbeld said: “We continued to implement our strategy of working on creating sustainability-enhancing solutions for and with our customers.
“More than ever before, we can offer our customers locally-generated sustainable energy. In 2016, our available sustainable energy generation capacity rose to 2054MW, mainly because we brought a number of wind farms on stream or had been able to acquire them.”
The company is involved in development teams building the Norther offshore wind farm off Belgium and the Borssele 3&4 project off the Netherlands.
Operating expenses at the company rose 6% to €106 million in 2016 from €93 million on the back of increased investments, part of which was connected to its wind business.
Eneco also said “interest-bearing debt” increased in 2016 “largely as a result” of the refinancing of the Luchterduinen offshore wind farm.
“In addition, many projects came on stream during 2015 and 2016 and so the amount of interest capitalised for projects under construction dropped significantly and interest expense recognised in the result increased,” it added.
Image: Eneco
