German utility EnBW’s renewable energy division recorded adjusted earnings of almost €216m in the first nine months of 2018, down more than 4% compared with the year-ago period.
EnBW said lower wind farm yields, most on offshore projects, was the main reason for the decline.
Advertisement
Offshore wind speeds in the first nine months of the year “were significantly below the long-term average used for planning purposes”, according to the utility.
New onshore wind farms and a slight increase in run-of-river power generation this spring were not able to offset the offshore performance, EnBW added.
Overall, EnBW posted an operating project of €1.57bn for the first nine months of 2018, up by 3.3% compared to the same period last year.