EnBW’s adjusted earnings before interest, taxes and depreciation from renewables climbed 50.2% to €287.4m last year compared with 2014, despite the company’s overall EBITDA falling 2.7% to €2.1bn.
The Germany-based utility said the 288MW Baltic 2 offshore wind farm and several onshore wind projects were commissioned last year increasing the company’s share of renewables capacity to 23.6% from 19.1% previously.
The overall EBITDA was hit by declining electricity prices on wholesale markets however EnBW said the 2015 figure was in line with expectations for the year.
The company expects 2016 to be another difficult year and predicts adjusted earnings to fall up to a further 10%. However, it expects earnings from renewables to continue to rise by between 10% and 20% in 2016.
EnBW chief executive officer Frank Mastiaux said: “Three clear priorities will determine our business activities this year.
“First, the consistent implementation of our strategy EnBW in 2020 on the known growth priorities renewables, the network business and the customer-oriented sales organizations.
“Second, we will consider further measures to improve efficiency in order to fight the deteriorated economic environment.
“In addition, we will employ a third priority to the question of how we want to position ourselves for the future.”
Image: turbine installation at Baltic 2 (EnBW)
