Italian energy company ERG reported a slight fall in wind power earnings before income tax depreciation and amortisation (EBITDA) to €170m in the first half of 2017, from €187m last year.
ERG said the main reason for the 9% drop was lower output in Italy and France, which had both experienced “particularly poor wind conditions”.
Improved prices partially offset the lower output, together with “further cost efficiency interventions”, the company added.
ERG wind farms generated 1809 gigawatt hours in the first half of the year, down from 2048GWh in the same period last year.
Some 1078GWh of electricity was generated from wind in Italy – down from 1343GWh in 2016 – with the output elsewhere up to 730GWh from 705GWh.
The increase outside of Italy came mainly from assets in Germany, Poland and Romania, ERG said.
Investments in new wind power totalling €18m accounted for 68% of new investments in the first half of the year.
The company invested about €18m in the 47.5MW Brockaghboy wind farm in Northern Ireland, which is expected to be commissioned in the fourth quarter of 2017.
ERG has almost 1.8GW of wind installed globally, of which 674MW is not in Italy.
Overall, ERG reported EBITDA down 6% to €258m in the first half of the year, from €273m in 2016.
ERG chief executive Luca Bettonte said: “The results hitherto achieved allow us to confirm our guidance for 2017, which forecasts EBITDA of €430m and a net debt of €1450m, inclusive of investments totalling €140m, primarily directed towards the development of wind power outside of Italy, where at the end of the year 48MW currently under construction in Northern Ireland will come on stream.”
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