Italian energy company ERG posted earnings before interest, taxes and depreciation from wind power of €254m in 2015, down from €267m in 2014.
The company said the main reason was “significantly inferior wind conditions” experienced at its Italian wind farms, particularly in November and December.
It added that this was partially offset by improved performances at its overseas wind farms in France and Poland.
Overall, ERG’s EBITDA increased 2% in 2015 to €350m compared with €343m in 2014. This was boosted by the performance of its thermal and hydro power plants, the company said.
It added that EBITDA was in line with its forecasts for the year.
ERG chief executive officer Luca Bettonte said: “2015 was another fundamental year in the group’s industrial transformation, with the achievement of two objectives: technological diversification, thanks to the acquisition of the Terni hydroelectric hub, and further development in overseas wind power, via acquisitions and growth in France, Germany and Poland.”
He added that in 2016 ERG expected EBITDA to be about €440m, boosted, in part, by the construction of the company’s first wind farm in the UK.
Image: ERG’s Viticuso wind farm in Italy (ERG)
