Wholesale power generation company ContourGlobal has seen adjusted EBITDA grow 20% but a standstill in renewables results.
The company said in its Q1 results that the increase to $172.7m was mainly driven by $25m increase in the thermal division.
Adjusted EBITDA of $68m in the renewables division was “in line with the comparable period”.
This was a decrease of -0.4% from $69m. Renewables capacity has increased 2.3% since the first quarter last year, to 1815MW, but GWh generated was down 10% at 923.
Overall net profit was down 59.5% with adjusted net profit down 47.7%.
The Company said it was not involved in the distribution of power and has limited exposure to merchant markets and energy pricing.
The announcement added: “The Company has received force majeure notices from some suppliers and commercial customers, but these have not been material and are not expected to impact future operations.”
It said its M&A pipeline remains robust and it was focused on external growth opportunities “which may increase as a result of the current environment”.
ContourGlobal has approved a 4.0591 cents quarterly dividend.