Earnings at EnBW’s renewables division rocketed by 88% in the third quarter of the year, according to new results.
The German company said the unit banked €586m in earnings before interest, tax, depreciation, and amortisation in the three months to end-September, up from €311m in the same period in 2019.
EnBW said the first full-time effect of the Hohe See and Albatros offshore complex in the German North Sea was behind the result.
Higher wind yields across its portfolio as well as higher wholesale prices in the quarter for hydropower also contributed.
Group-wide EBITDA went up 22% to just over €2bn while net profit fell for the three months 28% to €367m. The latter was attributed to “marking securities to market at the reporting date”.
Chief financial officer Thomas Kusterer said the company, which recorded a limited Covid-19 impact on operations, is “highly resilient” after a transformation that started in 2013.
“Most of all, our strategic investments in renewables…are increasingly paying off and are driving a positive overall earnings trend despite the corona pandemic,” he said.
“Our integrated portfolio proves its worth and ensures stability especially at difficult times like the present. We are therefore confident that we will meet our ambitious targets for 2020 and thus successfully complete the corporate transformation which we launched in 2013.”