German utility Eon renewables sales increased 7% in the first nine months of 2018 on the back of higher output resulting from the commissioning of new onshore and offshore wind farms.
Sales reached €1.2bn in the first three quarters of this year, up from €1.1bn in the same period of 2017.
The additional capacity includes the 385MW Arkona offshore wind farm (pictured) in the German Baltic Sea, which achieved first power in September, Eon executive Marc Spieker told journalists in a telephone conference. Arkona will be fully commissioned before the end of the year.
Clean power generated adjusted earnings before interest and taxes of €283m, up 14% on last year’s €248m.
Sales in the energy networks business segment were 29% down to €9.1bn from €12.9bn. “The primary factor in the decline was the application of a new international financial reporting standard,” Eon said.
Starting this financial year, renewables subsidies and other levies that are passed through are netted out in the company’s income statement, reducing both sales and costs of materials, without an effect on operating earnings.
Energy networks adjusted EBIT of €1472m was just under last year’s €1503m, Eon said.
The company also announced that it will retain the name Eon after the planned integration of Innogy’s retail and network businesses.
A detailed brand architecture is being prepared, while Eon’s and Innogy’s distribution system operators in Germany will retain their structure.
The transaction, which will see RWE – owner of Innogy – end up with Eon’s renewables assets, is still subject to the approval of regulatory agencies, Eon said.
“All planned integrations will be carried out in a socially responsible manner,” it added, confirming that 5000 jobs will be cut during the integration.