Eon adjusted earnings from renewables rose 23% in the first three months of 2019 to €211m, from €171m in 2018, on the back of new offshore and onshore wind capacity in Europe and the US.
However, poor wind conditions in the US and in the UK, as well as lower energy prices in the UK and the expiry of subsidy mechanisms in Italy had a negative impact, the company said.
Sales in the renewables segment grew 19% in the first quarter of this year to €478m from €401m.
Eon said this growth was mainly down to commissioning of an offshore wind farm in the UK and an onshore wind farm in the US.
Investments in clean power were down in the quarter to €83m, compared with €180m last year.
The fall was the result of a deduction in expenditures for new-build projects, while in the prior year figures expenditures for four projects – Rampion, Radford’s Run, Stella and Bruenning’s Breeze – were included, Eon said.
Overall, Eon net income fell to €493m in the latest period, from over €1bn last year.
The company said this was down to a number of factors including higher restructuring expenses, one-off gains made in the first quarter of 2018, and lower gains on securities than last year.
Eon said the transaction with RWE was “right on schedule”, with all the necessary approvals expected in the second half of 2019.
The complex deal will see RWE owning Eon’s renewables assets, while the former’s retail business will go to Eon.