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Home » Uncategorized » Hohe See power raises Enbridge Q4 green earnings
Finance

Hohe See power raises Enbridge Q4 green earnings

Robin LancasterBy Robin LancasterFebruary 14, 20201 Min Read
Hohe See

Earnings from renewables in the fourth quarter of last year at Canadian energy company Enbridge were boosted by output from the 497MW Hohe See offshore wind farm in the German North Sea.

Enbridge, which owns a minority stake in the project, said EBITDA increased C$21m in the three months to the end of last year, compared with the same period in 2018, to C$119m.

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Hohe See reached full operating capacity in October last year, with its sister project the 112MW Albatros coming online in January this year, it said.

Enbridge said stronger wind resources also helped improve Q4 EBITDA.

However, renewables EBTIDA for the whole of 2019 was down C$11m on 2018 to C$424m from C$435m, the company said.

This was due to weaker wind resources and availability, and higher repair costs primarily at US wind projects in the first half of 2019, net of insurance recoveries.

Enbridge said the renewables business had also benefited from a C$11m positive arbitration settlement from a warranty claim in the first quarter of 2018.

Enbridge Finance Hohe See Offshore Wind
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