Northland Power has reported a drop in profitability due to the “lowest offshore wind resource in years”.
Adjusted EBITDA was CAN$361m in the first quarter of 2025 compared to CAN$454m in the same quarter of 2024.
Christine Healy (pictured), Northland’s president and chief executive, said: “We are pleased with the progress on our construction projects, which achieved significant milestones over the quarter, including the delivery of the Oneida energy storage project into commercial operations ahead of time and under budget and the installation of Hai Long’s first wind turbine.
“Our offshore wind facilities experienced the lowest wind resource in years, leading to lower offshore results, but the strong performance across other parts of our business demonstrates our resilience and the importance of our global portfolio across multiple technologies.
“Our diversified portfolio and an experienced executive leadership team provide Northland an opportunity to capture the accelerating demand for electricity and energy security.”
During the report period, Northland achieved commercial operations at its 250MW Oneida energy storage project ahead of schedule and under budget, delivering the project without any lost time incidents reflecting commitment to health and safety standards.
It also progressed in-water construction activities at the Hai Long offshore wind project with the installation of the first wind turbine and ongoing installation of turbine monopile foundations at the Baltic Power offshore wind project.
In addition, Northland achieved over 95% commercial availability at its offshore and onshore renewables, and natural gas facilities throughout the quarter, and elivered higher operating results from North American onshore wind and natural gas facilities, despite the lowest wind conditions over the last decade in Europe.