Northland Power has recorded a drop in production and earnings from its offshore wind portfolio in the first quarter, due to lower wind resource in the period.
Operating income and adjusted EBITDA of C$243m (€166m) and C$242m, respectively, decreased 24% and 20%, compared with the same quarter of 2020 primarily due to low wind resource in the North Sea compared to the same quarter last year.
Electricity production was 19% or 304 gigawatt-hours lower than the same quarter of 2020, primarily due to low wind resource in the North Sea compared to last year, although consistent with quarterly and seasonal variability for offshore wind, the company stated.
Sales of C$371m decreased 17% compared to the same quarter of 2020 primarily due to lower wind resource in the North Sea, partially offset by $10m of favourable foreign exchange rate fluctuations.
In its onshore renewables business Northland reported adjusted EBITDA of C$35m in the first quarter of 2021, similarly in line with the same period of 2020.
Electricity production was in line with the same quarter of 2020 primarily due to a higher solar resource partially offset by a lower wind resource.
Sales of C$53m were in line with the same period of 2020 primarily due to the same variances noted in electricity production, Northland said.