Profits at Northland Power’s offshore wind business decreased by 14% in the first quarter of 2023, compared to the same period last year.
Adjusted EBITDA of CAN$226m for the three months ended March 31 2023 dropped by CAN$36m compared to the same quarter of 2022.
This was primarily due to the non-recurrence of the unprecedented spike in market prices realised in the first quarter of 2022, the board said.
This decline was partially offset by higher turbine availability at Nordsee One following the completion of the rotor shaft assembly (RSA) replacement campaign in 2022 and the effect of foreign exchange fluctuations due to the strengthening of the Euro.
Electricity production for the three months ended March 31, 2023, was largely in line with the same quarter of 2022, the board added.
In its onshore wind division, electricity production was 4% or 28GWh lower than the same quarter of 2022, due to lower wind resource across the Canadian onshore facilities, partially offset by higher wind and solar resource at the Spanish facilities.
Sales of CAN$115m were 10% or CAN$13m lower than the same quarter of 2022, primarily driven by lower production at the Canadian onshore facilities and lower pool prices in Spain.
Adjusted EBITDA of CAN$83m was 17% or CAN$17m lower than the same quarter of 2022, due to the same factors as above, the board said.