German company EnBW’s adjusted earnings in its renewable energy business unit increased 41% in the first three months of 2022, compared with the same period last year.
Adjusted EBITDA was €292.2m in the first quarter of the year, up from €207.3m in 2021.
EnBW said the improved performance was due to better wind conditions at offshore and onshore wind farms and to newly added solar farms, as well as direct distribution.
The company said some €153.5m was invested in renewable energies, down from €306.5m last year.
The decrease was mainly in the area of offshore wind power due to securing sites in the Irish Sea and payment of the associated auction price in the same period of the previous year, it said.
EnBW said renewable energies will contribute around €900m to earnings in 2022 as a whole.
The forecasts for wind yields and thus for the volume of electricity generated are based on the long-term average, it added.
The company said that as the wind yields in the 2021 financial year were below the average level due to poorer weather conditions, it expects higher earnings in 2022 in comparison to the previous year.
The further expansion of power plants for the utilisation of renewable energies and the prevailing high prices will also have a positive impact on the earnings performance.