Norwegian company Bonheur’s earnings from renewables were down to Nkr212m in the fourth quarter of 2016, from Nkr261m in the same period of 2015.
The company, which operates wind farms under the Fred Olsen Renewables name, said like-for-like generation was down 18% compared with last year.
It added that there were higher prices throughout all markets and there was also a 20% weakening of the UK pound against the Norwegian Krona.
Bonheur posted more promising results in its shipping and offshore wind segment, which reported earnings of Nkr35m in the fourth quarter, compared with a Nkr35m loss in the same period of 2015.
In offshore wind, the company’s installation vessels had a 64% utilisation, compared with only 39% in the previous year.
The vessels are 42% covered out to 2019 by “firm contracts”, with 14% options, Bonheur added.
Image: Fred Olsen Renewables
Fred Olsen renewables earnings slide
Generation down 18% in fourth quarter compared with previous year
By EBS