Innogy’s adjusted earnings before income tax (EBIT) from renewables dropped 18% to €179m in the first six months of 2017, from €218m in the period in 2016.
Revenue from clean power was also down on last year at €302m in 2017, from €322m in 2016 – a reduction of 6%.
The company said the main reason for the fall in adjusted EBIT and revenue was below-average wind and rainfall during the first half of the year, as well as “positive one-off effects in the previous year” that were not repeated.
It added that the devaluation of the UK pound sterling against the euro also had a negative impact on the result.
The drop was slightly offset by the commissioning of new capacity in the Netherlands and the UK, Innogy added.
Output from renewables was 2.1bn kilowatt-hours from January to the end of June, down from 2.4bn kWh in 2016.
The company expects adjusted EBIT from renewables to be about €350m in the whole of 2017, close to last year’s figure of €359m.
Further new capacity is expected to come online before the end of the year, including the gradual connection of turbines at the Galloper offshore wind farm in the UK and Nordsee 1 in Germany.
Nordsee 1 is expected to be fully operational during this year, Innogy said.
The company also expects weather conditions to normalise in the second half of the year, following the below-average conditions in the first six months.
Capital expenditure on renewables increased slightly to €92m in the reporting period, from €89m in 2016.
Overall, the company’s adjusted EBIT increased 3.5% to over €1.72bn from €1.67bn in 2016.
Image: Innogy said Nordsee 1 will be fully operational this year (Innogy)
Innogy suffers RE earnings dip
Renewables EBIT falls 18% in 1H 2017, mainly due to low wind and rainfall
By EBS