Eon adjusted earnings before interest and tax (EBIT) from renewables rose 7% in the first quarter of 2018 to €171m from €160m in the same period last year, boosted by new offshore capacity in the UK.
Clean power sales were also up 7% in the first three months of 2018 to €401m from €376m in 2017.
The company said the sales increase was mainly down to contributions by the Bruenning’s Breeze and Radford’s Run wind farms in the US, which became operational in December last year, and better wind conditions in the UK and Italy.
However, renewables investments were down 28% to €180m in the latest quarter from €251m in the first three months of 2017.
This was mainly down to falls in the offshore sector owing to lower expenditures for the Rampion and Arkona projects, Eon said.
The company said there was no effect on the first quarter earnings as a result of the planned asset swap with RWE.
The complex deal will see Eon acquire RWE’s 76.8% stake in Innogy via an exchange of assets and businesses. RWE will receive 16.7% of Eon’s equity.
RWE will end up controlling the renewable generation assets of both Eon and RWE. The deal is not expected to close before mid-2019.
Overall adjusted EBIT was up 24% to almost €1.3bn from just over €1.0bn last year.
Sales fell 11% in the period to €9.33bn from €10.48bn in 2017.
Image: Eon
Offshore boosts Eon earnings
By EBS