EDF has reported a 1.4% rise in net income in the first half of the year driven by growth in its renewable energy business.
The EDF Energies Nouvelles unit contributed €554m to the utility´s EBITDA of €8.9bn, or 48.3% higher a year ago, as clean energy generation rose 16%.
The group’s net income excluding non-recurring items was €3bn, while EBITDA fell 0.7% due to what the company called challenging market conditions in the UK and France.
EDF EN’s strong results reflect the concentration of development and sale of structured asset activities on this first half-year, it said.
The new partnership with Enbridge to develop offshore wind projects in France had a positive impact, as well as the rationalisation of its European portfolio and higher output from capacity installed last year.
The unit currently has 1.6GW of renewable energy capacity under construction.
EDF maintained its financial objectives for the full year.
Image: EDF
