German utility EnBW AG’s Grids and Renewable Energies division recorded a 159% increase in its operating result in the first quarter of 2016 compared to the same period in 2015, largely attributed to the 288 EnBW Baltic 2 offshore wind farm which was fully commissioned in September 2015.
The division’s adjusted EBITDA was EUR 92.1 million in the first quarter of 2016, as compared to EUR 35.5 million EBITDA reported for Q1 2015.
Accordingly, the share of the EBITDA for the group accounted for by Renewable Energies tripled from around 5 percent in the first quarter of the previous year to its current level of around 15 percent.
The effect of the full commissioning of EnBW Baltic 2 is expected to normalise during the remainder of the year. EnBW thus expects an increase in earnings in the Renewable Energies segment of 10 to 20 percent for the whole 2016 financial year.
Overall, EnBW recorded a revenue of around EUR 5.2 billion and an EBITDA of EUR 621 million, a fall of 14.7 percent compared to the previous year, mainly due to lower electricity prices.
The company’s EUR 103.6 million adjusted net profit attributable to the shareholders in the reporting period was significantly below the figure in the previous year of EUR 813.3 million. This was primarily attributable to the fall in the adjusted financial result, which was strongly influenced in the first quarter of 2015 by capital gains on disposals of securities.