EnBW Baltic 2 Delivers Again

German energy company EnBW Energie Baden-Württemberg AG reported an adjusted EBIDTA (Earnings Before Interest, Taxes, Depreciation and Amortization) of EUR 153.1 million in its Renewable Energies segment, a 75% jump compared to the first half of 2015.

Accordingly, the share of the EBITDA for the company accounted for by Renewable Energies increased from 6.9 percent to 15.8 percent.

These figures are primarily due to the full commissioning of the 288MW EnBW Baltic 2 offshore wind farm in the second half of 2015 and will balance out during the remainder of the year, EnBW said.

EnBW thus expects an increase in earnings in the Renewable Energies segment for the whole 2016 financial year of 10 to 20 percent in comparison to the previous year.

Overall, EnBW achieved revenue of around EUR 9.8 billion euro and an operating result (adjusted EBITDA) of EUR 967.5 million,  a fall of 24.2 percent compared to the previous year, primarily due to temporary effects, the company said.

”The performance in the Grids and Renewable Energies segments – which will form the cornerstones of our earnings in the future in accordance with our 2020 strategy – was particularly pleasing. We have given the implementation of our strategy and the associated investment programme the highest level of priority. That is why we have recently agreed further targeted efficiency measures and have already started to implement them,” Thomas Kusterer,  EnBW CFO, said.