EnBW Feels Good Winds
German energy company EnBW reported an operating result (adjusted EBITDA) of EUR 118.6 million for its Renewable Energies segment in the first quarter of 2019, a 24.3% increase compared to the same period a year earlier.
The increase in the segment’s adjusted EBITDA was driven partly by ”good wind conditions this spring, most of all with an improvement in offshore wind yields.”
EnBW’s total investment of EUR 330 million in Q1 2019 was 40% higher than in the first three months of the previous year. 76% of total gross investment related to growth projects, primarily in Grids and Renewable Energies segments.
In Renewable Energies, the increased investment was primarily directed at the EnBW Hohe See and EnBW Albatros construction projects which are planned to go into operation by the year-end. These two wind farms together comprise the largest offshore wind farm project currently under construction in Germany.
Looking ahead, EnBW expects ”substantially higher earnings” in the Renewable Energies segment for the remainder of the year, EnBW’s CFO Thomas Kusterers said.
The gradual bringing of Hohe See and Albatros into operation this autumn is one of the main reasons for the expected rise in the earnings, according to Kusterers.
Hohe See and the neighbouring Albatros will comprise 71 and 16 Siemens Gamesa 7MW wind turbines installed in the German North Sea. The wind farms will have a combined capacity of 609MW.
Turbine installation at the Hohe See site is currently ongoing.