Innogy has reported a 29% increase in adjusted EBIT in the first quarter of the fiscal year 2019, said to be due to earnings contributed by new wind farms, as well as prices and improvement in weather conditions.
In the latest financial results, Innogy announced EUR 200 million in adjusted EBIT in Q1, compared to EUR 155 million in the same period last year.
The company invested EUR 328 million in the first three months of 2019, which is EUR 43 million less than in the first three months of 2018.
In the renewables division, innogy invested EUR 105 million in the first quarter, an increase from EUR 83 million in Q1 2018, primarily said to stem from capital spent on the Triton Knoll offshore wind farm in the UK, onshore wind farms in the U.S. and UK and a solar farm in Australia.
According to the company, factors contributing to the increase in renewables results include a higher market price level and new capacities commissioned last year.
Innogy said it expects an adjusted EBIT of some EUR 2.3 billion and adjusted net income of circa EUR 850 million for the current fiscal year. In addition, it anticipates net investment to be considerably higher than last year.
"Factors contributing to the improved result for Renewables include a higher market price level and new capacities which were commissioned in 2018. The weather conditions are also somewhat better than in the previous year," said Bernhard Günther, Chief Financial Officer of innogy SE.
"Overall, business development in the first quarter was in line with our expectations. We confirm our outlook for 2019.”
Innogy is developing the Triton Knoll offshore wind farm in partnership with J-Power and Kansai Electric Power. They plan to have the 860MW project operational in 2021.