RWE Innogy released figures for the first quarter of 2014 where it reported a 9% year-on-year increase as its operating result amounted to €97 million.
The higher production of wind energy generation had a big effect on these figures.
According to the company, German biomass activities only made a small contribution to RWE Innogy’s earnings, while the Spanish cuts to the green energy subsidies negatively affected them.
The division is experiencing a positive earnings trend, but “it will only post a moderate gain in the current fiscal year.”
The reason for this are delays in Gwynt y Môr and Nordsee Ost wind farms construction, poor conditions in Spain for generating renewable electricity and transfer of biomass activities to the Supply /Distribution Networks Germany Division, thus they no longer contribute to the operating result.
Comparing to the same period last year, RWE AG’s EBITDA dropped 16% to EUR 2.6 billion mostly due to a mild winter in this period.