EnBW’s Renewables Earnings Rise in 2019

EnBW reported an operating result of EUR 298.6 million in the Renewable Energies division in the first nine months of 2019, a 38.5% growth compared to the year before.

According to EnBW, the increase is due to the overall improvement in wind conditions at offshore and onshore wind farms in Germany, as well as due to onshore wind farms in Sweden.

The Hohe See and Albatros offshore wind farms are expected to contribute to the earnings from the fourth quarter of 2019.

In total, EnBW saw an operating result (adjusted EBITDA) of EUR 1.69 billion in the first nine months of 2019, 7.4% up on the previous year.

Revenue came to EUR 14.37 billion, which is a decrease of 3.2%. The number of employees rose to 22,934, an increase of 6.7% on the previous year.

At some EUR 2.13 billion, capital expenditure doubled relative to the previous year. Investment went into the completion of the EnBW Hohe See and Albatros offshore wind farms, which are about to go into operation.

“We are confirming our full-year earnings guidance unaltered. This is most of all with a view to the new earnings contributions from our Hohe See and Albatros offshore wind farms beginning in the fourth quarter together with the stable earnings contributions from the grids business,” said EnBW CFO Thomas Kusterer.

“Against this backdrop, we are confident that we will already attain our strategic target of €2.4 billion for 2020 this year, while remaining clear that we must not let up in improving efficiency.”