German utility EnBW Energie Baden-Wuerttemberg AG (ETR:EBK) reported adjusted EBITDA of EUR 1.14 billion (USD 1.33bn) for the first half of 2018, up by 6.4% year-on-year.
Renewable Energies accounted for nearly 14.5% of adjusted earnings before interest, tax, depreciation and amortisation (EBITDA). The division's operating result experienced 8.1% year-on-year growth thanks to onshore wind capacity additions and higher output from run-of-river power plants, while wind yield from offshore wind farms decreased.
EnBW in April started construction of the 497-MW Hohe See offshore wind project, the company’s first North Sea wind farm. Work on the neighbouring 112-MW Albatros wind farm is to start in September.
The table contains details of EnBW’s performance in the first half.
|Results in EUR million
|- of Grids segment
|- of Renewable Energies segment
|- of Sales segment
|- of Generation and Trading segment
|Net profit to the shareholders
The net profit of EUR 1.68 billion in the first half of 2017 included a nuclear fuel tax refund, which was not repeated in 2018, hence the steep drop.
EnBW confirmed its guidance for an improvement of between zero and 5% in its operating result for the full year.
(EUR 1 = USD 1.17)
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