German utility EnBW (ETR:EBK) said on Friday its Renewable Energies division has recorded a 7.4% year-on-year rise in adjusted EBITDA for January-September 2015 to EUR 156.3 million (USD 168.4m).
The improvement in its operating result, or earnings before interest, tax, depreciation and amortisation (EBITDA), was possible thanks to the ramping up of the 288-MW Baltic 2 offshore wind farm in the Baltic Sea. Its commissioning helped more than offset the continued low wholesale market power price and the accompanying negative effects on earnings from the group’s run-of-river power plants, EnBW explained in a statement.
Revenue from the renewables segment went down to EUR 275.5 million from EUR 291 million. The group invested some EUR 325.4 million in the division during the nine-month period, down from EUR 368.1 million a year earlier.
EnBW noted it aims to more than double the share of renewables in its generation portfolio to over 40% in 2020 from 19% at present.
Overall, the group returned to a net profit of EUR 710.8 million in January-September 2015 from a loss of EUR 770.6 million a year back that was a result of high impairment losses on power plants. Total revenue slipped by 1% to EUR 15.3 billion.