E.on's renewables EBIT rises 26% in H1 2016

The renewables division of German utility E.on SE (ETR:EOAN) grew its adjusted earnings before interest and tax (EBIT) to EUR 254 million (USD 279.4m) in the first half of 2016, or by 26% year-on-year.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) jumped to EUR 446 million on revenues of EUR 680 million, the company said on Wednesday.

The offshore wind/other segment was the one responsible for the sales and EBIT growth, mainly because the 302-MW Amrumbank West and the 219-MW Humber Gateway offshore wind farms were fully operational for the entire period.

At the same time, there was a drop in revenue and EBIT for the onshore wind/solar segment, due to declining prices and lower generation in Europe.

Overall, the adjusted EBIT in E.on’s core business (Energy Networks, Customer Solutions, and Renewables) stood at EUR 1.7 billion, growing by 15% over the prior-year figure.

“[..]from today’s perspective nothing stands in the way of the next steps toward Uniper’s stock-market listing in September,” the company said. Uniper’s businesses, with a focus on the conventional energy world, include power generation and energy trading. Once Uniper is an independent company, E.on will focus on new energy.

“Customers want innovative, renewable, and digital energy solutions. And that’s exactly what they’ll get from us,” E.on said.

(EUR 1 = USD 1.100)

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