Energy Minister Andrea Leadsom at the official opening of the Humber Gateway offshore wind farm. Author:Department of Energy and Climate Change. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.
The renewables division of German utility E.on SE (ETR:EOAN) showed adjusted earnings before interest and tax (EBIT) of EUR 309 million (USD 341m) for the first nine months of 2016, up from EUR 224 million a year ago.
The rise was due to growth at the offshore wind/other segment, mainly because the 302-MW Amrumbank West and 219-MW Humber Gateway offshore wind farms were fully operational for the entire period, as well as book gains. This offsets lower sales and adjusted EBIT at the onshore wind/solar segment, reflecting declining prices across all regions and lower output in Europe, in addition to the fact that book gains and a positive one-off effect boosted the prior-year adjusted EBIT.
Sales at the renewables division at EUR 1.02 billion, were generally in line with the year-ago figure of EUR 1.03 billion.
Adjusted EBIT at E.on's core businesses -- energy networks, customer solutions, and renewables -- grew 13% to EUR 1.9 billion. Adjusted group EBIT, including non-core business and divested operations, declined by 4% to EUR 2.3 billion.
The company recorded a net loss of EUR 9.3 billion for the nine-month period, wider than EUR 5.7 billion a year ago, as it booked impairment charges of EUR 6.1 billion to reflect Uniper's (ETR:UN01) market capitalisation. Uniper, encompassing the group's conventional energy business, was recently spun off to shareholders.