Naturgy's renewables business books lower EBITDA in Q1 2021

The renewables business unit of Spanish power and gas utility Naturgy Energy Group SA (BME:NTGY) booked ordinary EBITDA of EUR 118 million (USD 142.4m) for the first quarter of 2021, down by 5.6% year-on-year.

Extraordinary items brought reported EBITDA down to EUR 114 million in January through March compared to EUR 120 million in the same period a year back.

The company said it benefited from higher wind and hydropower production in Spain and new installed capacity in Chile, but these numbers were offset by lower margins in Spain and Australia, a negative currency impact in Latin America and lower wind resource in Mexico.

Naturgy currently operates 4,967 MW of renewables, 9.3% more than it did in the first quarter of 2020. Of this capacity, wind power accounts for 2,226 MW, solar for 505 MW, while the rest is split between hydropower plants and other technologies.

The total production from renewables increased by 24.7% on the year to 3,841 GWh.

During the reporting period, Naturgy acquired a US platform that holds a 12.6-GW portfolio of solar and energy storage projects across the US. It also secured 235 MW of wind and solar power capacity in Spain’s government auction and another 45 MW of solar in a tender tailored to the energy needs of the Canary Islands.

(EUR 1.0 = USD 1.207)

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