Polish utility Tauron Polska Energia SA (WSE:TPE) reported on Wednesday a 9% decrease in renewable energy generation to 1.57 TWh in 2022 despite growth in photovoltaics (PV) and wind production.
The company attributed the decline to lower electricity inflow from biomass due to a hike in feedstock prices while hydropower was affected by adverse hydrological conditions.
The generation by solar, wind and hydro facilities went down 4% to a total of 1.23 TWh in 2022. Wind and solar parks, however, increased production because of higher installed capacity, the company said. As part of Tauron's Green Turn strategy, it commissioned two wind farms and one PV facility in the period.
The group's investment in renewable energy sources jumped five-fold to PLN 459 million (USD 106m/EUR 98m) in the period. It bought five ready-to-build projects of a total of 200 MW, CEO Paweł Szczeszek noted.
At the end of 2022, the Tauron group had 417 MW of installed wind capacity, 133 MW of hydropower, 19 MW of photovoltaics (PV) and 90 MW of biomass.
Sales revenue in the renewable segment increased 37% to PLN 909 million, while earnings before interest, tax depreciation and amortisation (EBITDA) went up 26% to PLN 476 million and accounted for 12% of the group total.
Overall, Tauron's electricity production at 15.55 TWh was almost flat on the year compared with 15.59 TWh in 2021. Its consolidated revenue increased 46% to PLN 37.3 billion, backed by the sale of electricity, gas and emission allowances. However, a 50% rise in costs resulted in an almost flat EBITDA of PLN 4 billion.
(PLN 10 = USD 2.31/EUR 2.13)
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