Repsol's commercial, renewables unit records growth in 9-mo income
The Valdesolar PV plant, Spain. Image by Repsol on Twitter (@RepsolWorldwide)
Spanish multi-energy group Repsol SA (BME:REP) said its Commercial & Renewables business unit earned an adjusted net income of EUR 397 million (USD 462.6m) during the first nine months of 2021, up 19.6% year-on-year.
The third-quarter adjusted net income totalled EUR 169 million, unchanged compared to the same period in 2020.
EBITDA for the January-September period stood at EUR 872 million, a growth of 29% on the year. In the third quarter, the unit’s EBITDA increased by 11.7% to EUR 353 million, according to Repsol’s financial results.
The Commercial & Renewables unit directs Repsol’s operations in the mobility segment, LPG, sale of oil products, renewables & low-carbon generation and retail electricity & gas.
Operating performance of the renewables & low-carbon generation segment was higher by EUR 14 million year-on-year in the third quarter, Repsol said. The company attributed the growth to the contribution of new renewable energy projects in the portfolio, specifically the Delta I wind farm and the Kappa and Valdesolar solar PV parks. Lower production of Repsol’s combined cycle gas turbine (CCGT) plants partially offset the results.
Repsol generated 1,317 GWh of power in the third quarter, down 46% year-on-year, and 3,368 GWh between January and September, which represented a decrease of 28.8%.
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