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Eon plans €1.5bn green spend

Renewables to account for 42% of investments in 2017

Eon plans €1.5bn green spend image

Eon will focus renewables development on offshore wind in Europe and onshore projects in the US, with €1.5bn in planned clean energy investments this year, according to its 2016 annual report.

Renewables investments this year will account for 42% of the total €3.6bn spend, the company said.

The sector generated EBITDA of €796m last year, up from €750m in 2015. Offshore wind earnings stood at €488m, up €160m on the previous year, but onshore wind and solar fell to €308m from €422m in 2015.

Eon said onshore and solar earnings fell mainly because of declining prices in all regions and lower output in Europe. Offshore wind was boosted by the first full year of operations at the 302MW Amrumbank West and 219MW Humber Gateway projects.

Onshore wind and solar sales increased to 9.6bn kilowatt-hours from 9.3bn kWh in 2015, while offshore wind jumped to 4.4bn kWh from 3.6bn kWh the previous year.

Overall, Eon’s EBITDA was down to just under €4.94bn in 2016 from more than €5.84bn in 2015.

The company made a net loss of €16bn last year, compared with a loss of €6.4bn in 2015.

It said the loss was primarily down to “discontinued operations, which principally reflects impairment charges on Uniper operations and Uniper’s realised loss in conjunction with the deconsolidation of Uniper”.

Losses were also incurred because of a new law in the German parliament that reassigned responsibility for nuclear waste, Eon said.

Image: Humber Gateway boosted offshore earnings in 2016 (Eon)

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