Eon suffers offshore hit
Adverse weather conditions in UK impact company’s renewables earnings
Eon’s renewables earnings before interest, taxes, depreciation and amortisation (EBITDA) fell to €508m in the first nine months of 2017, from €584m in the same period last year.
Adverse wind conditions in the UK impacted earnings, as well as the “non-recurrence of a book gain recorded in the prior-year period”, the German company said.
Offshore wind and other renewables earnings dropped to €299m in 2017 from €355m last year, while onshore wind and solar EBITDA stood at €209m at the end of September, down from €229m in 2016.
Eon added that the onshore/solar fall was partly down to “volume-driven earnings declines” in Italy and the UK.
It generated 8.7 terrawatt-hours of clean electricity in the first nine months of the year, up from 8.4TWh in the same period of 2016.
Onshore and solar generation was 6.3TWh, a 7% increase on last year’s 5.9TWh, while offshore generation was down to 2.4TWh from 2.5TWh last year.
Overall, Eon reported adjusted EBITDA of €3540m in the first three quarters of the year, down 3% from €3640m in 2016.
However, the company’s adjusted net income was up 51% to €965m from €641m last year.
Eon chief executive Johannes Teyssen said the company was on track to meet its 2017 full-year forecast of net income of between €1.2bn and €1.45bn.