Eon green earnings grow
Increased wind output boosts 1H 2018 renewables results
Eon reported adjusted earnings from renewables up 15% to €236m in the first six months of 2018, from €205m last year.
The German company said the growth was down to increased output as a result of newly-commissioned onshore and offshore wind farms.
However, unfavourable wind conditions – particularly offshore – and the expiration of support mechanisms partially offset the results, Eon added.
Renewables sales grew 4% in the first half of the year to €741m, compared with €710m in the same period of 2017.
Investments in clean power dropped 15% to €449m from €528m. The decline reflected lower expenditure on new-build projects, the company said.
Eon said that as of 30 June its renewables segment will be reported as discontinued operations due to an impending deal with RWE, which will see the latter owning the renewables assets of Eon and Innogy. Eon will have the retail and network businesses.
Overall, adjusted earnings at Eon increased 3% to almost €2.8bn from January to June, up from €2.72bn in 2017.
Net income was over €2.9bn down 28% on the more than €4bn posted in the first half of last year.