TRIG profit surges 51%
Higher power prices and output boost 1H 2018 results
The Renewables Infrastructure Group pre-tax profit jumped 51% to £47.3m in the first half of 2018, up from £31.3m in the same period last year.
The company said its results were boosted by higher than expected power prices and increased output, which helped offset slower wind speeds.
TRIG added 117MW of capacity from January to June, bringing total operating assets to 938MW.
It generated 1003 gigawatt-hours of electricity in the period, up 18% on last year.
The average power price was £98.62 a megawatt-hour, which compared with an average price of £88.78/MWh in 2017.
“These strong results reflect good operating performance, efficient portfolio management and improved realised electricity prices as well as additional valuation enhancements from operating and debt cost reductions,” TRIG chairman Helen Mahy said.
She added that TRIG will continue to focus on the UK market, as well as Ireland and France and other northern European countries.