Innogy under the weather
Lower wind levels hit renewables earnings in 1H 2018
Lower than expected wind levels impacted Innogy earnings in the first half of the year, falling to €322m from €338m in the same period of 2017.
The German company said it was also hit by lower earnings from solar engineering, procurement and construction contracts.
However, the commissioning of new projects did compensate to some extent for the negative weather impacts, it added.
Renewables revenue was stable at €456m in the first six months of 2018, compared with €455m last year.
Renewables generation reached 4.8 terrawatt-hours in the period, up slightly on the 4.7TWh generated in 2017.
Onshore wind accounted for 2.2TWh, up from 2.1TWh last year, while offshore wind output was down on 2017 to 1.5TWh from 1.6TWh. Hydro accounted for the other 1.1TWh.
Total renewables capacity stood at 3571MW at the end of June, up from 3487MW at the end of the same period last year.
Net investment in renewables in the first half of 2018 was €178m, up €16m on the €162m invested in the first six months of 2017.
Overall, Innogy earnings were down 7.6% on last year to just over €2.25bn from almost €2.44bn.
However, the company said results were in line with expectations, with one-off positive effects impacting 2017 figures.
Innogy chief executive Uwe Tigges said: “We are consistently driving our growth strategy forward. This is our main task and we are focusing on it. We are ensuring value-added growth for our company by investing in promising business areas such as renewables, high-speed internet and the universal expansion of eMobility both in Germany and abroad.”