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Renewables deliver for Eon

Results reveal 20% rise to €468m for clean energy EBITDA

Renewables deliver for Eon image

Eon has posted first-quarter results that reveal a 20% rise to €468m for renewables EBITDA.

Figures show wind, solar and other technologies saw a surge of 25% to €217m due to an increase in installed generating capacity. Hydro increased by 16% to €251m compared with the same period in 2012 mainly because of “higher sales volume in Italy and a weather-driven increase in output in Spain”.

Owned generation from renewables surpassed the 2012 figure of 7.5TWh by 1.1TWh. Hydro was up by 0.5TWh and wind, solar and others 0.6TWh. Wind farms accounted for 98% of this with biomass and micro-hydro facilities making up the rest. Renewables sales, meanwhile, rose by €26m with hydro up 5% to €382m and wind, solar and other technologies up 3% at €8m.

Elsewhere, Eon said the group’s overall results were “in line with expectations”. Underlying net income declined from €1.7b for the same period in 2012 to €1.4bn. Investments declined by 21% year on year to €0.9bn and the group’s operating cash flow of €1.6bn was considerably higher than the 2012 figure of €0.4bn.

Eon’s economic net debt stood at €31.6bn at 31 March, a decline of €4.3bn from year-end 2012. Net financial debt was down to €10.4bn. The company said it expects its full-year 2013 EBITDA “to be between €9.2bn and €9.8bn” and underlying net income “to be between €2.2bn and €2.6bn”.

Image: Scroby Sands offshore wind farm (Eon)

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