EnBW's renewables EBITDA surges by 88.4% y/y in 9-mo 2020

Hohe See and Albatros offshore wind farms. Image credit: Fred. Olsen Windcarrier AS, Tony Cato, courtesy of EnBW (www.enbw.com)

German electric utility EnBW Energie Baden-Wuerttemberg AG (ETR:EBK) today said its adjusted EBITDA from renewables grew by 88.4% in the first nine months of 2020.

The jump to EUR 586 million (USD 692m) was mainly due to increased offshore wind capacity as a result of the commissioning of the Hohe See and Albatros farms, with a combined capacity of 609 MW. The acquisition of French wind and solar farms developer Valeco and improved wind conditions both on- and offshore also contributed to the growth in earnings from the renewables segment.

EnBW’s total adjusted EBITDA for the nine months was EUR 2.06 billion, up by 22.2%.

“Most of all, our strategic investments in renewables and broadband telecommunications are increasingly paying off and are driving a positive overall earnings trend despite the corona pandemic,” said chief financial officer Thomas Kusterer.

Net profit, however, was down as financial results were hit by marking securities to market. The table contains details on January-September performance and EnBW’s confirmed forecast for 2020.

Results in EUR million	9-mo 2020	9-mo 2019	2020 forecast
External revenue	13,682	13,990.2	--
Adj. EBITDA	2,062.5	1,688.2	2,750-2,900
-- Renewable Energies segment EBITDA	585.7	310.9	825-925
-- Grids segment EBITDA	1,030.1	1,056.2	1,300-1,400
Adj. EBIT	1,087.4	606.5	--
Adj. net profit	367.2	506.9	--
Group net profit	250.3	288.3	--
Total investment	1,515.2	2,146	--