Amrumbank West and Humber Gateway offshore wind farms left a positive mark on financial results of E.ON’s renewables business in the first half of 2016 and the company expects this trend to continue.
E.ON’s renewables business saw an adjusted EBIT increase of EUR 53 million in the first six months of this year.
Although the company’s unit operating in onshore wind and solar energy sectors reported a decrease of adjusted EBIT due to negative price effect and positive one-offs in the prior year, the offshore wind business’ adjusted EBIT rose by EUR 150 million, mainly because Amrumbank West and Humber Gateway wind farms were fully operational for the entire period in the current year.
E.ON said it expects the adjusted EBIT of its renewables business for the full year to be significantly above the prior-year figure of EUR 0.4 billion, primarily because Amrumbank West and Humber Gateway offshore wind farms will deliver earnings for the entire year.
In the first half of 2016, E.ON’s investments in renewables increased by EUR 16 million, with onshore wind/solar unit’s investments rising by EUR 96 million and offshore investments declining by EUR 80 million, due to a reduction in expenditures for new-build projects.