German energy company E.ON’s offshore wind division recorded adjusted earnings before interest and tax (EBIT) of EUR 243 million in the first nine months of 2016, a 196.4% rise compared to EUR 82 million reported for the same period a year earlier.
The improved performance was attributed to Amrumbank West and Humber Gateway offshore wind farms being fully operational throughout the current year, and book gains.
The company’s offshore wind generation rose by 1TWh in the first nine months of 2016, from 1.5TWh in the first three quarters of 2015 to 2.5TWh in the same period this year, again due to Amrumbank West and Humber Gateway being fully operational.
Amrumbank West did not enter service until October 2015, and Humber Gateway was only in operation for two months of the prior-year period.
E.ON’s sales in the offshore wind rose from EUR 295 million recorded in the first nine months of 2015 to EUR 455 million in the first nine months of 2016.
Looking at the overall performance of the company’s renewables division, sales decreased from EUR 738 million in the first three quarters of 2015 to EUR 567 million in the first nine months of the current year due to a poorer performance of the onshore wind and solar divisions.
However, the renewables segment saw a 38% increase in EBIT in the first nine months of 2016, which stood at EUR 309 million.
Looking ahead, E.ON expects renewables’ adjusted EBIT to be above the prior-year figure of EUR 400 million, primarily because Amrumbank West and Humber Gateway offshore wind farms will deliver earnings for the entire year.