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E.ON to focus on wind despite renewables drop

4C Offshore | Tom Russell
By: Tom Russell 09/03/2016 E.ON
E.ON’s 2015 operating results were "in line with expectations" despite a 10% EBITDA decline from last years results which the energy group attributed to impairment charges.

Its Renewables division recorded a €154m decline in  EBITDA, €43m of which was attributed to wind and solar activities. E.ON stated that the loss was subsequent to divestments and high earnings from its 'build-and-sell' strategy in 2014.

E.On also outlined in its financial report that it will further invest €1.5bn into renewables with a main focus on offshore wind farms in Europe and onshore farms in the United States.

At today’s annual results press conference CEO Johannes Teyssen said: “We posted solid operating results in a very difficult market environment. Our numbers reflect the far-reaching structural transformation that our industry is experiencing and that continues unabated in the current year. Our strategy of having E.ON and Uniper focus on their respective energy world is the right response to this transformation. But the course ahead will be tougher and longer than anticipated.”

Last year E.ON completed two large offshore wind farms in the North Sea, Amrumbank West off the German island of Helgoland and Humber Gateway off the east coast of England. Both wind farms had a "significant positive impact on earnings" E.ON noted.

Furthermore, it made the announcement earlier this year that it has completely shifted its operations from Uniper in order to solely focus on renewables and energy networks.E.ON still maintains its stake in the company but stated that the separation is on schedule and a spinoff report is in preparation. This will be released along with the invitation to its Annual Shareholders Meeting which will be held on June 8, 2016. At the meeting, shareholders will vote on the spinoff of Uniper which will be followed by Uniper’s stock-market listing.

E.ON expects its 2016 EBITDA to decline further to between €6-6.5bn next year.

For more information about E.ONs activities within offshore wind, please consult 4C Offshore's Global Offshore Wind Farms Subscription.


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