Renewables support EnBW during pandemic

In: Windfarms
In the first nine months of 2020, EnBW generated revenues of some €13.68 billion and adjusted EBITDA of €2.06 billion, an increase of 22.2% compared to the same period last year (€1.68 billion). The earnings guidance for the full year 2020 therefore is confirmed. Adjusted EBITDA is expected to be in a range between €2.75 billion and €2.9 billion, which is between 13% and 19% above the previous year.

The adjusted EBITDA in the Renewable Energies segment for the first nine months of 2020 was 88.4% higher than the value achieved in the same period of the previous year. Adjusted EBITDA rose substantially to €586 million in the first nine months of 2020. This was largely attributed to the
Hohe See and Albatros offshore wind farms coming into operation.

In addition, better wind conditions at its offshore and onshore wind farms in comparison to the same period of the previous year contributed to a positive earnings performance. Furthermore, the electricity delivered from our hydropower plants was sold on the forward market at higher wholesale market prices than in the previous year.

CFO Thomas Kusterer: “Our portfolio transformation and efficiency efforts since 2012 as part of EnBW’s business renewal have made the company highly resilient. 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. Our integrated portfolio proves its worth and ensures stability especially at difficult times like the present. We are therefore confident that we will meet our ambitious targets for 2020 and thus successfully complete the corporate transformation which we launched in 2013.”

EnBW plans to invest in the further expansion of renewable energies in Germany and selected foreign markets, including North America and the Asia-Pacific region. It aims to realise at least 3,500 MW of output in the wind power sector – both offshore and onshore – by 2025.

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