EnBW says earnings turnaround in 2017 in sight
German utility EnBW has announced third quarter results, saying earnings were up and its balance sheet was 鈥渟ignificantly stronger鈥�. It says for the first time since 2010, it expects its operating result to rise again in 2017, crediting the consolidation of gas wholesaler and importer VNG, as well as 鈥渙ne-off鈥� positive effects including the sale of wind farm shares and the 鈥�elimination of the nuclear fuel rod tax the previous year鈥�, which 鈥渃ompensated for the negative impacts from the shutdown of Block 2 of the Philippsburg nuclear power plant鈥�.
In a press release, CFO Thomas Kusterer said the utility would implement energy efficiency measures a year early, bringing ongoing annual savings of 1.4 billion euros. The company would 鈥渃ontinue the strategic reorientation of our company and invest heavily in growth areas such as the Grids and Renewable Energies segments, where we will focus on wind power in particular,鈥� Kusterer said.
EnBW operates onshore wind farms with a total capacity of 450 megawatts, with another 100 megawatts to be added by the end of the year, according to the press release. It says yields from its Baltic 1 and Baltic 2 wind farms were up on the same period last year.
See the press release in English .