Skip to main content

Eon's renewable energy earnings up 15%

European energy company Eon has reported adjusted earnings from its renewables segment, having made €236mn for the first half of this year. This marks a 15% increase from the €205mn figure reported in H1 2017.

The company has put the growth down to increased output from its newly commissioned wind farms. These have included a 228MW project in Texas and a 306MW site in Illinois.

See also:

Apple reaches goal of 100% renewable energy for global facilities

‘Shockingly’ low prices for Massachusetts energy thanks to US offshore wind

Read the latest issue of Energy Digital

In total, Eon has invested €528mn in its renewables business segment, up from €449mn last year. This means the segment makes up 31% of the Eon group’s total investment in H1 2018.

Overall, renewables sales grew 4% in the period, reaching €741mn as opposed to €710mn a year previous.

These figures follow a deal with RWE involving a complex share swap which will mean that, as of next year, RWE owns the renewable assets of Eon as well s its own subsidiary, innogy. This will impact the reporting of such figures by Eon.  

In total, however, the company’s net income was down 28%, at €2.9bn from over €4bn in H1 2017. Eon stated that its overall earnings had been reduced due to some projects having come to the end of subsidy support schemes.

 

 

Facebook Conversations

 

NEWSLETTER

Energy Digital Weekly