Innogy adjusted earnings from renewables rose over 43% to €239m in the first half of 2019 from €167m in the same period of the previous year. The German company said the improved figures were caused mainly by price effects, more favourable weather conditions, operational improvements at existing plants and commissioning of new capacity. Investments in renewables also grew to €349m in the period, up from €178m last year, mainly down to the Triton Knoll and Sofia offshore wind developments in the UK, as well as onshore projects in the US, UK and Netherlands. Output from renewables was 5 billion kilowatt-hours in the first six months of the year, up from 4.8 billion kWh in 2018. Onshore wind accounted for half of the output in 2019, up from 2.2 billion kWh in 2018, while offshore generation was the same as last year at 0.4 billion kWh. Overall, the company's adjusted earnings were just over €1.30bn in the period, down from more than €1.55bn in 2018, while net income fell to €488m from €662m. This was primarily due to an expected decline in earnings from the UK retail business and sale of the Czech gas grid business, the company said. Innogy chief executive Uwe Tigges said: “The most important thing for us is to drive forward our operational business and ensure value-added development for our company. “Thanks to the outstanding efforts of our employees, we achieved a good result, in spite of the special situation we find ourselves in in view of the planned Eon/RWE transaction. “In renewables, the fact that we extended our scope to international markets right from the outset has paid off. “We currently have three large-scale projects simultaneously under construction: the Limondale solar plant in Australia, the Triton Knoll offshore project in the UK, and the Scioto Ridge onshore wind farm in the US.”
Innogy has reported earnings from renewables more than 43% up at €239m ($267m) for H1 2019, thanks to new capacity, pricing effects, good weather and improvements to its existing sites. The company spent €349m on its renewables operations, mainly the UK offshore sites Triton Knoll and Sofia. That figure had doubled Limondale and the company’s output rose from 4.8 billion kWh to 5 billion kWh. However, total earnings fell from €1.55bn to €1.3bn and net income was down from €622m to €488m because of falling UK retail earnings and the sale of a Czech gas business.