Offshore Wind Lifts E.ON’s Renewables

E.ON’s Renewables division saw a EUR 39 million increase in adjusted EBIT in the first half of 2019, primarily said to be due to the commissioning of offshore wind farms in the UK and Germany.

The renewables adjusted EBIT equals EUR 275 million in the first six months, with the primary reason being the increase in output due to offshore wind farm commissioning and the launch of an onshore wind farm in the U.S.

E.ON’s overall adjusted EBIT decreased by 12%, from approximately EUR 1.9 billion in the same period last year to roughly EUR 1.7 billion.

In line with the EBIT decline, adjusted net income fell by 16% from EUR 1.1 billion to EUR 0.9 billion, the company said.

E.ON’s first-half sales rose by about 5% year-on-year, from EUR 15.4 billion to EUR 16.1 billion, while investments in its core business, which amounted to EUR 1.3 billion, are at the prior-year level.

“Overall, our first-half results were in line with our planning. We can therefore again reaffirm our forecast for the 2019 financial year,” said E.ON’s CFO Marc Spieker.

“We continue to expect our 2019 adjusted EBIT to be between €2.9 and €3.1 billion and our 2019 adjusted net income to be between €1.4 and €1.6 billion. We likewise reaffirm our dividend proposal of 46 cents per share for the 2019 financial year.”

E.ON added that the planned transaction with RWE is right on schedule and the preparations for the takeover of innogy are moving forward as planned, with the transaction possibly to be closed in September.

To remind, the company officially opened its 400MW Rampion offshore wind farm in the UK in November 2018 and this April the 385MW Arkona wind farm in the German Baltic Sea.