14 May '18, 2pm

Innogy renewables profits rise 16% in first quarter

German utility Innogy reported a 16% boost in profits at its renewables business in the first quarter, as it braces for a key role in a planned €4.9bn ($5.9bn) merger between parent group RWE and E.ON that its own board has questioned. Innogy’s renewables unit posted an adjusted profit of €155m before interest and taxes for the January to March period, up from €134m in the 2017 same quarter. The German group cited positive price impacts and extra production thanks to weather-related factors to explain the uplift, as it ended the quarter with 3.51GW in place, up from 3.49GW a year earlier. Innogy – which since the quarter ended has further strengthen its position in the offshore wind sector with a 325MW success in the latest German auction – posted overall adjusted net profits down 11% year-on-year at €610m. Innogy is due to form part of a new clean energy-giant along with ...

Full article: http://www.rechargenews.com/transition/1490814/innogy-ren...

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