As of: March 27, 2024, 9:10 a.m
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Due to increased market prices and fluctuations, the energy company EnBW was able to sell the electricity generated at good conditions.
© Uli Deck/dpa
The energy company EnBW posted a big plus.
This is also due to developments on the market since the start of the Ukrainian war.
But the trend for this year is pointing in a different direction.
Karlsruhe - EnBW, Germany's third-largest energy supplier, increased its operating result (adjusted Ebitda) by a good 60 percent to almost 6.4 billion euros last year.
This was mainly due to an increase in thermal generation - i.e. coal and gas - and trade.
Due to increased market prices and fluctuations, the quantities of electricity generated were sold at significantly better conditions compared to 2022, the Karlsruhe-based group announced.
A decline to 4.6 billion to 5.2 billion euros is expected this year.
“The background to this is that volatility on the markets is decreasing and we assume that we will market the amounts of electricity generated in our plants at lower prices than was the case in 2023,” explained CFO Thomas Kusterer, according to the statement.
The very good result for 2023 in the area of thermal generation and trading cannot simply be extrapolated into the future.
The new CEO Georg Stamatelopoulos explained that due to the very good results, EnBW would again significantly increase investments in the implementation of the energy transition in the coming years.
Gross investments of 40 billion euros are planned by 2030, around 90 percent of which will be in Germany.
“This makes EnBW one of the largest investors in the implementation of the energy transition in this country.” Stamatelopoulos moved to the top of the company almost three weeks ago after his predecessor Andreas Schell left the group after less than a year and a half due to differences of opinion with the supervisory board about the corporate strategy.
dpa