Utility EnBW earned more in the first quarter

The German energy group EnBW has confirmed its forecast for the year after growth in the first quarter. Adjusted operating earnings (Ebitda) increased by around 46 percent to 1.2 billion euros from January to the end of March, the utility announced on Friday. Higher electricity prices, better wind conditions for onshore and offshore wind turbines and newly commissioned solar parks all contributed positively to the result.

The group is also making good progress in replacing the purchase of Russian gas and coal. As early as mid-August, EnBW will no longer purchase coal from Russia. Adjusted Ebitda should continue to be in a range of EUR 3.025 to 3.175 billion in the 2022 financial year, which corresponds to an increase of 2 to 7 percent compared to the previous year. EnBW recently announced that it would increase its gas prices by 35 percent in order to cushion the consequences of the Ukraine war.

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