August 29 (Renewables Now) — Danish renewable energy developer European Energy A/S reported a pre-tax profit of €6.4 million ($6.35 million) in the second quarter of 2022, up from around 600% year-on-year, mainly benefiting from higher electricity prices.
Revenues, which European Energy derives from electricity sales and the disposal of projects, amounted to 43.7 million euros, compared to 26 million euros in the second quarter of the previous year. Higher electricity prices were the main contributor to the difference, the company said in its earnings report.
Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter jumped around 70% on the year to 11.9 million euros.
During the reporting period, European Energy was able to sell an 8 MW wind farm project in Germany to record revenues of €19.7 million. He said that despite the increase in the net worth of his assets and the interest of investors, he could start to hold the assets a little longer if electricity prices remain at a high level.
The company said it was on track to meet its financial targets for the full year. At the end of the semester, European Energy reached almost 57% of the EBITDA outlook and almost 70% of the pre-tax profit outlook for 2022, he added.
European Energy came to the end of the second quarter with a development pipeline of 24 GW, compared to 16 GW in the same period a year ago.
(1.0 EUR = 0.993 USD)
Join the free daily Renewables Now newsletter now!