EQS-News
Energiekontor AG: Successful project business delivers another record result in the 2023 financial year - Seite 4
Despite the two aforementioned shutdowns, gross electricity production at the Group’s own parks increased significantly in the 2023 financial year, reaching around 635 gigawatt-hours (2022: around 550 gigawatt-hours). This can be attributed primarily to ongoing operational measures to increase production. Lower electricity prices on the spot market, which Energiekontor countered with direct marketing and private power purchase agreements (PPAs) to secure adequate price levels, had an offsetting effect.
Operation development, innovation and others segment with upside potential
The operation development, innovation and others segment saw its sales and earnings fall below the previous year’s level. External revenues declined by 17.8 percent to 5.0 million euros (2022: 6.1 million euros). Segment EBT decreased to 3.6 million euros (2022: 4.5 million euros). The segment result decreased primarily as a result of the factors described above influencing electricity income, which forms the basis for operating income.
Project pipeline significantly expanded once again
Despite the challenging conditions, Energiekontor succeeded in expanding its attractive and valuable project pipeline by more than 1 gigawatt (excluding US project rights) in the 2023 financial year compared to the previous year’s reporting date. The project pipeline totalled around 10.7 gigawatts (excluding US project rights) (previous year’s reporting date: 9.6 gigawatts). More than 2.3 gigawatts of the project pipeline is already at an advanced stage of project development and therefore form the basis for short- and medium-term growth. Technological diversification was also expanded as planned. More than a third of all projects now involve solar power.
2024 financial year: an important building block for the 2023 to 2028 growth strategy
In combination with long lead times from turbine and component manufacturers, the limited availability of wind turbines and other major components is causing a noticeable increase in realisation times in project business. Against this backdrop, Energiekontor expects most of the projects currently under construction and the projects for which financial close is planned in 2024 to be commissioned in the following two years. As a result, the earnings potential from these projects is not expected to be fully realised in the 2024 financial year and will largely be postponed until 2025 and 2026.