12 May 2017

“Innogy says Npower prospects decline, won't make a profit”

Reuters / innogy

In its 2017 first quarter results report, German renewables utility innogy warned that prospects in the British retail market had sharply deteriorated as a result of fierce competition, Reuters reports. Overall, the company posted an increase in earnings (EBITDA) of 4 percent year on year, at 1,617 million euros. The grid business, where adjusted earnings before interest and taxes (EBIT) increased by 29 percent to 708 million euros, was the main driver of earnings growth achieved in the first quarter 2017, while EBIT for the renewables division declined 13 percent year on year, as lower wind levels led to reduced electricity generation, innogy said in a press release.

Read the article in English here and innogy’s press release in English here.

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