Energy group EnBW cuts forecast for 2022
The energy group EnBW has lowered its forecast for the year after the first nine months. The supplier now expects one for 2022 operating profit (Adjusted Ebitda) from 2.7 to 2.9 billion euros instead of the previous 3.03 to 3.18 billion, as the Karlsruher announced on Friday. In the fourth quarter, EnBW expects significantly higher expenses for grid stability when using reserve power plants. Added to this are the losses of the gas trading subsidiary VNG in the procurement of replacement quantities for the missing gas deliveries from Russia. So far it is unclear how these are to be at least partially compensated.
VNG, in which EnBW holds around 74 percent, is one of the largest German gas importers alongside the Uniper group, which is about to be nationalized. In September, VNG submitted an application to the state for stabilization aid, the outcome of which has not yet been decided. The Leipzig company was originally supposed to be helped by the planned gas levy, which was withdrawn by the federal government.
EnBW was able to do that in the first nine months operating result With around 1.97 billion euros keep roughly stable. The group surplus shrank to 163 million euros after 363 million in the same period of the previous year. The sales business was able to increase operationally slightly to around 321 million euros. The increased procurement costs for electricity and gas were compensated for by earnings contributions from the companies that were added to the Senec subsidiary. The result of the network business was around 944 million euros, around three percent weaker. A strong support was the green electricity business, which was able to increase its operating profit by 54 percent to around 840 million euros. The area benefited from higher prices, better wind conditions and newly commissioned solar parks.