EnBW more than doubles 9-month adjusted net profit

(Reuters) – Germany’s EnBW (EBKG.DE) on Monday reported an adjusted net profit of 2.36 billion euros ($2.52 billion) for the January-September period, more than double its result a year earlier, citing positive power generation and trading as drivers.

The net profit compared with 1.10 billion euros a year earlier, said the south-western utility in a statement, broadly confirming preliminary figures issued two weeks ago, on the strength of which it had raised its full-year guidance.

EnBW is one of Germany’s largest utilities and came under pressure last year when Russia first curtailed and later stopped gas supplies via the Nord Stream pipeline, which hurt its gas trading division VNG (VNG.UL).

This year it has benefited from higher wholesale prices for electricity and the absence of negative effects from the halting of Russian exports as Germany opened up new pipeline gas import sources and received seaborne liquefied natural gas (LNG).

EnBW made use of its improved earnings to invest in renewable energy, the grid infrastructure and charging gear for electric cars, said chief financial officer Thomas Kusterer.

“Our good earnings in the first nine months secures our growth investments in the accelerated implementation of the energy transition,” he said.

“Ultimately, we plan to invest an average of 4.5 billion euros per year over the next few years.”

The company’s January-September investments totalling 2.8 billion euros were up 52% from the same period in 2022.

EnBW employed 28,064 people in January-September, 6.2% more than in the same period last year.

($1 = 0.9362 euros)

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