innogy: 9-mo core profit down on high grid maintenance costs
German utility RWE’s green subsidiary innogy reported a 7 percent fall in EBITDA in the first nine months of 2016 compared to the same period last year. The decline in profits comes one month after the company’s stock market debut in October. “The results of the first nine months of 2016 were particularly affected by additional expenditure on maintenance of grid infrastructure, especially in Germany,” the company said in a press release. EBITDA was 2.92 billion euros and innogy confirmed its outlook for 2016. It continues to expect EBITDA of 4.1 to 4.4 billion euros.
For background, read the CLEW factsheet RWE’s plans for new renewable subsidiary.