Press release
European Energy experiences progress in European markets during Q1 2022
May 16, 2022
European Energy saw progress in both power and asset sales in Central and South Europe making the basis for a record quarter. The EBITDA for the company reached EUR 65m and profit before tax EUR 63m.
Progress in both power and asset sales in Central and South Europe ensured a record quarter for European Energy with an EBITDA of EUR 65m and profit before tax of EUR 63m.
The strong numbers originate from power sale and divestment of projects mainly in central and south Europe. The power sale reached the highest level in Q1 and contributed EUR 26 million in the first quarter of 2022. That is an increase of 144% compared to Q1 in 2021 (EUR 11 million).
In total, European Energy sold more than 229 GWh of renewable energy in Q1 2022. This is an increase of more than 50 percent from 151 GWh in Q1 2021.
The divestments of solar parks in Italy and Denmark have also contributed positively to the financial result.
– When European Energy was founded in 2004, it was with an ambition to support the development of an independent European energy supply. Today, we see an acute need to accelerate this process, and we as a company are ready to do that, says Knud Erik Andersen, CEO of European Energy.
– Support for transitioning our energy supply has never been greater. The tragic war in Ukraine has made the need of gas and oil alternatives even more pronounced. Besides being clean and sustainable, no one owns the natural resources from wind and the sun. It is available for all people and countries. This makes it the perfect source as the building stone of the future energy system in Europe.
A PTX Journey
As European Energy continued to establish its Power-to-X business throughout Q1, the strategy remains to own every step of the supply chain and ensure the lowest cost of the final product, which can be either green hydrogen or e-methanol.
A good example hereof is the recent order of one of the world’s largest electrolyzer for e-Methanol production that European Energy placed at Siemens Energy. To secure a competitive price on the final product, it is vital to control every step of the supply chain.
At the other end of the value chain, we have also strengthened the offtake of the e-Methanol or e-fuel. As one of Maersk’s preferred partners, European Energy signed a letter of intent to supply up to 300,000 tons of e-methanol per year starting in 2025/26.
– Our development pipeline and projects under construction affirm the positive trajectory that our company is experiencing. The development pipeline is at 21.6 GW across 24 nations and our global construction pipeline is at 1,031 MW at the end of Q1 2022, says Knud Erik Andersen.
As a result of the war in Ukraine and China’s Covid-19 lockdown, there is a risk in further supply chain constraints that might result in delays in finalizing some projects. European Energy expects this to be counterbalanced by income from power sales.
European Energy maintains its outlook of EUR 135m EBITDA and EUR 100m profit before tax for 2022.
Contact:
Ming Ou Lü
PR Manager
+45 3126 9376