EnBW has reported a 36% decline in its renewable energy business's adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) for the first nine months of 2024, dropping to €876 million from €1.37 billion in the same period of 2023. The company attributed the significant earnings drop primarily to a reduction in electricity prices from pumped storage.
Despite this setback, EnBW has significantly ramped up its investment in renewable energy, committing €1.2 billion in the sector, compared to €780 million in the first nine months of 2023. This surge in investment is largely focused on offshore wind, with the company pouring funds into planned offshore wind farms in Great Britain.
The majority of the investment continues to be directed toward the He Dreiht offshore wind farm, which is under construction in the German North Sea. This project is a key component of EnBW's renewable energy strategy, reflecting the company's commitment to expanding its offshore wind portfolio as part of its long-term growth and energy transition goals.
