Northland Power, a leading renewable energy company, has reported a 14% decrease in profits from its offshore wind business during the first quarter of 2023, as compared to the same period last year. The company's adjusted EBITDA for the quarter ended March 31, 2023, was CAN$226m, which was down by CAN$36m from the same period in 2022. The decline was primarily attributed to the non-recurrence of an unprecedented spike in market prices in the first quarter of 2022, according to the board.
However, the decline in profits was partially offset by higher turbine availability at Nordsee One after the completion of the rotor shaft assembly (RSA) replacement campaign in 2022 and the impact of foreign exchange fluctuations due to the strengthening of the Euro. The board added that electricity production for the quarter ended March 31, 2023, remained largely in line with the same quarter of 2022.
In the onshore wind division, electricity production was 4% or 28GWh lower than the same quarter of 2022, due to lower wind resources across Canadian onshore facilities. This was partially offset by higher wind and solar resource at Spanish facilities. Sales of CAN$115m were 10% or CAN$13m lower than the same quarter of 2022, driven primarily by lower production at the Canadian onshore facilities and lower pool prices in Spain.
Adjusted EBITDA of CAN$83m was 17% or CAN$17m lower than the same quarter of 2022, due to the same factors as above, according to the board. Despite the decline in profits, Northland Power remains a leader in renewable energy and continues to make significant contributions to the industry.
