Northland Power reported a net loss of CAD 191 million (€129 million) for the third quarter of 2024, contrasting with a net income of CAD 43 million in the same period last year. Gross profit also dipped slightly to CAD 444 million, down from CAD 458 million in Q3 2023.
The decrease in quarterly earnings was attributed to the Gemini cable outage and reduced offshore wind output. However, Northland's interim president and CEO John Brace expressed confidence that the company remains on track to meet its annual guidance, bolstered by robust first-half performance.
Brace noted ongoing progress in construction projects in Taiwan, Poland, and Canada, despite a safety incident in August affecting the Hai Long project's onshore substation. “Following the regrettable safety incident in August, construction of the Hai Long onshore substation is progressing according to its recovery plans,” he said.
Northland also sees “exciting development opportunities” across its core markets, underscoring its commitment to growth within the renewable energy sector.
