Northland Power Inc. reported a year-on-year decline in first-quarter earnings, citing historically low offshore wind resources as a key factor in reduced profitability.
The Canadian energy company posted adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of C$361 million for the first quarter of 2025, down from C$454 million in the same period a year earlier.
“Our offshore wind facilities experienced the lowest wind resource in years, leading to lower offshore results,” said Christine Healy, Northland’s president and chief executive. “But the strong performance across other parts of our business demonstrates our resilience and the importance of our global portfolio across multiple technologies.”
Despite the drop in offshore wind output, Northland highlighted progress across its construction portfolio. The company brought its 250-megawatt Oneida energy storage project in Ontario into commercial operation ahead of schedule and under budget, with no lost-time safety incidents reported.
In offshore wind, Northland marked key milestones with the installation of the first turbine at the Hai Long project in Taiwan and continued foundation work at the Baltic Power project in Poland.
Across its operations, Northland reported over 95% commercial availability at its offshore and onshore renewable assets as well as its natural gas facilities. The company also recorded stronger operating results from North American onshore wind and natural gas segments.
Healy said Northland’s “diversified portfolio and experienced executive leadership team provide an opportunity to capture the accelerating demand for electricity and energy security.”
The company’s results underscore ongoing challenges in Europe’s offshore wind sector, where wind speeds have been unusually low in recent years. Northland continues to invest across multiple technologies and geographies to mitigate such variability.
