- Encavis’ revenues for 2022 added up to €480 million according to its preliminary and unaudited numbers
- This includes €25 million that it estimates to be skimmed off under the EU ruling
- Despite that, it would have still improved its annual revenues of €455 million by 36%
German wind and solar power producer Encavis AG expects to report €480 million in revenues for 2022. While €25 million will be skimmed off due to price cap ruling, it says its revenues of €455 million increased annually by 36% or €122 million showing little effect of the revenue cap imposed across Europe.
In its preliminary, unaudited financial results Encavis CFO Dr Christoph Husmann said, “Whether we take the price-capped revenue of €455 million or the not price-capped €480 million, which we finally have to show in our books, although they do not show commercially our real revenue. All these figures are above the raised guidance 2022 and they are specifically the revenue and the EBITDA and the EBIT above our >>Fast Forward 2025 figures.”
It produced around 3,133 GWh in 2022, a 14% annual jump. The company’s operating EBITDA exceeded the guidance of €310 million by over 9% to settle at €340 million last year.
Under its >>Fast Forward 2025 strategy, the company aims to double its own capacity to 3.4 GW, increase annual revenues to €440 million, EBITDA to €330 million and operating EBITDA margin of 75%.
The management added that it benefits only to a limited extent from the high peaks in the electricity market given the very high share of price-fixed revenue from renewable energy generation.
Notably, Aurora Energy Research had in November 2022 forecast that German government’s plan to skim off extra profits from electricity producers in response to European Commission directive, will not impact power generators in the long run as their profitability will be maintained despite the short-term loss of revenue (see Renewables’ Long-Term Profitability To Remain Intact In Germany).