EDF Energies soars on update

November, 2010
Shares in EDF Energies Nouvelles enjoyed a rise of more than 10% during October as the company reported a flurry of positive news. This included a third quarter revenue update at the end of the month which showed the firm produced revenue growth of 33.7% during the first nine months of 2010.

EDF Energies Nouvelles’ electricity generation business saw a 39.3% improvement to €331.7 million thanks to a strong performance from its wind and solar operations. Wind energy generation benefited from the effect of facilities that were commissioned in 2009 as well as those brought into service in Mexico and Europe during 2010. Meanwhile, the solar energy generation business benefited from new facilities that were commissioned at the end of 2009 and in early 2010.

At the end of September, the firm had 2.9GW of wind energy in service in ten countries, compared to 2.7GW at the end of last year. Its solar operations had grown from 80.9MW to 158.3MW.

EDF Energies Nouvelles’ thermal energy and cogeneration operations experienced a slight fall in revenues due to the sale of the firm’s Mulhouse cogeneration plant (7.6MW) during the third quarter, as well as sales of the Energies Antilles (16.7MW) and Energies Saint-Martin (13.6MW) thermal power plants in June. 

EDF Energies Nouvelles’ DSSA (Development and Sales of Structured Assets) business has also had a strong year so far, thanks to “solid momentum of the solar energy business in Europe”. During the first nine months, the firm sold 13MW of solar energy projects as well as an 11.7MW tranche of its Gabardan power plant. Consequently, revenues here increased by 34.9% to 384.6 million.

Total revenues at the firm increased by 33.7% to €963.1 million. 

For the full year, EDF Energies Nouvelles reiterated its EBITDA target to €430-€450 million.
Earlier in the month, the firm announced that it had commissioned new wind farms in Scotland and Turkey with a combined capacity of more than 105MW.
 

Market: Euronext Paris

Symbol: EEN

Price: €31.19

12 month high/low: €36.50/€26.79

Market cap: €2.4bn

 

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