Germany's Innogy suffers setback after weak wind year

Innogy booked declines across the board and blames circumstances such as a lack of wind. The CEO projects progress for 2017 where investments of billions will be made in renewable energy.

Photo: Senvion

2016 was a year marked by setbacks at Innogy, RWE's listed subsidiary for renewable energy. The company writes that low wind levels had a negative impact on the result.

Revenue at Innogy declined from EUR 45.5 billion in 2015 down to EUR 43.6 billion in 2016. The decline continues throughout the report in which the adjusted EBITDA landed at EUR 4.2 billion, which is EUR 300 million lower than in 2015. Likewise, the result before taxes also decreased as earnings came to EUR 2.2 billion in 2016, down from EUR 2.8 billion in 2015.

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