Offshore wind helped push up first quarter earnings from ScottishPower's green energy business by 61 per cent year-on-year, according to the latest results from parent company Iberdrola.
The company's renewables portfolio delivered EBITDA for the first quarter of just over €149m, a substantial increase on the €93m recorded a year earlier. The rise was attributed in large part to a "standout performance" from the £1.6bn West of Duddon Sands wind farm, which saw production grow around 15 per cent to 1,249 megawatt hours
After coming online in October 2014, the offshore wind farm produced significantly more electricity than expected, generating 56 per cent of its theoretical maximum, while the average load factor across the company's portfolio stood at 33 per cent.
"Offshore wind is now coming into its own with the power produced from the new windfarm at West of Duddon Sands ahead of expectations in the first quarter of this year," said Keith Anderson, ScottishPower chief corporate officer.
"This shows the potential of offshore wind now that we are able to use larger turbines and better technology, which we will advance further with other new offshore projects, notably the 714MW East Anglia One windfarm in the North Sea."
Across the whole of Iberdrola, EBITDA from renewables rose just under 25 per cent to €428.3m following gains in Spain and Latin America, as well as the UK.
In related industry news, E.ON has confirmed its fossil fuel and nuclear assets will be held by its new spin-off company Uniper. The organisation, which will also include E.ON's energy trading and exploration and production businesses, will be based in Düsseldorf and led by Klaus Schäfer from the start of next year.
The high profile split will leave E.ON to focus on renewable power, energy networks and customer solutions. The German utility first announced the re-organisation last year, saying the move was necessary to ensure the company could compete in "dramatically altered global energy markets".
'Misguided' Conservative policy stifling £900m onshore wind industry
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