Israeli power and renewable energy generator and developer Ellomay came out of the red in the first half of 2023 with a profit of 4.6 million euros ($4.8 million), up from a loss of 2 .2 million euros ($2.3 million) during the first half of 2022. .
The company said in a press release that its revenue for the period was approximately 25.5 million euros ($26.8 million), compared with 29.2 million euros ($30 .7 million dollars) reported for the corresponding half a year ago. This decrease in income was mainly attributed by the company to the decrease in electricity prices in Spain and to a cut in the electricity supply from the company’s facilities to the grid during June 2023 due to the works maintenance and improvement of the main transport line between Spain and Spain. Portugal.
The company said the decrease in revenue associated with its energy segment was partially offset by an increase in revenue from its biogas plants in the Netherlands, primarily due to increased production and an increase in the price of gas 2023, and the connection to the network. of Ellomay Solar (a 28 megawatt photovoltaic plant in Spain) during June 2022.
“The first six months of 2023 were characterized by a drop in electricity prices in Europe in general and in Spain in particular. The second quarter, which is a transition quarter, was mainly hurt by the drop in electricity prices. During the third quarter, which is a summer quarter, electricity prices increased and stabilized at approximately EUR 80 ($84) per MWh. [megawatt hour]. Despite the decrease in electricity prices in the first half of 2023, EBITDA was only reduced by approximately EUR 0.7 million. [$732,800] compared to the same period last year,” said Director and CEO Ran Fridrich.
“Project development in the US that was added to project development in Italy and Israel increased project development expenses. The connection of the first two projects in Italy (20 MW PV) is expected next month. The connection will be delayed by six months compared to the initial expectation and it is expected that the company will receive financial compensation for the delay in the connection by the construction company. The Dorad power plant showed an increase in revenue and net income and this trend is expected to continue in the third quarter as well,” said Fridrich.
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