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Verbund expects significantly higher electricity prices
VIENNA. Verbund expects a significant rise in electricity prices "clbad =" thumbnails "/>
Electricity sales rose Photo: Erwin Wodicka
The Verbund Group is enjoying rising electricity prices for the first half of the year. a better water supply in its power plants and an increase in electricity prices in the coming year. The operating result (EBITDA) increased in the first half of 21.1% to 503.7 million euros, the consolidated result of 47 million euros. , 3 percent to 227.5 million euros. Adjusted for exceptional items, net income rose 43.9% to 222.3 million euros. Sales fell seven percent to 1.37 billion euros.
That the prices at which Verbund can sell electricity will increase, "came as expected," said managing director Wolfgang Anzengruber. But the magnitude of the surprise: For 2019 prices could rise up to 39 euros per megawatt hour in the electricity market. "It would be a dramatic turnaround," said CFO Peter Kollmann. For comparison: In the first half of 2018, Austria's largest generator set sold its electricity at 29.3 euros per megawatt hour. Anzengruber is no doubt that the price increases will ultimately reach the end customer. While some competitors have already grown in some cases, Verbund has not decided yet.
In particular, the increase in free cash flow – from 274 million euros to 356 million euros in the first half of 2017 – helps reduce debt and invest: "We have a lot more latitude than we have ever had."
The investment plan, which provides 1.1 billion euros for three years – especially for hydropower and grids – does not increase the Verbund.
Less Electricity Generated by Wind Energy
Electricity production from thermal power stations and wind power plants has decreased. Overall, self – production increased 15.8% year – over – year to 17,518 GWh. The production of hydroelectricity increased by 23.1%. Thermal production decreased by 52.4%. Electricity sales rose 4.9% to 29,817 GWh, mainly due to increased sales to dealers (+ 9.9%) as well as electricity sales. According to Anzengruber, with its 461,000 customers consuming electricity and gas, Verbund holds a seven to eight percent market share in Austria and the market leader in the industry and trade with a share of 20% market.
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