European Energy’s EBITDA increased by 27% year-over-year from €140 million to €178 million. The profit before tax increased by 10%, from €115 million to €126 million. In terms of power generation, the company produced 1.87 TWh of renewable electricity in 2023 from self-owned assets, an increase of 140% compared to 2022.
In 2023, European Energy divested projects with a total capacity of 1,120 MW and connected 750 MW of new renewable energy capacity to the grid. The company’s net development pipeline was at 39 GW at the year’s end, marking a 20% increase from 31 GW at the end of 2022.
In the Power-to-X business, Mitsui & Co. became a partner in European Energy’s e-methanol project in Kassø, Denmark, and agreements were signed with TotalEnergies for both onshore and offshore renewable energy production.
The company expects an EBITDA of €230 million for 2024, equivalent to a growth of approximately 30% compared to 2023, with a risk margin of +/- 10%. Profit before tax is also expected to continue to grow, albeit at a lower rate than EBITDA.
