High power prices boost Engie earnings in first quarter

Reuters · 05/11/2023 01:45
High power prices boost Engie earnings in first quarter

By America Hernandez

- French energy company EngieENGIE.PA on Thursday reported a rise in first-quarter earnings buoyed by high European power prices, and said its full-year performance will likely come in at the top end of its forecast range.

The company said its earnings before interest and tax (EBIT) excluding was 3.8 billion euros ($4.18 billion), up 30% from the previous year.

Income from renewables rose more than 30% thanks to high power prices and higher hydropower generation in France and Portugal, while retail gas sales were low due to a long trading position as European market prices fell over a mild winter.

Engie said that after last year's high gas prices caused by the loss of Russian supply following the invasion of Ukraine, gas market volatility has begun to stabilize and trading earnings will settle while still remaining positive.

($1 = 0.9084 euros)

(Reporting by America Hernandez, editing by Tassilo Hummel)