Sorgenia is significantly above expectations again for the 1/2008 quarter


On 21 April, Verbund Italian interest Sorgenia published its quarterly results for 1/2008, which are significantly higher than those of the previous year. Verbund holds a share of approx. 38 % in Sorgenia.

In the first three months of 2008, the Sorgenia Group presented a consolidated result of 610.3 million Euro thanks to increases in electricity (+30.8 %) and gas (+15.9 %). This represents a plus of 29 % in comparison to the first quarter of the previous year.

The EBITDA equally rose from 41.3 million euro (1st quarter 2007) to 46.5 million Euro (+12.5 %). In the process, the Sorgenia Group benefited from higher margins for electricity and gas. On account of the increased financial expenditure, the net profit sank by 4.9 % (from 18.1 million in 2007 to 17.2 million in 2008). The capital credit rose from 904.9 million Euro in December 2007 to 1,076.7 million Euro at the end of the first quarter 2008. This is connected with the investments in new production capacities for the Modugno power plant, which is currently under construction (completion planned for the end of 2008), and the solar subsidiary Soluxia. Work on a new 380 MW gas-steam power plant in Napoli Levante is running according to plan; the power plant should go into operation at the end of 2008.

Focus on renewable energy
With the implementation of the company strategy, the focus is placed on the further expansion of production capacities – and particularly those of renewable energies. Sorgenia is planning the construction of a total of four gas-steam power plants (each with around 770 MW), as well as significant investments in the wind (450 MW) and photovoltaic sectors.

Swift progress is being made on the building works for the new wind farms in Minervino Murge, Castelnuovo di Conza and San Gregorio Magno, with a total capacity of 70 MW. The purchase of the French Société Française d’Eoliennes (SFE) in December 2007 expanded the Sorgenia wind portfolio by 100 MW installed capacity. A further 39 MW are already approved and will be built shortly; around 1000 MW are currently to be found in different stages of development. A subsidiary company was founded in Romania for the development of wind farms.  
At the end of the first quarter, nine solar power plants from Sorgenia subsidiary Soluxia went onto the national grid, each with an installed performance capacity of around 1 MW.