European Energy upgrades guidance as power prices boost Q4 profit

Record-high electricity prices make both sold generation and project values rise, says European Energy CEO, who stands to reap EUR 50m in Q4.

Photo: Gregers Tycho/ERH

With only a few days left of the year, European Energy upgrades its full-year guidance from a pre-tax result of EUR 50m to EUR 60m – based on unchanged gross earnings before interest, taxes, depreciations and amortizations of EUR 80m.

The move is attributable to recent months of dramatically increasing power prices in Denmark as well as most other markets where European Energy is active. That applies not only to premia made off electricity sales, of which the company also wants more. Some value is also tied to the group's asset values in its established role as project developer and divestor.

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