ERG's net revenue remains flat in Q1 2023

• Italy-based independent power producer (IPP) ERG SpA on Friday reported a first-quarter modified net profit from continuing procedures of EUR 84 million (USD 91.7 m), unmodified from a year back, as well as confirmed its full-year assistance.

The Italian firm operates approximately 3.04 GW of wind and also solar farms in a number of European countries. In January-March, it booked changed metrics that omit the results of clawback measures embraced in a variety of countries to balance out the increase in power prices and also caused reimbursements with a negative impact. The adjusted project also includes the payment of ERG Power Srl, the owner of a gas-fired plant, which is recognised in terminated operations.

When not taking into consideration these results, net make money from continuing procedures came with EUR 78 million, up from EUR 67 million a year back.

Incomes prior to rate of interest, tax, devaluation as well as amortisation (EBITDA) were burdened by around EUR 7 million from reimbursements, coming at EUR 164 million. On an adjusted basis, gross of clawbacks and web of special items, the total amounted to EUR 167 million contrasted to EUR 168 million recorded a year before.

ERG's reported revenues slipped by 0.9% yet enhanced an adjusted basis. More details about the firm's performance are readily available in the table.

During the reporting period, ERG’s power plants generated 1,780 GWh of electricity, which came mostly from Italian assets and was up from 1,538 GWh in the same period of 2022.

The Italian firm reiterated its 2023 forecast, expecting EBITDA of between EUR 500 million-550 million, net of clawbacks. After a recent solar acquisition in Spain, it upgraded its investment goal by EUR 100 million to EUR 500 million-600 million.