Revenues increase to E12.2m
Italian power generator ERG Renew has reported a net loss of E19.9m for the fourth quarter of 2008, compared to a net loss of E2.5m for the same period of 2007.
ERG Renew has reported revenues of E12.2m for the fourth quarter of 2008, compared to E8.5m for the same period of 2007.
The company has reported a net loss of E24.4m for the year ended December 31, 2008, compared to a net income of E2.3m for the year 2007. ERG Renew has reported revenues of E43.4m for the year ended December 31, 2008, compared to E37m for the year 2007.
The new business plan, due to the regulatory uncertainty in the wind sector and the continuation of critical conditions as regards the financial markets, envisages a remodulation of investments during the period 2009-12 for a total of E300m, of which E90m during the course of 2009. As a result of these investments, at the end of the plan period installed capacity is expected to reach around 372 MW.
Raffaele Tognacca, CEO of ERG Renew, said: The 2008 results were heavily penalized by non-recurring factors, following the decision to adopt more stringent policies in evaluating the extent to which it is effectively possible to implement investments immediately, in view of the continuing difficulties inherent in the existing authorization processes.