The renewable energy business owned by French energy giant EDF achieved 13.8% revenue growth during 2012 and contributed €642m in operating profit. But offshore wind assets are unlikely to have contributed much to EDF Energies Renouvables' (EDFEN) positive bottom line, since the company's first two projects were both under construction last year.
EDFEN owns a stake in the Thornton Bank wind farm in Belgian waters and is sole owner of the Teesside project, in English waters, which should be fully commissioned this spring. It is also in the early stages of developing the Navitus Bay project off England's south coast, in partnership with Eneco, and three offshore wind farms in French waters.
The high up-front costs that come with offshore wind development are likely to have been a key factor in what was a sharp jump in capital expenditure (capex) for the division in which EDFEN sits. Last year, EDFEN's capex totalled €714m, representing more than 94% of divisional capex. EDFEN also recorded €58m in net depreciation and amortisation.
The energy group's 2012 financial accounts note that EDFEN's new projects will help the company "expand its...fleet" and allow it, in future, to sell stakes "in the form of structured assets".
As a group, EDF reported revenue of €72.7bn, EBITDA of €16.1bn, and an operating profit of €8.2bn.