(Longueuil) Innergex Renewable Energy announces net income of $23.01 million for the second quarter of 2024, down 7.2% compared to the same quarter of 2023.
Excluding non-recurring items, the company posted an adjusted net loss of $3.86 million in the second quarter, down from adjusted net income of $11.26 million in the same quarter in 2023.
Electricity production amounted to 2.97 million megawatt hours (MWh) compared to 2.95 million MWh at the same date last year, an increase of 0.7%.
The Longueuil-based company had earnings before interest, taxes, depreciation and amortization (EBITDA) of $172.91 million for the quarter, compared to $186.99 million the previous year, a drop of 7.5%.
“I am proud of our team for ensuring that our assets are optimally maintained and managed to allow us to take full advantage of hydroelectric, wind and solar resources when they are available,” said Michel Letellier, President and CEO of Innergex Renewable Energy.
“Unfortunately this quarter, resources were abnormally lower than predictive models in some of the regions where we operate,” added Mr. Letellier.
He was, however, optimistic about the future, indicating that “our industry is ready to grow and Innergex is focused on delivering profitable projects that will generate positive returns for our shareholders and our planet.”
Revenues in the hydropower, wind and solar sectors decreased by 7.0% to 81.93 million, by 0.65% to 85.53 million and by 13.0% to 29.67 million, respectively.
Hydro-Québec is the main shareholder of Innergex Renewable Energy. The state-owned company holds 19.9% of the company.