(Boursier.com) — FDE an energy producer with a negative carbon footprint, posts a turnover for the first half of the 2024 financial year (ended on December 31, 2023) of 17.6 MEUR, with a further improvement in the volumes of electricity sold on the half-year (+13%), in a context of still volatile energy prices.
Increase in electricity production volumes in a volatile market environment
The turnover from electricity production increased slightly in the first half of 2024, to amount to 13 ME. This improvement reflects the good performance of the cogeneration park in Hauts-de-France and Wallonia, and the increase in photovoltaic solar capacity associated with the commissioning of the 15 MW park in Tritteling, despite less favorable prices than during the previous exercise. To date, more than 50% of electricity production for the remainder of the 2024 calendar year is covered at more than 140EUR/MWH.
Over the first 6 months of the 2024 financial year, the gas production activity posted a turnover down from 7.6 ME to 4 ME, FDE having suffered from the long unavailability of the GRTgaz transport network over the half year up to in September 2023. The Group also has two ongoing procedures with GRTgaz for compensation for the damage suffered and loss of income. Finally, FDE continues to optimize the setting of future prices in order to take advantage of the volatility of the gas markets.
Revenues from the sale of heat, linked to the Béthune project and the solar thermal power plant in Creutzwald, amounted to 206 KE over this half-year.
Cryo Pur’s contribution over these first 6 months is 430 KE and mainly represents revenues associated with the operation and maintenance of Bio-LNG and Bio-CO2 production facilities in Ireland and Norway, awaiting release. establishment of new Bio-LNG and Bio-CO2 production sites in Europe.
Growth developments underway for 2024
The upcoming finalization of administrative authorizations for the connection of 4 new cogenerations, already on site in Hauts-de-France, will contribute to the organic growth of the Group and the acceleration of the capture and valorization of mine gas on the concessions held by FDE.
Following the granting of the Bleue Lorraine concession last November, the Group is moving forward with updating its carbon-free hydrogen development plan from Moselle gas, in order to contribute in the near future to energy security and participate to the decarbonization of industry and transport and the development of hydrogen ecosystems in the Greater Region. This plan will be detailed on March 7, 2024.
In Norway, its subsidiary Biogy Solutions AS continues its engineering work, contracting inputs with local farmers and filing permits in order to prepare for the start of production by the beginning of 2025 of its new Bio-LNG production unit and Bio-CO2 in Stavanger. The unit will produce 100 GWh of Bio-LNG, 13,000 tonnes per year of liquid Bio-CO2 and 155,000 tonnes of organic fertilizer, and will contribute, with the numerous green energy production projects under development in Norway, to the strong growth of the Group’s turnover.
FDE also works with its financial partners and sustainable innovation and development agencies in Norway on the most relevant project financing and grant solutions to support the Group’s development strategy in the production of Bio-LNG and Bio-CO2.
Finally, the process of finalizing the acquisition of Greenstat AS continues, with validation by their shareholders expected on January 30, 2024, which will also mark the upcoming launch of the first investments in the production of green hydrogen in Norway, to enable term to replace the heavy fuels used by the maritime sector and for which subsidies are also being secured.
FDE thus reiterates its objectives of annualized turnover of more than 100 ME, an EBITDA of more than 50 ME, combined with more than 10 million tonnes of CO2eq emissions avoided per year by 2026.
Next meeting: Presentation of development in Lorraine: March 7, 2024.