EnBW is expecting a sharp drop in earnings this year after highly volatile power prices swelled the German utility’s result last year.

The company expects its adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) to recede to between €4.2bn ($4.55bn) and €5.2bn.

Adjusted Ebitda had surged by 60.4% in 2023 to €6.37bn due to positive developments at EnBW’s Sustainable Infrastructure segment, which contributed over 70% of the overall figure.