MVV Energie expects higher profits from green investments

MVV Energie AG

12/12/2017 09:07

FRANKFURT, Dec 12 (Reuters) - German utility MVV Energie 
 MVVGn.DE  expects a slight increase in sales and operating 
profit next year, benefiting from investments in heat provision 
at its home base and a new waste-to-heat plant in Scotland as 
part of its renewable energy shift. 
    "Those are investments in the future of our company and our 
contribution for a successful implementation of the energy 
transition," Chief Executive Georg Mueller said on Tuesday. 
    For the fiscal year that ended Sept. 30, 2017, MVV posted a 
five percent rise in adjusted earnings before interest and tax 
(EBIT) to 224 million euros ($263.87 million). 
    MVV is to invest 100 million euros in linking a heat plant 
in Mannheim, where it is based, to district heating grids of 
nearby cities and in novel phosphor recycling. 
    The new Scottish plant at Dundee, attracting investments of 
135 million euros and to be built on the site of an existing 
plant that MVV took over at the end of November, is due to open 
in 2020 and will be operated by MVV for 25 years. 
($1 = 0.8489 euros) 
 
 (Reporting by Vera Eckert; Editing by Christoph Steitz) 
 ((christoph.steitz@thomsonreuters.com; +49 69 7565 1269; 
Reuters Messaging: 
christoph.steitz.thomsonreuters.com@reuters.net)) 
 
Keywords: MVV ENERGIE RESULTS/