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Gemini cable outage negatively impacts the offshore wind operator’s quarterly results
Northland Power reported a net Loss of C$191m (€129m) in the third quarter of 2024, compared with a net income of $43m in the same period of 2023.
Gross profit fell to C$444m from C$458m in 2023.
The third quarter results were negatively impacted by the Gemini cable outage and lower offshore wind production but on a full year basis Northland continues to remain on track to achieve full year guidance, given the strong performance in the first half of the year, said Northland’s interim president and chief executive John Brace.
He added: “We continue to make progress on our three construction projects in Taiwan, Poland and Canada.
“Following the regrettable safety incident in August, construction of the Hai Long onshore substation is progressing according to its recovery plans.
“We also have a number of exciting development opportunities in core markets across our development pipeline.” |
