As for Eni, the crisis in Libya also weighs on the Erg group: the first half ended with a loss of 40 million euros, a considerable decrease compared to the profit of 2 million recorded in the first half of 2010.
“The contraction in results in the six months – underlined the managing director Alessandro Garrone on the sidelines of the board of directors – is mainly due to the heavy weakness of the refining scenarios, exacerbated by the continuation of the Libyan crisis”.
Garrone stresses that the thermoelectric sector (Power & Gas division) remains solid, despite the results being slightly lower than last year, "also due to the greater limitations on the introduction of electricity for work on the national grid".
On the other hand, the renewables front is growing, "thanks mainly to the contribution of the assets acquired last year by Italian Vento Power Corporation (acquired a year ago, ed) and to the partial start-up of the Fossa del Lupo wind farm in May".
On the other hand, the overall sales of petroleum products of the Refining & Marketing division decreased, for a total of 5,6 million tons (5,3 million tons in the first half of 2010). Furthermore, given the continued adverse scenario for refining, the group expects lower results than last year for this division, but also for the P&G sector.
In renewables, on the other hand, declares the number one of Erg, "we expect a further increase, thanks also to the contribution of the acquisition of Ivpc Power 3, in the finalization phase, a company that owns five wind farms for a total installed capacity of 112 megawatts, as well as the full contribution of Fossa del Lupo and the entry into operation of Ginestra for a total of 138 megawatts”.
Net financial debt decreased to 706 million euros, 17 million less than at 31 December 2010, mainly following the collection of the consideration for the sale of 11% of the Isab Energy plant.
