Infinis Energy blames flat third quarter results on oil market weakness
Landfill gas business Infinis Energy reported revenue of £129.9m for the nine months ended 31 December 2014, compared with £125.7m in the same period of 2013, following a mixed performance which the firm partly attributed to weakness in the oil market.
The company stated that its landfill gas operations had continued to perform ahead of management expectations, with 1,391 gigawatt-hours (GWh) exported in the first three quarters of the financial year, up from 1,413 GWh in 2013. However, the firm’s onshore wind business exported 400 GWh in the nine month period, down 80 GWh compared with the previous year.
Infinis announced in December that it was disposing of its hydro portfolio in a £20.5m deal which completed this month. The proceeds of that transaction are to be used to “further develop” the company’s wind development pipeline.
The company said that at the time of its interim results it had noted the weakness in the oil price and “the effect this may have on wholesale power prices”.