6th Dec 2021 09:22
(Alliance News) - ContourGlobal PLC on Monday raised its 2021 earnings guidance following a stronger-than-expected performance from its natural gas fired power plant in Arrubal, Spain.
The London-based power generation business raised its guidance for earnings before interest, tax, depreciation and amortisation by USD30 million to between USD810 to USD840 million. Back in October, the company's expectation for 2021 was between USD780 to USD810 million.
ContourGlobal said the power plant has been operating on a merchant basis since the purchase power agreement expired in July and has subsequently benefited from a positive market environment in Spain, with increased demand.
Shares in ContourGlobal were up 1.6% at 185.84 pence on Monday morning in London.
By Heather Rydings; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
GLO.L