Austrian utility Verbund reduced its 2020 outlook after Q1 earnings fell due to lower hydro production compared to the record levels seen a year ago, it said May 13. Hydro generation fell 4.7% on the year in Q1 to 6.8 TWh, with water supply 9 percentage points above the long-term average, versus 21 percentage points a year ago, following heavy snowfall. The utility said it was well positioned for 2020 despite the current crisis as it had 20.2 TWh of planned 2020 hydro production hedged at an above-market price for Eur46.20/MWh. That compares with an average Eur39/MWh achieved in 2019 (already up 33% on 2018) and a late April market assessment of Eur43.7/MWh, it said. For 2021, Verbund has 8.5 TWh hedged at Eur46.2/MWh, but only 1.3 TWh or around 5% of planned 2022 hydro production by end-Q1, company data showed. Verbund’s wind output rose 6% to 0.3 TWh, while its Mellach gas plant generated 0.2 TWh in Q1. Overall, thermal generation was up 50% at 0.6 TWh as Verbund used up coal stocks at the now-closed coal unit also at Mellach, ending coal-fired generation in Austria. Hydrogen was produced at the Mellach site for the first time in Q1 via a small Hotflex electrolyzer supplied by Sunfire.
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