By Cecilia Butini

Verbund AG said Thursday that its results for the first quarter improved significantly on year as strongly increased sales prices for electricity fueled a positive income trend.

The Austrian electricity provider posted earnings before interest, taxes, depreciation and amortization of 814.9 million euros ($856.8 million), which is 169% up from prior-year levels, it said.

Net profit rose by 255.6% to EUR514.4 million, and generation from Verbund's own annual storage power plants rose by 15.1% in the quarter, the company said.

"The sharp increase in wholesale electricity prices on the futures and spot markets gave a significant boost to earnings," Verbund said, adding that the average sales prices obtained from its own generation from hydropower rose by EUR66.3 per megawatt/hour to EUR113.8 per megawatt/hour.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

May 12, 2022 04:54 ET (08:54 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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