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Wholesale power generation company ContourGlobal upgraded its annual guidance on core earnings following stronger than anticipated financial performance of its natural gas fired power plant based in Arrubal, Spain.
For the full year ending 31 December 2021, adjusted earnings before interest, taxes, depreciation, and amoritsation, or EBITDA, was expected to be in a range of $810 to 840 million.
That was up to $30 million above the guidance range communicated on 25 October 2021 of $780 to $810 million.
'The Arrubal power plant has been operating on a merchant basis since the purchase power agreement expired in July 2021 and has benefitted from a meaningful level of dispatch during the last couple of months as a result of the current market environment in Spain,' the company said.