ContourGlobal lifts full-year EBITDA guidance

ContourGlobal upgraded its full-year earnings guidance on Monday following a stronger-than-expected performance from its natural gas fired power plant in Arrubal, Spain.

The company, which also cited current trading as a reason for the upgrade, now expects FY 2021 adjusted EBITDA of between $810m and $840m, up from guidance of $780m to $810m given in October.

"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," it said.

ContourGlobal owns and operates contracted wholesale power generation businesses.