French energy company Engie on Thursday reported a rise in quarterly earnings on the background of higher energy prices in Europe and said its full-year performance was likely to be at the upper end of its forecasts.

The company recorded in the first quarter of 2023 a profit before interest and taxes (EBIT), excluding nuclear energy, of 3.8 billion euros ($4.2 billion), an advance of 30% compared to the previous year.

Revenues from renewable energy increased by over 30%, following higher energy prices and the increase in hydroelectric power generation in France and Portugal, as well as the new capacities that came into operation, according to Agerpres.

After last year’s high gas prices, caused by the stoppage of supplies from Russia, after the invasion of Ukraine, the volatility on the gas market has started to stabilize and trading gains remain positive, Engie informed.

“Overall, Engie started 2023 quite well, with most of our activities showing growth in the first quarter,” said Pierre-François Riolacci, executive vice president of the finance division.

This year’s strikes in France are costing Engie about 60 million euros because thermal plants could not operate at full capacity and infrastructure such as liquefied natural gas (LNG) import terminals were underutilized, Riolacci added.