RWE said it has increased its power production and earnings from renewable energy business in the first-half of 2024.
RWE says its power production from renewables reached a record level of 26 terawatt hours and accounted for 45 percent of total generation.
RWE has posted adjusted EBITDA of €2.9 billion. RWE said it generated more than half of its adjusted EBITDA from wind and solar energy business. RWE recorded a significant increase in earnings in the Offshore Wind and Onshore Wind/Solar segments. RWE has reported adjusted net income of €1.4 billion in the first half of 2024.
RWE has reduced its CO2 emissions by 27 percent compared to the first half of 2023.
Markus Krebber, CEO of RWE, said: “Our ’Growing Green’ strategy is paying off – more than half of our adjusted EBITDA is already coming from our wind and solar energy business.”
RWE has invested €4.5 billion in new plants in the first half of 2024. RWE made the investment decision for constructing wind, battery and solar projects with a capacity of 2.9 gigawatts (GW). These include the offshore wind projects Nordseecluster in Germany and OranjeWind in the Netherlands. RWE said 10.2 GW of new capacity is currently under construction.
Offshore Wind: Adjusted EBITDA in the Offshore Wind segment amounted to €828 million, compared to €762 million in the first half of 2023. The increase in earnings is mainly due to improved wind conditions compared to the previous year.
Onshore Wind/Solar: Onshore Wind/Solar segment recorded EBITDA of €730 million against €519 million due to the commissioning of new capacity and the recognition of the business activities of Con Edison Clean Energy Businesses in the US for the six months. RWE realised higher electricity prices than in 2023 – above all in the US – and benefited from favourable weather conditions.
Outlook for 2024
RWE maintains its guidance for adjusted EBITDA within a range of €5.2 billion to €5.8 billion, and for adjusted net income to be between €1.9 billion and €2.4 billion in 2024.
Baburajan Kizhakedath