- Results driven by good earnings from international electricity generation, strong supply and trading business and expansion of renewables: Adjusted EBITDA reaches €6.2 billion, adjusted net income €3.4 billion •
- More than €10 billion invested in acquisitions and renewable energies projects in the first nine months of 2023
- Currently 100 projects totalling 7.8 gigawatts under construction in ten countries
RWE has invested heavily during the first nine months of fiscal 2023, including a total of €10.3 billion net in its Growing Green programme; investment in the same period last year was €3.1 billion. The acquisition of Con Edison Clean Energy Businesses in the US accounted for the largest share at €6.3 billion. The company also invested in new wind and solar power plants as well as batteries in Europe and the US, and in acquisitions in the Netherlands and the United Kingdom. As a result, the portfolio grew by 5.7 gigawatts (GW) by the end of September 2023. 100 projects with a total capacity of 7.8 GW are currently under construction in 10 countries.
Michael Müller, CFO of RWE AG: “Our strong investment activity is paying off. Our portfolio has grown by about six gigawatts since the beginning of the year. This has led to a significant increase in electricity production from renewables, which contributes to our growth in earnings. This positive trend will continue; we currently have projects representing around eight gigawatts under construction worldwide.”
In the first nine months of 2023, RWE achieved an adjusted EBITDA at Group level of €6.2 billion and an adjusted EBITDA in the core business of €5.7 billion. Adjusted net income was at €3.4 billion. This was due to higher earnings from power generation in the Hydro/Biomass/Gas segment and a strong Supply and Trading business. The commissioning of new wind, solar and battery projects and the earnings contribution of Con Edison Clean Energy Businesses acquired on 1 March also contributed to the increase in earnings.
RWE therefore confirms its outlook for 2023 as a whole, which was raised in July. The company expects adjusted EBITDA at Group level to be between €7.1 billion and €7.7 billion; adjusted net income is expected to reach between €3.3 billion and €3.8 billion. The dividend for the current fiscal year is to be increased by €0.10 € to €1.00 per share, as already announced in March 2023.
Offshore Wind: Adjusted EBITDA in the Offshore Wind segment in the first nine months of 2023 was €998 million, compared to €859 million for the prior-year period. The increase in earnings is due to the commissioning of new capacity at Kaskasi offshore wind farm off the coast of Heligoland and Triton Knoll off the UK coast. More favourable wind conditions also had an impact, especially at the UK sites.
The equity ratio rose as at the end of the third quarter of 2023 to around 33%; as at 30 September 2022 it was around 21%.