RWE reports 30% rise in net income for first three quarters
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RWE reports 30% rise in net income for first three quarters

12 Nov 2021 (Last Updated November 12th, 2021 14:32)

RWE’s adjusted net income amounted to €1bn ($1.1bn) in the first three quarters of the year.

German multinational energy company RWE has reported a 30% increase in its year-on-year (YoY) adjusted net income for the first three quarters of the year (FY21).

In the first nine months, the company’s adjusted net income amounted to €1bn ($1.1bn). The figure represents an increase of almost €230m ($263m) from the €794m ($909m) recorded in the same period of last year.

RWE’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased from €2.3bn to €2.4bn on a YoY basis.

During the nine-month period, RWE made a €2.5bn gross investment in its wind and solar operations, as well as batteries. This investment was 80% greater than that made a year earlier.

The company achieved an adjusted EBITDA of €1.6bn in its core business, down from €1.8bn in the same period of last year.

This decline was attributed to losses incurred due to extreme weather conditions in Texas.

Adjusted EBITDA for RWE’s offshore wind segment in the first three quarters of this year was €656m, down from €738m in the same period of last year.

The company’s onshore wind and solar segment reported an adjusted EBITDA of €36m, against €373m a year earlier.

The adjusted EBITDA for RWE’s hydropower, biomass and gas business came to €430m, up from €382m in the same period last year.

RWE chief financial officer Michael Müller said: “Our portfolio capacity is growing fast, as 3.8GW of wind power and solar plants, as well as storage facilities, are currently under construction.

“That will easily take us to our target of more than 13GW by 2022. We are also expanding our pipeline by adding a number of new and attractive projects.”

Earlier this year, RWE announced plans to establish an airborne wind energy (AWE) technology testing facility in County Mayo, Ireland.