- RWE registers strong performance in H1 2022
- RWE’s adjusted net income in H1 2022 at €1,566 million
- RWE focuses on green strategy and plans to invest €5 billion in 2022
- Till now 1.2 GW of solar plants and battery systems, and new wind farms commissioned
RWE registered strong performance in the first half of 2022. The German energy group’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) at Group level was at €2,858 million. This exceeded previous year’s adjusted EBITDA for the same period at €1,042 million.
RWE’s adjusted net income during the first half of 2022 was €1,566 million, which was a significant rise from last year’s €870 million, same period.
Also, the company’s core business, which includes offshore wind, onshore wind/solar and hydro/biomass/gas segments as well as supply & trading, achieved an adjusted EBITDA of €2,357 million in H1 2022. This again showed good growth from last year’s EBITDA for the same period at €1,206 million. Also, the adjusted EBITDA for onshore wind/solar segment this year touched €491 million.
RWE has been focusing heavily on implementing its green strategy, and has invested about €2 billion in the expansion of its solar portfolio in the first half of 2022. In July, for example, RWE had invested in 500 kW offshore floating solar project using SolarDuck Technology (see Pilot Plant For Offshore Solar In North Sea). In June 2022, RWE had announced the commissioning of a 195.5 MW AC solar power plant in Georgia, US with 40 MW 2-hour storage (see RWE’s Largest US Solar Project Online). The investments that the company made in green projects started showing results and about 1.2 GW of solar plants and battery systems, and new wind farms got commissioned.
With this increase in capacity, the company was able to generate 20% more electricity from renewables in the first half of 2022, compared to the same period last year. Currently, the company has about 4.8 GW of projects under construction.
Speaking about its green initiatives, CEO of RWE AG Markus Krebber said, “In the first half of 2022 our earnings increased significantly, and on the back of this we have raised our forecast for the whole year. The earnings we are generating will benefit the energy transition. This year alone we are investing more than €5 billion in expanding our green portfolio, which is about 30% more than originally planned. We are investing in offshore and onshore wind, solar, batteries and in ramping up the hydrogen economy. All this is urgently needed in order to make energy supply more independent and climate-neutral.”
RWE wants to invest 50 billion gross in renewables by 2030 and enter the hydrogen field in order to reach climate neutrality by 2040.