RWE’s offshore wind business reported adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of €420m in the first quarter of 2022, compared with €297m in the previous year’s period.
The increase was mainly due to improved wind speeds.
RWE said it also benefited from the full consolidation of the Rampion offshore wind farm in the UK, as well as electricity being fed into the grid during the commissioning phase of the Triton Knoll project off east England.
In 2022, RWE expects adjusted EBITDA of between €1.35bn and €1.6bn in the offshore wind segment.
RWE’s onshore wind/solar segment reported adjusted EBITDA of €318m for Q1 2022, up on €-119m in the same period in 2021, which was due to the losses in Texas.
Additional factors contributing to the increase in earnings were more favourable wind conditions and the commissioning of new plants in the US, France and Germany.
For 2022, RWE expects adjusted EBITDA of between €650m and €800m in this segment.
For Q1 2022 the hydro/biomass/gas business reported adjusted EBITDA of €263m, an increase on €213m recorded in the same quarter in 2021.
This was due to additional income from the short-term optimisation of power plant dispatch, among other reasons. Adjusted EBITDA for this segment is expected to total between €700m and €900m for fiscal 2022.