RWE’s renewables division recorded a “marked improvement” in earnings in the first three quarters of the year, boosting the operating result earned by RWE Innogy to €280m, up €251m year on year.
The company said this was due mainly to the commissioning of the new wind farms Gwynt y Môr off the coast of North Wales and Nordsee Ost near Heligoland.
RWE chief executive officer Peter Terium said: “RWE Innogy is really taking off now – from a small seed three years ago it has become a model of success.”
Overall, in the first three quarters of 2015, the RWE Group’s EBITDA was down 6% year on year to €4.4bn and its operating result decreased by 9% to €2.6bn.
The company said the result were as expected as a result of the “price-induced shrinkage of margins in conventional electricity generation”.
The divestment of the grid connection for Gwynt y Môr helped reduce the company’s debt €1bn.
The expansion of the group’s wind power capacity and high wind levels contributed to an increase in electricity production.
Capital expenditure in the Renewables division also declined “significantly”, the company said.
Image: Gwynt y Mor offshore wind farm (RWE)
