RWE has reported €998m in adjusted EBITDA for the first nine months of 2023, compared with €859m 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.
During the same reporting period RWE’s onshore wind/solar business reported adjusted EBITDA of €870m, compared with €663m in the same period last year.
This was primarily due to the earnings contribution from the business activities resulting from the acquisition of Con Edison clean energy businesses in the US that were fully consolidated as of 1 March 2023, plus commissioning of wind and solar farms as well as batteries.
Lower realised electricity prices and weaker wind conditions had a counteracting effect.
During the first nine months of fiscal 2023, RWE has invested €10.3bn in its “Growing Green” programme, with the acquisition of the Con Edison businesses in the US accounting for the largest share at €6.3bn
Investment in the same period last year was €3.1bn.
RWE has 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 5.7GW by the end of September 2023.
The company said 100 projects with a total capacity of 7.8GW are currently under construction in 10 countries.
RWE chief financial officer Michael Müller said: “Our strong investment activity is paying off.
“Our portfolio has grown by about 6GW 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 8GW under construction worldwide.”