RWE’s offshore wind business is expected to achieve €473m in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the first quarter of 2023, compared to €420m year-on-year (YoY).
The increase in earnings, announced in the company’s preliminary first quarter results, is due to the commissioning of new capacities, mainly the Kaskasi offshore wind farm off the coast of Heligoland.
RWE’s onshore wind and solar segment is expected to report €247m in the first three months, compared to €318m YoY.
The decline in earnings is mainly due to lower realised electricity prices.
Additional earnings were recognised from the acquisition of Con Edison Clean Energy Businesses which has been fully consolidated since 1 March 2023.
RWE expects to close the first quarter of 2023 with an adjusted EBITDA of €2.8bn at group level “significantly higher” YoY.
The increase in earnings is primarily due to higher earnings from international power generation in the hydro/biomass/gas segment, plus additional generation capacities based on renewable energy, the company said.
The outlook for fiscal 2023 as a whole and the dividend target of €1 per share for the current financial year have been confirmed.