RWE has recorded a “significant” increase in earnings in its offshore wind and onshore wind/solar segments.
Aadjusted EBITDA in its offshore wind segment amounted to €828m in the first six months of 2024, compared to €762m in the first half of 2023.
The increase in earnings is mainly due to improved wind conditions compared to the previous year, the developer said.
Its onshore wind/solar segment recorded adjusted EBITDA of €730m compared to €519m in the first half 2023.
The positive earnings development is due to the commissioning of new capacity and the recognition of the business activities of Con Edison Clean Energy Businesses in the US for the full six months.
In addition, RWE realised higher electricity prices than in 2023 – above all in the US – and benefited from more favourable weather conditions.
Markus Krebber (pictured), chief executive of RWE, said: “Our ‘Growing Green’ strategy is paying off – more than half of our adjusted EBITDA is already coming from our wind and solar energy business.
“Our power production from renewables reached a record level of 26 terawatt hours and accounted for 45% of total generation. At the same time, we have significantly reduced our CO2 emissions.
“We are continuing to invest billions of euros in the value-creating expansion of our geographically and technologically broadly diversified portfolio.
“At the same time, the demand for green electricity continues to rise. RWE is ideally positioned to continue to drive the energy transition both in Germany and internationally.
In the first half of 2024, the company invested €4.5bn net in new plants and made the final investment decision for the construction of further wind, battery and solar projects with a total capacity of 2.9GW.
These include the offshore wind projects Nordseecluster in Germany and OranjeWind in the Netherlands.
A total of 10.2GW of new capacity is currently under construction.
Green electricity production reached a record level of 26TWh in the first half of 2024, with 45% of the power generated by RWE came from renewable sources, according to the board.
At the same time, RWE has further reduced its CO2 emissions significantly, by 27% compared to the first half of 2023, it added.