RWE has reported adjusted EBITDA of just over €4bn for the end of the first three quarters of 2022, almost double earnings for the same period last year.
The company’s expansion of its renewables portfolio and ability to produce 22% more green electricity from its own plants contributed to the results.
The combination of strong demand and concurrent scarcity of available European generation capacity, which led to high levels of deployment of RWE’s generation fleet, plus an “unusually strong” international trading performance also contributed.
The offshore wind segment’s adjusted EBITDA in the first nine months of 2022 was €859m, compared to €656m for the prior-year period.
This increase in earnings was due to the commissioning of new capacities as well as higher wind levels compared to the previous year.
In the onshore wind/solar segment, in the first three quarters of 2022, adjusted EBITDA reached €649m, with additional capacity and more favourable wind conditions having a positive impact.
The prior-year result of €36m took a “substantial hit” of approximately €400m as a result of the extreme weather in Texas.
In the first nine months of 2022, RWE expanded its green portfolio by 1.3GW.
Projects under construction and acquisitions already announced will expand the portfolio by a further 9.4GW.
These include the purchase of Con Edison Clean Energy Businesses, an operator and developer in the area of renewable energy in the US.
With this acquisition, RWE is taking over renewables facilities with a capacity of about 3GW.
RWE said it will be ready to fully exit from coal by as early as 2030.
Due to the energy crisis, RWE is now temporarily making an additional 2.1GW of lignite capacity available to bolster security of supply.
Adjusted EBITDA in the company’s international core business improved in the first nine months of 2022 to €3494m (prior-year period: €1677m).
By contrast, the German coal and nuclear energy business declined.