RWE’s offshore wind business reported €762m in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the first half of 2023, compared with €632m in the prior-year period.
The increase in earnings is due to the commissioning of new capacity, the Kaskasi offshore wind farm off the coast of Heligoland and Triton Knoll off the UK coast, which more than compensated for the overall weaker wind conditions.
The company’s onshore wind and solar segment achieved an adjusted EBITDA of €519m in the first six months of 2023, compared to €505m in the first half of 2022.
This was primarily due to the earnings contribution from the business activities that have been fully consolidated since 1 March 2023 from the acquisition of Con Edison Clean Energy Businesses in the US as well as the commissioning of new wind and solar projects.
Lower realised electricity prices and weaker wind conditions had a counteracting effect.
The hydro, biomass and gas business achieved an adjusted EBITDA of €1.9bn in the first half of 2023 compared to €755m, attributable to higher earnings from short-term power station dispatch in the international generation portfolio and higher generation margins.
In the first six months of fiscal 2023, RWE increased its investment activity, spending €9bn on growth compared to €2.1bn in the same period last year.
The acquisition of Con Edison Clean Energy Businesses in the US accounted for the largest share at €6.3bn.
RWE also invested in new wind and solar plants.
As a result, the portfolio grew by 5.1GW.
Further projects with a total installed capacity of 7.2GW are under construction.