RWE has reported earnings of over €1bn for its offshore wind unit, slightly exceeding earnings for the business in 2020.
Adjusted earnings before interest, tax depreciation and amortisation (EBITDA) totalled €1.1bn in 2021 for the offshore wind business, compared with €1bn in 2020.
Portfolio effects in the UK from the full consolidation of the Rampion offshore wind farm and the partial commissioning of the Triton Knoll wind farm were the main factors that compensated for poorer wind conditions year-on-year, stated RWE.
For the current financial year, RWE expects to achieve adjusted EBITDA of between €1.35bn and €1.6bn.
RWE’s onshore wind/solar unit reported €258m in adjusted EBITDA for 2021, “well below” the figure for 2020 of €523m, due in part to a loss of €400m when the cold snap in Texas occurred in February 2021. Lower wind speeds in 2021 also contributed to losses.
RWE said the commissioning of new generation assets had a positive effect and the outlook for onshore wind/solar in 2022 assumes business will have returned to normal, with adjusted EBITDA of between €650m and €800m.
In 2021, RWE “invested heavily” in the expansion of its green portfolio.
Around €3.7bn gross was invested in the core business, 12% more than in the previous year (2020: €3.3 billion), with 5.6GW under construction at present.
Almost 90% of RWE Group’s capital expenditure complies with the proposed green investment criteria of the EU taxonomy.