RWE’s has reported preliminary adjusted EBITDA of €632m for the first six months of 2022 in its offshore wind division.
Earnings have risen from €459m in the first half of 2021, largely driven by the commissioning of Triton Knoll offshore wind farm (pictured) and better wind conditions.
RWE’s onshore wind/solar achieved preliminary EBITDA of €491m thanks to capacity additions, higher capture prices and better wind conditions.
In H1 2021, the division made a loss of €42m due to the unprecedented Texas cold snap.
As a result, guidance for FY 2022 has increased to a range of €0.9bn to €1.1bn as a result of strong earnings in H1 2022, the board added.
Adjusted EBITDA for its Hydro/Biomass/Gas division stood at €755m as of the end of June 2022.
Year-on-year higher earnings from stronger short-term asset optimisation and higher international generation margins largely increased earnings compared the same period in 2021 of €297m.
The outlook for adjusted EBITDA in this division for the full year has been raised and is expected to be between €1.4bn and €1.7bn on the back of strong H1 results.
In addition, regulatory changes in the Netherlands in the context of energy security will lead to increased power generation at RWE’s biomass co-firing plant Eemshaven.
Furthermore, the recently announced acquisition of the Dutch Magnum power plant will influence earnings from Q4 2022 onwards.
RWE chief financial officer Michael Muller said: “Our earnings development in the first half of the year was marked by a very strong performance of the Supply & Trading division.
“Furthermore, we record a higher deployment of our international generation portfolio of our core business.
“On the back of this we are pleased to raise our forecast for the RWE Group for fiscal 2022.
“This puts us is an even stronger position to deliver our ‘Growing Green’ strategy by allowing further investments into the energy transition.”
RWE will publish its interim report for the first half of 2022 on 11 August 2022.