The energy company has written off a long-term coal contract in Russia.
(Photo: Bloomberg)
Dusseldorf The energy group RWE earned significantly more in the first quarter. From January to the end of March, the adjusted operating result (Ebitda) increased by 65 percent to 1.46 billion euros, the largest German electricity company announced on Thursday. RWE confirmed the forecast for the year as a whole, according to which adjusted Ebitda at group level should be between 3.6 and 4.0 billion euros.
RWE has produced over 20 percent more electricity from wind and sun. The company explained that the higher electricity generation was mainly due to improved wind conditions. The commissioning of the British offshore wind farm Triton Knoll also had a positive effect. The onshore/wind/solar division improved its operating result to 318 million euros after a loss of 119 million euros in the previous year.
Since the group no longer accepts Russian coal as a result of British sanctions, it wrote off 850 million euros on the long-term supply contract. RWE pointed out that the EU will stop imports of coal from Russia from August. The British government had already imposed sanctions on the Russian railways in March.
As a company operating in Great Britain, this means for RWE that since then no more Russian coal has been accepted. “As a result, RWE wrote off its long-term supply contract for Russian coal.”
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