The Essen-based company will announce its new strategy in mid-November.
(Photo: dpa)
Dusseldorf Although the former coal company invested more than two billion euros in the expansion of its renewables division in the first nine months of 2021, the profit in the wind on land / solar power segment was lost. Compared to the same period in the previous year, the adjusted Ebitda fell from 373 million to just 36 million euros.
This is mainly due to the cold of the century in the US state of Texas, which led to a loss of earnings of around 400 million euros. In addition, below-average wind conditions at the northern and central European locations weighed on the results of the future division.
“We performed better in the first three quarters than last year despite weather-related losses,” said CFO Michael Müller on Thursday. The adjusted EBIT just exceeded the previous year’s result and rose from 1.1 billion euros to 1.3 billion euros.
Energy trading in particular contributed to this. Here RWE was able to almost double its profit. The Ebitda rose from 399 million euros in the same period of the previous year to 609 million euros. This is due, among other things, to “improved earnings in the gas business”, writes RWE in its interim report – and by that means the worldwide record prices for natural gas. Since the beginning of the year, the price of the fossil raw material has more than quadrupled.
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With the capital, RWE CEO Markus Krebber is primarily driving the expansion of renewables. In the first three quarters, the Essen-based group invested 80 percent more in solar, wind and bioenergy than a year earlier.
Large investments in renewable energies
Between 2020 and 2022, RWE intends to invest five billion euros net in the expansion of renewable energies. The group currently has a capacity of 9.4 gigawatts in this area. Another three gigawatts are already under construction – and there are options for 34 gigawatts in the long-term project pipeline.
In the area of offshore wind power, the announcements at RWE are currently rolling over and over again. The energy company is particularly active abroad. From wind farms in the USA, France and Great Britain to solar systems in Spain. On Wednesday, RWE also announced the next collaboration with the oil and gas giant Shell.
The two companies want to develop green hydrogen solutions for industrial customers, which will focus on the Shell Energy & Chemicals Park Rheinland in Germany, on the Shell sites in Rotterdam and Moerdijk in the Netherlands and on customers in their immediate vicinity.
They also intend to look for possible uses for green hydrogen in the mobility sector in Germany, the Netherlands and the UK. The starting point for this could be the hydrogen filling station network for heavy trucks that Shell plans to build between Rotterdam, Cologne and Hamburg by 2024. However, the companies have not yet announced any specific plans at the start.
The share price rose in the past six months by almost five percent, to currently 32.57 euros. RWE confirmed its forecast for the current year and expects an adjusted Ebitda between 3.0 and 3.4 billion euros. RWE expects the adjusted EBIT to range between 1.5 and 1.9 billion euros and continues to aim to raise the dividend to 0.90 euros per share.
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