RWE more than doubles profit
Good business with electricity generation and trading has brought the energy company RWE substantial profits in the first nine months of the 2023 financial year. At the end of September, adjusted net income amounted to just under 3.4 billion euros, more than double the figure for the same period last year, as RWE reported in Essen on Tuesday.
The company confirmed its outlook for the full year 2023: Accordingly, net profit of 3.3 to 3.8 billion euros is still predicted for the full year. The dividend for the current financial year is to be increased from 10 cents to one euro per share, as the company had already announced in March 2023.
CFO Michael Müller cited "strong investment activity" as the reason for the earnings growth. Generation capacity has increased by around six gigawatts since the beginning of the year. "This has led to a significant increase in electricity production from renewable energies, which is contributing to our earnings growth." This development is set to continue. Projects with around eight gigawatts are currently under construction worldwide. RWE took over the US solar power producer Con Edison on March 1.
RWE's profit boost can also be attributed to its investments in alternative energies, with a significant increase in electricity production from such sources. Despite the company's significant reliance on traditional fuels like gas and lignite, RWE is also expanding its portfolio by constructing projects with around eight gigawatts of renewable energy capacity.
Source: www.dpa.com
