RWE more than doubles profit
Good business with electricity generation and trading brought the energy company RWE substantial profits in the first nine months of the 2023 financial year. Adjusted net income amounted to just under 3.4 billion euros at the end of September, more than twice as high as in the same period last year, as RWE reported in Essen.
The company confirmed its outlook for the full year 2023: Accordingly, net profit of 3.3 to 3.8 billion euros is still forecast 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 trend 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 earnings growth in electricity generation and trading is primarily due to an increase in alternative energies, as the company's generation capacity has expanded by approximately six gigawatts this year. The company, RWE, expects to generate net profit between 3.3 to 3.8 billion euros for the full year 2023, a significant increase from previous years. Despite the focus on alternative energies, RWE still relies on traditional sources like lignite, as reflected in the company's quarterly figures.
Source: www.dpa.com
