- RWE performs better than expected in the first half of the year
RWE's energy giant results for the first half were not as poor as anticipated. Despite expanding renewable energy, RWE increased its operating profit in solar and onshore and offshore wind businesses. However, it suffered a decline in energy trading and flexible generation, though it was less severe than analysts had predicted. RWE's flexible generation includes hydropower, biomass, and gas operations. Management confirmed the annual forecast.
Group-wide, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) fell by 30% to €2.9 billion in the first half, as announced by the DAX company on Wednesday in Essen. Adjusted net profit decreased by nearly 43% to around €1.4 billion.
RWE's strategic focus on expanding renewable energy sources, such as solar and wind, contributed to an increase in operating profit in these specific businesses. Consequently, the energy company is committed to further investing in renewable energy to reduce reliance on traditional energy sources and lower its carbon footprint.
