RWE increases renewable energy profits to record level in H1 2024

Adjusted EBITDA in the Offshore Wind segment amounted to EUR 828 million, compared to EUR 762 million in the first half of 2023. The increase in earnings is mainly due to improved wind conditions compared to the previous year.

In the first half of 2024, RWE’s electricity production from renewable energy sources reached a record 26 TWh, accounting for 45% of total energy production. At the same time, they reduced CO2 emissions by 27% compared to the first half of 2023.

RWE looks back on a strong performance in the first half of 2024. In the first six months, the company posted adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of EUR 2.9 billion and adjusted net income of EUR 1.4 billion. RWE posted significant earnings growth in the Offshore Wind and Onshore Wind/Solar segments.

In the first half of 2024, the company invested EUR 4.5 billion net in new power plants and made a final investment decision to build additional wind, battery and solar projects with a total capacity of 2.9 gigawatts (GW). These include the offshore wind projects Nordseecluster in Germany and OranjeWind in the Netherlands. A total of 10.2 GW of new capacity is currently under construction.

Markus Krebber, CEO of RWE AG, said: “Our ‘Growing Green’ strategy is paying off – more than half of our adjusted EBITDA now comes from our wind and solar business. Our renewable energy production reached a record 26 terawatt-hours and accounted for 45 percent of total generation. At the same time, we have significantly reduced our CO2 emissions. We continue to invest billions of euros in the value-creating expansion of our geographically and technologically broadly diversified portfolio. At the same time, demand for green electricity continues to grow. RWE is ideally positioned to continue driving the energy transformation both in Germany and internationally.”

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