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RWE reports 'outstanding' 2019

By: Tom Russell 12/03/2020 RWE AG

General

German electric utility company RWE AG has reported Fiscal 2019 as an 'outstanding' year, posting an adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) of €2.1 billion compare to €1.5 billion in 2018. Adjusted net income totalled €1.2 billion, more than doubling the €591 million recorded a year earlier.

Last year, the company completed a complex asset swap deal with E.ON, making it is one of the largest renewable energy generators in the world. The company has 9.9 GW of installed renewable energy capacity with onshore and offshore wind farms account for the largest share of this at 8.6 GW. It has over 2.5 GW under construction and aims to be carbon-neutral by 2040.

Rolf Martin Schmitz, CEO of RWE AG, commented on the results: "Fiscal 2019 was an outstanding year, which saw us launch the new RWE. As one of the world's leading producers of electricity from renewables, we have an ambitious goal: we want to be carbon neutral by 2040. We are making very good progress. Since 2012, we have cut our carbon emissions in half. Our operating activities achieved an excellent result. We have an outstanding basis from which to resolutely expand our business and achieve value-added growth."

Looking forward, the company intends to achieve between €2.7 billion and €3.0 billion in adjusted EBITDA for fiscal 2020. Adjusted EBIT for 2020 is estimated to total between €1.2 billion and €1.5 billion. The target for adjusted net income is between €0.85 billion and €1.15 billion. In terms of its key earnings figures, RWE aims to record annual growth of 7% to 10% from 2020 to 2022.

By 2022, the company hopes to invest a net €5 billion in the continued expansion of renewable energy. Of the net investments, 20% is earmarked for Germany corresponding to about €1 billion. Its intention is to add more than 4 GW of wind and solar power by 2022.

For offshore wind, RWE anticipates that its offshore wind farm business in 2020 will post an adjusted EBITDA of €900 million to €1,100 million. This would represent a significant increase over last year’s figure (€614 million), which only considered three-and-a-half months of the acquired E.ON operations.

At present, the company's largest construction project is the 860 MW Triton Knoll offshore wind farm, off the eastern coast of England. The wind farm will feature 90 V164-9.5 MW turbines mounted on monopile foundations connected by over 100km of cabling. It is expected to produce first power in 2021 and, once fully operational, will be capable of generating enough renewable energy to power the equivalent of over 800,000 typical UK households.

For more information on offshore wind farms worldwide, click here.

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RWE reports 'outstanding' 2019

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