Energy company: RWE more than doubles profits

Energy company: RWE more than doubles profits

The energy company RWE attributes the good figures to “strong investment activity”. The Essen-based company confirms its annual outlook and increases the dividend.

Good business with electricity generation and trading brought the energy group RWE big profits in the first nine months of the 2023 financial year. The adjusted net result at the end of September was almost 3.4 billion euros, more than twice as high as in the same period last year, as RWE reported in Essen.

The company reiterated its outlook for 2023 as a whole: According to this, net profit of 3.3 to 3.8 billion euros is still forecast for the year as a whole. 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.

Chief Financial Officer Michael Müller cited “strong investment activity” as the reason for the earnings growth. Since the beginning of the year, generation capacity has increased by around six gigawatts. “This leads to significantly increased electricity production from renewable energies, which contributes to our earnings growth.” This development will continue. Projects with around eight gigawatts are currently under construction worldwide. On March 1st, RWE took over the US solar power producer Con Edison.

Source: Stern

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