- Press Releases
November 11 (Renewables Now) - German energy group RWE AG (ETR:RWE) on Thursday reiterated its 2021 guidance as business continued to recover from the weak start to the year with adjusted net income growing more than 29% in the first nine months.
Adjusted net income for the period from January to September came in at EUR 1.02 billion (USD 1.17bn), up from EUR 794 million a year earlier, and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 6% to EUR 2.4 billion, driven by the strong performance of the Supply and Trading and the Coal and Nuclear businesses.
Adjusted EBITDA in the core business, comprising the group's renewables operations, fell 10.8% year-on-year as the solid performance of the Supply and Trading unit was not enough to offset the sharp decline in the Onshore Wind/Solar segment caused by the extreme cold snap in Texas at the beginning of the year. The Offshore Wind business also booked an 11% decline in adjusted EBITDA, mainly as a result of lower wind volume in Northern and Central Europe.
In the first nine months, RWE invested EUR 2.5 billion gross in new wind power and solar parks as well as batteries, which is about 80% more than a year earlier. The group plans to put into operation projects totalling 3.8 GW by the end of 2022, boosting its total portfolio to more than 13 GW from currently 9.5 GW.
The German energy major maintained its earnings outlook that was increased at the end of July based on "exceptionally" strong energy trading in the first half. Adjusted EBITDA for the group in 2021 is expected to be between EUR 3 billion and EUR 3.4 billion, while adjusted net income is seen in the range of EUR 1.05 billion to EUR 1.4 billion.
|Amounts in EUR million||Outlook 2021||Jan-Sept 2021||Jan-Sept 2020|
|Adjusted EBITDA Offshore Wind||1,050-1,250||656||738|
|Adjusted EBITDA (loss) Onshore Wind/Solar||50-250||36||373|
|Adjusted EBITDA Hydro/Biomass/Gas||500-600||430||382|
|Adjusted EBITDA Supply & Trading||Significantly above 350||609||399|
|Adjusted EBITDA Core business||2,150-2,550||1,677||1,880|
|Adjusted EBITDA Coal/Nuclear||800-900||720||381|
|Adjusted EBITDA Group||3,000-3,400||2,397||2,261|
|Adjusted net income||1,050-1,400||1,026||794|
(EUR 1 = USD 1.156)