March 15 (Renewables Now) - German energy group RWE AG (ETR:RWE) will be installing 2 GW to 3 GW of renewables capacity annually with a focus on onshore and offshore wind, solar power and energy storage, the company said Thursday on announcing financial results for 2018.
The asset swap transaction with German utility E.on (ETR:EOAN), through which RWE will end up with a 9-GW renewables portfolio, “is proceeding well” and is seen to be finalised in the second half of the year, RWE said. The portfolio will be managed by RWE Renewables and will grow further through investments in the Americas, core markets in Europe and new destinations in Asia Pacific. The green energy capacity additions will be driven by net annual investment of around EUR 1.5 billion (USD 1.7bn).
RWE reported lower adjusted net profit for 2018, on a stand-alone basis, and lower adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), mainly a result of the anticipated decline in wholesale electricity prices. Still, performance was in line with the company’s forecast.
Details are available in the table.
|RWE stand-alone results in EUR million||2018||2017||2019 forecast|
|Adj. net income||591||973||300 - 600|
|-- for Lignite & Nuclear division||356||671||300–400|
|-- for European Power division||334||463||250–350|
|-- for Supply & Trading division||183||271||100–300|
When results of Innogy SE (ETR:IGY) are added to the calculation, adjusted EBITDA for 2018 arrives at EUR 1.54 billion and the forecast for 2019 is EUR 1.4 billion - 1.7 billion.
The executive and supervisory boards of RWE will propose a higher ordinary dividend for 2018 of EUR 0.70 for common and preferred shares. The dividend is planned to further increase in 2019 to EUR 0.80 per share.