RWE's 9-mo op profit for renewables jumps nearly 9-fold
Gwynt y Mor offshore wind farm. Source: Siemens AG. www.siemens.com/press
German energy group RWE AG (ETR:RWE) today reported an operating profit of EUR 280 million (USD 300m) from renewables for the first nine months of 2015, marking a rise of 865.5% in annual terms.
In the period the company's green power capacity expanded significantly, mainly thanks to the commissioning of the 295-MW Nordsee Ost and 576-MW Gwynt y Mor offshore wind farms. Higher wind levels, the appreciation of the British pound, and the sale of the Gwynt y Mor connection also contributed to the significant increase in profitability.
RWE’s renewables business, RWE Innogy, reported nine-month earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 505 million, or 73.5% more than a year ago. The company expects the full-year 2015 EBITDA for the division to be significantly above last year’s EUR 186 million.
External renewables revenue climbed by 21.7% to EUR 258 million.
The consolidated operating profit for RWE AG was down by 8.9% to EUR 2.65 billion. The adjusted net profit was EUR 545 million, down 28.6% on the year.