RWE's 9-mo op profit for renewables jumps nearly 9-fold

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.

(EUR 1 = USD 1.072)

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