German energy group RWE AG reported a decline in adjusted net profit for the first nine months of 2024, dropping to EUR 1.64 billion (USD 1.74bn) from EUR 1.83 billion in the same period last year. Despite this, the company maintained its full-year projections, with expectations to reach the midpoint of its forecast for both adjusted EBITDA and net profit.
The decrease in profit was attributed to lower earnings in its Flexible Generation and Supply & Trading segments. The Flexible Generation unit, which includes gas, hydro, and biomass operations, was affected by reduced margins on forward electricity sales, while the Supply & Trading division could not replicate the high earnings from 2023.
However, RWE's renewable energy operations performed well. The Offshore Wind business saw a boost in earnings, delivering an adjusted EBITDA of EUR 1.08 billion, up from EUR 998 million in the previous year, thanks to favorable weather conditions. The Onshore Wind/Solar segment also showed improvement, generating EUR 990 million in adjusted EBITDA, an increase from EUR 870 million, driven by the commissioning of new capacity and the integration of Con Edison Clean Energy Businesses in the U.S.
RWE's CEO, Markus Krebber, remarked, “We are delivering a good financial performance and are well on track with our growth strategy.” The company's renewable energy production reached a record 36 TWh in the first three quarters, a 14% year-on-year increase.
As of September 2024, RWE's green energy portfolio stood at 36.2 GW, with plans to expand it by 11.2 GW through ongoing projects. The company aims to exceed 65 GW of renewable capacity by 2030. In the first nine months of 2024, RWE invested EUR 6.9 billion to advance its green energy initiatives.
