German utility RWE reported a drop in first-quarter earnings from its offshore wind operations, citing weaker wind conditions and lower electricity forward prices, while gains in its onshore wind and solar segment helped offset the decline.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for RWE’s offshore wind division fell to €380 million in the first quarter of 2025, down from €548 million in the same period last year.
“The main reason for the decrease was lower earnings due to poor wind conditions,” the company said. It also pointed to “declined prices and margins for electricity forward sales” as a contributing factor.
Meanwhile, the company’s onshore wind and solar segment saw earnings rise to €496 million in Q1, up from €341 million in the first quarter of 2024. RWE attributed the increase to the commissioning of new generation capacity and favourable hedged prices in the United States.
“In addition, hedged prices on electricity sales in the US were significantly higher than last year,” the company noted. In Europe, however, hedged prices were generally lower than in the prior-year period.
Despite the quarterly decline in offshore wind earnings, full-year figures for 2024 showed resilience in both business areas. RWE reported adjusted EBITDA of €1.55 billion from offshore wind last year, compared with €1.66 billion in 2023. Onshore wind and solar earnings rose to €1.5 billion in 2024 from €1.2 billion the year before.
RWE has been expanding its renewable energy portfolio as part of its broader strategy to transition from fossil fuels and support Europe’s decarbonisation goals. The mixed Q1 performance reflects both the volatility of weather-dependent generation and regional differences in energy market dynamics.
