RWE achieves record high in power production and earnings from renewables in H1 2024

RWE reported an adjusted EBITDA of €2.9 billion (US $3.9 billion) and an adjusted net income of €1.4 billion during this period. Notably, earnings from renewables saw a 20% increase, bolstered by favourable weather conditions and the commissioning of new capacity.

Markus Krebber, CEO of RWE AG, remarked, “Our ‘Growing Green’ strategy is paying off - more than half of our adjusted EBITDA is already coming from our wind and solar energy business. Our power production from renewables reached a record level of 26 terawatt hours and accounted for 45% of total generation. At the same time, the demand for green electricity continues to rise.”

In line with its commitment to expanding its green energy portfolio, RWE invested €4.5 billion net in new plants during the first half of 2024. The company also made final investment decisions on additional wind, battery, and solar projects totalling 2.9 gigawatts (GW), including major offshore wind projects like Nordseecluster in Germany and OranjeWind in the Netherlands. Currently, RWE has 10.2 GW of new capacity under construction.

Renewables drive growth

RWE's renewable energy production reached a new peak of 26 terawatt hours (TWh) in the first half of 2024, with 45% of the company’s electricity coming from renewable sources. This surge contributed to a substantial 27% reduction in CO2 emissions compared to the same period in 2023.

The offshore wind and onshore wind/solar segments performed exceptionally well, with adjusted EBITDA for these segments rising to €828 million and €730 million, respectively.

The increased earnings were largely due to improved weather conditions, the commissioning of new capacity, and higher electricity prices, particularly in the US.