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Germany

Germany

RWE renewables profits doubled

GERMANY: RWE's renewables division confirmed its operating profit more than doubled to €493 million in 2015, on the back of new wind capacity.

RWE's 295MW Nordsee Ost helped the company's renewable division's profit to more than double
RWE's 295MW Nordsee Ost helped the company's renewable division's profit to more than double

The German firm said in January it expected profits to increase as it unveiled plans to expand the renewables business following a group restructure.

RWE's renewable division saw profits increase 165% from €186 million in 2014. It said additional online capacity from the 295MW Nordsee Ost and the 576MW Gwynt y Mor offshore wind projects made a significant contribution.

"Renewables are increasingly becoming a main pillar of our business. Besides the operational business, our entire focus in 2016 will be on restructuring the group to lay the foundations for further growth," said RWE CEO Peter Terium.

In December, the group announced it would incorporate its renewables, grid and retail operations into a new subsidiary, 10% of which will be sold on the stock exchange.

The new company will be responsible for RWE's 3.6GW of renewable energy capacity, a distribution network of more than 500,000 kilometres and the utility's 23 million customers.

Terium said more than half of the funds raised on the IPO will be invested in new renewable projects.

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