RWE sees earnings surge in first quarter

German energy giant RWE recorded adjusted Ebitda of  €1.46 billion in the first quarter of 2022 – up 65% from the same  period one year ago.

The majority of this total came from its core business.

In RWE’s core business – which comprises several business segments: offshore wind, onshore wind/solar, hydro/biomass/gas and supply and trading – adjusted Ebitda more than doubled to €1.25 billion. 

The developer had faced a €400 million hit  in Q1 2021 due to the extreme weather in Texas. However, adjusted Ebitda was up year-on-year for each of these core business segments in Q1 2022

RWE also benefited from high wind speeds and the commissioning of new wind and solar projects.

It confirmed its guidance for 2022: It expects to achieve adjusted Ebitda of €3.6-4.0 billion at group level and adjusted Ebitda of €2.9-3.3 billion in the core business.

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