- First quarter of 2021 impacted by weather effects – adjusted EBITDA reaches €883 million, adjusted net income €340 million
- Capital expenditure in first quarter increased to €1,037 million – almost double Q1 2020 level
- Portfolio of wind power and solar plants as well as storage systems to grow to more than 13 gigawatts by 2022 – 3.7 gigawatts currently under construction with commissioning planned in 2022
RWE is forging ahead with its transformation and is investing billions of euros in the expansion of its renewable energy portfolio. The company is currently building wind power and solar plants as well as battery storage systems with an installed capacity of 3.7 gigawatts (GW). More than 20 of these plants, accounting for a total installed capacity of about 2 GW, will start commercial operation as the year progresses.
In the first quarter, RWE achieved adjusted EBITDA (adjusted earnings before interest, taxes, depreciation and amortisation) of €883 million, compared to €1,324 million in the same period in 2020. The decline in earnings can be attributed to the extraordinary burdens incurred due to the worst cold snap in a century in Texas and the fact that wind volumes in Northern and Central Europe were well below the above-average high levels experienced in the previous year. By contrast, the Supply & Trading business performed very well once again. Adjusted EBIT reached €548 million, compared to €967 million in the same quarter of the previous year; adjusted net income was €340 million, in the first 3 months of 2020, this figure was €614 million.
Earnings forecast and dividend statement confirmed
The forecast for the current financial year remains unchanged. For fiscal 2021, RWE expects to achieve adjusted EBITDA of between €2.65 billion and €3.05 billion at Group level; in its core business, adjusted EBITDA should amount to between €1.8 billion and €2.2 billion. The forecast for adjusted EBIT is between €1.15 billion and €1.55 billion, and for adjusted net income the target is between €0.75 billion and €1.1 billion. The dividend statement is confirmed: For the current financial year, the Executive Board of RWE AG is aiming to increase the dividend to €0.90 per share.
Weather effects impact on earnings of Offshore and Onshore Wind/Solar
In its core business with the Offshore Wind, Onshore Wind/Solar, Hydro/Biomass/Gas and Supply & Trading segments, RWE achieved adjusted EBITDA of €555 million in the first 3 months of 2021. The figure for the same quarter last year was €1,042 million.
