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RWE forges ahead with growth in renewables business and presents good half-year results

  • Gross capital expenditure in renewable energies in first half of 2021 doubles year on year, totalling €1.8 billion
  • Portfolio of wind farms and solar plants as well as storage systems to grow to more than 13 gigawatts by end of 2022; 3.9 gigawatts currently under construction with commissioning planned by end of 2022
  • Outlook for fiscal 2021 raised significantly on account of exceptionally strong performance by Supply & Trading
  • Adjusted EBITDA at previous year’s level of around €1.8 billion despite weather effects – adjusted net income up year on year at €870 million

The transformation of RWE is continuing at a fast pace. During the first six months of 2021, the company invested €1.8 billion gross in new wind farms and solar plants as well as battery projects. That’s twice as much as in the same period last year. RWE currently has projects amounting to 3.9 gigawatts (GW) under construction, which will be commissioned by the end of 2022. Thus, the portfolio will grow from 9.3 GW today to more than 13 GW by the end of 2022. In addition, RWE has started construction on the 1.4-GW offshore wind farm Sofia off the British coast, which is scheduled for completion in the fourth quarter of 2026.

Financially, the first half of 2021 was also very good. On the back of an exceptionally high earnings contribution by Supply & Trading, RWE has significantly increased its outlook for fiscal 2021.

Leading in the development of new solutions

RWE is forging ahead with state-of-the-art technologies like floating offshore, floating solar and storage. As one of the key players in setting up the hydrogen economy, RWE is working with partners on more than 30 projects along the value chain.

Another important element in the transformation of RWE is the rigorous phaseout of coal. The company’s last two hard coal-fired power stations in Germany have been decommissioned. For lignite, the first wave of decommissioning is in progress: At the end of the year, three more units in the Rhenish region will be taken off the grid. As a consequence of the phaseout of coal, RWE will have to cut over 3,000 jobs by the end of 2022 alone. This will be done in a socially responsible way and in close consultation with the social partners.

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