RWE Says Renewable-Energy Investment Helped Boost 1Q Earnings

By Joshua Kirby

RWE said Thursday that investment in renewable energy helped drive first-quarter earnings higher, as it confirmed quarterly results and again backed its outlook for the full year.

The German energy company confirmed preliminary results released last month showing adjusted earnings before interest, taxes, depreciation and amortization of 2.8 billion euros ($3.08 billion), and adjusted net profit of EUR1.67 billion.

RWE's green portfolio expanded by 4.9 gigawatts in the quarter, including via the acquisition of Con Edison Clean Energy in the U.S., the company said. On year, the green portfolio was 7GW higher, RWE said.

For 2023, RWE said it still expects adjusted Ebitda in the range of EUR5.8 billion-EUR6.4 billion and adjusted net profit of EUR2.2 billion to EUR2.7 billion.

"The continuous construction of new renewable energy facilities and our acquisitions are paying off," Michael Mueller, the group's chief financial officer, said. "And we have the financial resources to continue investing strongly in organic growth this year."

Write to Joshua Kirby at [e-mail]; @joshualeokirby

(END) Dow Jones Newswires

May 11, 2023 01:25 ET (05:25 GMT)

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