German energy group RWE AG (ETR:RWE) booked EUR 4.5 billion (USD 4.89bn) in adjusted net income for 2023, beating its own target thanks to strong international power generation and supply and trading business.
Adjusted net income grew 40.2% last year, the Essen-based group said on Friday, citing preliminary figures.
All segments in the core business, comprising renewable energy, natural gas and supply and trading, either met or exceeded the 2023 targets. Offshore wind operations registered a 17.8% increase in adjusted EBITDA thanks to the commissioning of new capacity and more favourable wind conditions, especially in the UK.
Adjusted EBITDA in the onshore wind and solar business grew by roughly 50% driven by the acquisition of assets under the deal with Con Edison Clean Energy as well as the commissioning of solar and wind parks as well as batteries. The positive effects were dented by lower electricity prices.
The German coal and nuclear business of RWE is the sole segment anticipated to conclude below its performance in the previous year and below the projected range. The decline in earnings is attributed to reduced margins from assets without hedged electricity production.
Due to the considerable decline in energy prices on European wholesale markets in recent weeks, RWE anticipates reduced earnings for 2024. These earnings are projected to be towards the lower end of the company’s outlook from the end of November.
More details about RWE’s preliminary figures for 2023 are available in the table below.
Table by RWE AG
