German energy group RWE AG (ETR:RWE) today reported soaring preliminary earnings for the first quarter of 2023 thanks to a surge in the hydro, biomass and gas unit and a stronger performance in the trading segment.
At EUR 2.3 billion (USD 2.53bn), adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the core business, comprising renewables and supply and trading, was significantly higher in the first three months of 2023 than a year ago mainly as a result of higher earnings from international power generation in the hydro, biomass and gas segment and additional renewable energy generation capacities. Apart from putting new projects into operation, RWE expanded its portfolio with the acquisition of clean energy operations from Consolidated Edison Inc. which was completed on March 1, 2023.
The sharp increase in the hydro, biomass and gas segment was driven by higher earnings from short-term power plant deployment of the international generation portfolio and higher generation margins. In the onshore wind and solar business, lower electricity prices have led to a decline in earnings while the commissioning of new capacities such as the 342-MW Kaskasi wind park in the North Sea boosted the earnings of RWE’s offshore wind unit.
The outlook for the full 2023 was reiterated.
Below is a table with more details about RWE’s preliminary figures in the first quarter and its outlook for 2023.
The final figures for the first quarter of 2023 will be published on May 11.
(EUR 1 = USD 1.104)