The energy giant RWE produced less electricity, but this has no influence on profits. They have increased significantly. The group also benefited from the strong wind.
Essen (dpa) - The energy group RWE is unaffected by the Corona crisis. The utility earned more money in the first half of 2020 and, unlike its former competitor Eon, did not have to revise its forecast downwards for the entire fiscal year.
The earnings before interest, taxes, depreciation and amortization (Ebitda) adjusted for special effects rose by 18 percent to 1.8 billion euros from January to June, the group announced. The company is sticking to the planned increase in the dividend to EUR 0.85 per share for the current financial year, from which many municipalities benefit as RWE co-owners.
Several factors were responsible for the better result: In addition to good wind conditions, RWE is again receiving payments from the British capacity market for maintaining power reserves. In addition, the group has put new wind turbines into operation. Power generation from coal and nuclear energy benefited from higher prices that RWE had secured through longer-term contracts.
Overall, however, RWE produced 64.5 billion kilowatt hours, 12 percent less electricity than in the same period last year. Mainly because lignite and hard coal power plants were running considerably less than in the first half of 2019.
This year coal has lost a lot of its competitiveness compared to gas. By taking over renewable energies from Eon, almost a quarter of RWE's generation was, according to the information, green electricity. In Essen, people proudly point out that revenues from coal electricity and other coal products only make up 22 percent of group sales.
However, energy trading was not quite as smooth as in the "exceptionally good half-year of the previous year", announced RWE. Here the corona crisis made itself felt to a lesser extent because raw material prices collapsed in the wake of the pandemic. Earnings fell in this segment, while RWE was otherwise able to post operational increases in its core business everywhere.
As part of the coal phase-out, RWE will gradually shut down its running lignite power plants in the Rhenish district from the end of this year. RWE receives compensation of 2.6 billion euros for this.
In return, the electricity giant now wants to go green. RWE wants to "further consolidate its place among the world's leading companies in the field of renewable energies," said CFO Markus Krebber, who is to become the new CEO next year. RWE recently announced the takeover of the development business for onshore wind power and solar projects from the ailing wind turbine manufacturer Nordex. According to Krebber, Nordex will receive around 400 million euros for this.
© dpa-infocom, dpa: 200813-99-155039 / 3
