RWE increases power generation from renewables by 21 percent
Post date: 14/05/2022 - 19:26
German energy group RWE AG has presented its interim statement for the first quarter of the year. According to the statement, the company produced 39.51 terawatt hours (TWh) of electricity in the period under review, 4 TWh less than in the first quarter of last year. The nuclear energy sector recorded the most significant decrease, down by around 2.842 TWh (from 5.975 to 3.133 TWh) due to the shutdown of a power plant unit as part of the German nuclear phase-out, followed by gas with minus 2.680 TWh (from 14.912 to 12.232 TWh). Coal-fired power generation decreased by only 0.305 TWh (from 13.826 to 13.521 TWh), with lignite, which dominates here, even increasing by 0.229 TWh (from 11.987 to 12.216 TWh), although three power plant units were also taken offline here at the end of 2021. Hard coal, on the other hand, decreased by 0.534 TWh (from 1.839 to 1.305 TWh).
Electricity production from renewables increased significantly, from 8.712 to 10.535 TWh, i.e. by 823 TWh or 20.9 percent. Renewables thus accounted for almost 27 percent of RWE’s electricity production. This was dominated by onshore wind (5.399 TWh) and offshore wind 2.879 TWh, ahead of biomass (1.338 TWh) and hydropower (0.555 TWh).
Photovoltaics ranked last among RWE’s renewable energy plants, producing 0.364 TWh of electricity (about half of which was generated in the U.S. and half in Australia). However, solar power has shown the fastest growth compared to the same quarter last year (0.143 TWh) with almost 155 percent.
Despite a €850 million write-down due to the EU embargo on coal imports from Russia, RWE performed very profitably, with adjusted earnings before interest and taxes (EBIT) doubling from €0.548 billion to €1.098 billion compared to the same quarter last year.