RWE AG has released its 2019 financial results and says its goals for adjusted EBITDA and adjusted net income for the past fiscal year were exceeded and the company remains on track to add more than 4 GW of wind and solar capacity by 2022.
“Fiscal 2019 was an outstanding year, which saw us launch the new RWE,” said Dr. Rolf Martin Schmitz, chief executive officer of RWE. “We have an ambitious goal: we want to be carbon neutral by 2040. We are making very good progress. Since 2012, we have cut our carbon emissions in half. Our operating activities achieved an excellent result. We have an outstanding basis from which to resolutely expand our business and achieve value-added growth.”
By 2022, the company wants to invest a net €5 billion in the continued expansion of renewable energy, with this sum having the potential to rise significantly through contributions from partners. Of the net investments, 20% is earmarked for Germany.
RWE says its core business is made up of four segments: Offshore Wind, Onshore Wind/Solar, Hydro/Biomass/Gas, and Supply & Trading. These are supplemented by the fifth segment of Coal/Nuclear.
RWE says its Hydro/Biomass/Gas segment includes pumped storage, run-of-river hydro, biomass and gas-fired power stations, in addition to the minority interest in Austrian energy utility Kelag. The segment recorded pro forma adjusted EBITDA of €671 million, including payments from the British capacity market for 2019 and a retroactive payment for 2018. RWE anticipates that earnings in this segment will range between €550 million and €650 million in the year under way.
RWE says its focus in terms of growth lies on the core markets of Europe and North America, as well as on the Asia-Pacific region. The company aims to grow its portfolio by more than 4 GW over the next three years. A total of 2.7 GW in capacity is currently under construction. Furthermore, the group has a sizeable project pipeline of over 20 GW.
