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In the first nine months of 2023, RWE achieved an adjusted EBITDA at Group level of €6.2 billion and an adjusted EBITDA in the core business of €5.7 billion. Adjusted net income was at €3.4 billion.
This was due to higher earnings from power generation in the Hydro/Biomass/Gas segment and a strong Supply and Trading business. The commissioning of new wind, solar and battery projects and the earnings contribution of Con Edison Clean Energy Businesses acquired on 1 March also contributed to the increase in earnings.
RWE confirms its outlook for 2023 and the company expects adjusted EBITDA at Group level to be between €7.1 billion and €7.7 billion; adjusted net income is expected to reach between €3.3 billion and €3.8 billion.
Adjusted EBITDA in the Offshore Wind segment in the first nine months of 2023 was €998 million, compared to €859 million for the prior-year period. The increase in earnings is due to the commissioning of new capacity at Kaskasi offshore wind farm off the coast of Heligoland and Triton Knoll off the UK coast. More favourable wind conditions also had an impact, especially at the UK sites.
Adjusted EBITDA in the Onshore Wind/Solar segment reached €870 million for the reporting period, compared to €663 million in the same period last year. This was primarily due to the earnings contribution from the business activities resulting from the acquisition of Con Edison Clean Energy Businesses in the US that were fully consolidated as of 1 March 2023, as well as the commissioning of new wind and solar farms as well as batteries. Lower realised electricity prices and weaker wind conditions had a counteracting effect.
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