RWE reported that it met its financial guidance for 2025 and outlined plans to expand its power generation portfolio significantly by 2031. The company will continue to invest in new generation capacity in Europe and the USA, including renewable energy, battery storage and flexible generation assets.
Adjusted EBITDA for 2025 reached €5.1 billion, while adjusted net income totalled €1.8 billion. Between 2026 and 2031, RWE plans to make net investments of €35 billion to expand its generation portfolio. The company expects installed capacity to grow by 25 GW to about 65 GW across renewable energy, battery storage and flexible generation technologies
A large share of the investment programme will focus on the USA, where RWE plans net investments of €17 billion. Installed capacity in the country is expected to increase from 13 GW to 22 GW by 2031, with additions including wind and solar power plants, battery storage and flexible gas-fired generation.
In Germany, RWE has earmarked €9 billion for flexible generation capacity and large battery storage projects. The company aims to increase capacity in this segment by 6 GW by 2031, including plans to develop up to 3 GW of hydrogen-ready gas-fired power plants, subject to government tenders.
Offshore wind will also remain part of the expansion strategy. RWE plans to add a net 5 GW of offshore wind capacity by 2031 and currently has 3.1 GW under construction. In the UK, the company secured contracts for five offshore wind projects with a combined capacity of 6.9 GW in the latest allocation round, representing a 3.5 GW share for RWE.
The company also plans to invest €7 billion in onshore wind and solar projects in its core European markets, primarily in Germany, and in Australia. These investments are expected to increase the portfolio by a further 5 GW.
To support its investment programme, RWE has entered partnerships with several international investors. Co-investors in North Sea offshore wind projects include Masdar, Norges Bank Investment Management and KKR. The company has also agreed a partnership with Apollo Global Management to co-finance the grid expansion programme of the German transmission system operator Amprion.
In 2025, RWE commissioned new power plants with a combined capacity of 2.8 GW. Gross investments reached €10.8 billion, while net investments totalled €4.0 billion. Electricity generation increased by 4% year-on-year despite relatively low wind speeds in Europe, and carbon dioxide emissions from power generation declined by 2%.
By business segment, offshore wind recorded adjusted EBITDA of €1,488 million, slightly below the previous year due to lower electricity forward sales revenues and less favourable wind conditions. The onshore wind and solar segment reported adjusted EBITDA of €1,740 million, supported by the commissioning of new plants. Flexible generation achieved €1,406 million in adjusted EBITDA, while the supply and trading segment recorded €339 million.
For 2026, RWE expects improved operating earnings as new renewable energy and battery storage projects enter operation. The company forecasts adjusted EBITDA in the range of €5.2 billion to €5.8 billion and adjusted net income between €1.55 billion and €2.05 billion.
