High-voltage lines are seen in front of the lignite-fired Niederaussem power station of RWE, one of Europe’s biggest electricity companies in Niederaussem, north-west of Cologne, Germany, March 12, 2019. REUTERS/Wolfgang Rattay/File Photo
RWE (RWEG.DE), Germany’s top utility, on Tuesday posted an 82% increase in core profit for the first nine months, lifted by the group’s commodity trading business as well as higher margins for its gas-fired power plants.
The group also confirmed its outlook, still expecting adjusted EBITDA of 7.1 billion to 7.7 billion euros ($7.6 billion to $8.23 billion) and adjusted net income of 3.3 billion to 3.8 billion.
The utility, which earlier this year acquired the clean energy business of Con Edison for 6.3 billion euros, said its generation portfolio grew by 5.7 gigawatts between January and September.
“This has led to a significant increase in electricity production from renewables, which contributes to our growth in earnings,” finance chief Michael Mueller said in a statement.
“This positive trend will continue; we currently have projects representing around eight gigawatts under construction worldwide.”
The group also confirmed plans to pay a dividend of 1.00 euros per share for 2023, up from 0.90 euros in the previous year.
($1 = 0.9353 euros)
Reporting by Christoph Steitz
Editing by Miranda Murray
