RWE recorded a strong performance in the first nine months of 2024, producing more electricity from renewables than ever before. Green electricity production reached a record level of 36 terawatt hours (TWh) in the first three quarters, an increase of 14% year-on-year. Concurrently, RWE significantly reduced its CO2 emissions by 21% compared to the first nine months of 2023.
In the first nine months, adjusted EBITDA reached €4.0 billion and adjusted net income was €1.6 billion. The Offshore Wind and Onshore Wind/Solar segments recorded significant increases in earnings. Overall, Group earnings were down on the previous year, as expected, due to lower earnings in the Flexible Generation and Supply & Trading segments.
Offshore Wind: Adjusted EBITDA in the Offshore Wind segment reached €1,079 million in the first nine months of 2024, compared to €998 million in the previous year. The increase in earnings is attributed to improved wind conditions.
Onshore Wind/Solar: The Onshore Wind/Solar segment recorded adjusted EBITDA of €990 million, compared to €870 million in the previous year. This positive earnings development is due to the commissioning of new capacity and the recognition of the business activities of Con Edison Clean Energy Businesses in the US for the full three quarters.
Flexible Generation: As expected, adjusted EBITDA in the Flexible Generation segment decreased to €1,447 million in the first three quarters compared to €2,413 million in the previous year. This decrease was due to lower margins on forward electricity sales and lower income from the short-term optimisation of power plant dispatch.
Supply & Trading: The segment's adjusted EBITDA of €465 million was significantly below the prior-year figure of €1,334 million. While 2024's performance was strong, it did not reach the extraordinarily high level of 2023.
The earnings expectations for the full year at Group level have improved. At the beginning of the year, given the significant decline in electricity market prices, RWE anticipated adjusted EBITDA at Group level and adjusted net income would trend toward the lower end of the respective guidance. The company now expects to reach the middle of the respective forecast range due to improved earnings prospects in the Flexible Generation and Supply & Trading segments.
