RWE has increased its investment in green initiatives in 2023, with a total net outlay of €11.4 billion, compared to €4.4 billion in 2022. The acquisition of Con Edison Clean Energy Businesses in the USA accounted for the largest share of this investment, amounting to €6.3 billion.
Additional funds were allocated to the development of new wind and solar power facilities, along with battery storage systems in Europe and the USA. Moreover, RWE made strategic acquisitions in the Netherlands and the UK. As a result, the company's portfolio expanded by over 160 facilities, boasting a combined capacity of 6.3GW.
In fiscal 2023, the RWE Group's adjusted EBITDA reached €8.4 billion, surpassing expectations. This was primarily driven by increased earnings from international electricity generation and robust trading performance, with renewable capacity expansion also playing a significant role. Adjusted net income stood at €4.5 billion, exceeding the forecast.
The Offshore Wind segment saw adjusted EBITDA of €1.7 billion in fiscal 2023, up from €1.4 billion in the previous year, attributed to the commissioning of new capacity and favourable wind conditions, particularly at RWE's UK sites.
In the Onshore Wind/Solar segment, adjusted EBITDA amounted to €1.2 billion in fiscal 2023, compared to €0.8 billion in fiscal 2022. This increase was mainly due to the contributions from the Con Edison Clean Energy Businesses acquisition and the commissioning of new renewable energy projects. However, lower realised power prices partially offset these gains.
Looking ahead, RWE anticipates that it may not match the earnings of 2023 in the current fiscal year. Adjusted EBITDA is projected to range between €5.2 billion and €5.8 billion, with the company expecting figures towards the lower end of the spectrum. Similarly, adjusted net income for the core business is forecasted to fall between €1.9 billion and €2.4 billion.
