In the first three quarters of 2020, RWE commissioned about 500MW of new wind and solar power plants, with about 800MW more expected during the fourth quarter. RWE will thus expand its wind and solar power portfolio to about 10GW by the end of the year.
RWEs earnings in the first three quarters of 2020 increased: adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) rose to €2.2 billion. This represents an increase of 13% compared to the pro forma figure of €2.0 billion for the same period last year. A 29% rise was registered for adjusted EBIT, to €1.1 billion. The pro forma figure from the same period last year was €891 million. Adjusted net income reached €762 million. On this basis, RWE confirms its earnings forecast for 2020: adjusted EBITDA should be between €2.7 billion and €3.0 billion, and adjusted EBIT between €1.2 billion and €1.5 billion.
In its core business of Offshore Wind, Onshore Wind/Solar, Hydro/Biomass/Gas and Supply & Trading, RWE achieved adjusted EBITDA of €1.8 billion for the first three quarters of the year. Compared with the pro forma result for the prior-year period, that amounts to an increase of 4%. For the year as a whole, RWE expects adjusted EBITDA of between €2.15 billion and €2.45 billion for its core business.
Adjusted EBITDA in the Offshore Wind segment increased significantly in the first three quarters of 2020, to €738 million. This compares with a pro forma €660 million for the same period last year. The increase of 12% can be largely attributed to better wind conditions in the first quarter of 2020. For the current fiscal year, RWE expects adjusted EBITDA of between €900 million and €1,100 million for this segment.
In the Onshore Wind/Solar segment, adjusted EBITDA increased by 8% year on year to €336 million. The pro forma figure for the first three quarters of 2019 was €311 million. This performance was driven by the commissioning of new onshore wind and solar power plants in Europe and North America, and higher wind volumes. Because of the coronavirus pandemic, the commissioning of some plants has been delayed until next year, in the USA in particular. For the current year, RWE continues to expect adjusted EBITDA of between €500 million and €600 million for this segment.
