RWE Group is poised to surpass fiscal 2023 forecasts, projecting an adjusted net income of €4.5 billion (£3.8bn) based on preliminary figures.
The results reflect increased earnings from international electricity generation and supply and trading, coupled with significant growth in renewables capacity.
The company plans to propose a dividend of €1.00 (£o.85) per share for fiscal 2023.
However, RWE acknowledges the impact of declining energy prices on European wholesale markets, expecting lower earnings in 2024.
RWE faces reduced earnings in its German coal and nuclear business, with adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) expected to fall to €705 million (£602m), compared to €751 million (£641m) in 2022 – below the projected range.
The decline is attributed to lower margins from unhedged electricity production assets.
The closure of the Emsland nuclear power plant on 15th April 2023, further impacted earnings.
Michael Müller, Chief Financial Officer of RWE RWE AG, said: “The very good preliminary results once again confirm that our ‘Growing Green’ strategy is paying off. We expect to close fiscal 2023 significantly above the previous year.”
