Essen (dpa) – Germany’s largest coal power company RWE is also vigorously expanding its green energies in the Corona crisis.
This year, the Essen-based company has already invested € 1.3 billion in new wind and solar power systems, as well as battery storage, as CFO Markus Krebber reported on Thursday when he presented business figures for the top three. quarters of the year. In the summer, the group had raised fresh money for expansion with a capital increase. By the end of 2020, the generation capacity of wind and solar systems will increase to 10,000 megawatts.
The change in RWE can also be seen in electricity production. From January to September, the sun, wind, water and biomass supplied almost as much electricity as lignite power plants with 21.3 billion kilowatt hours. Power plants in the Rhenish mining area produced 23.4 billion kilowatt hours, a third less than in the same period last year. The switch to green electricity is also paying off financially for RWE. For solar and wind power, RWE was primarily paid above market level, according to the quarterly report.
The group was able to grow operationally in the first nine months. Taking into account the swap agreement concluded this year with its former competitor Eon, RWE improved its adjusted operating profit before interest, taxes, depreciation and amortization (Ebitda) in the first three quarters from almost EUR 2 billion to EUR 2.2 billion. The adjusted net profit after the first nine months was 762 million euros. RWE had taken over renewables from Eon and its own former subsidiary Innogy.
So far this year, offshore wind turbines have performed particularly well because their capacity utilization is much better. The offshore segment represents around a third of the operating result. RWE was also able to grow significantly in the biomass / water / gas division. Instead, the supplier had to cut back on energy trading. The crisis of the crown is less noticeable here because the prices of raw materials collapsed in the wake of the pandemic. However, RWE rates the development as “satisfactory”.
The effects of the current partial lockdown on RWE will be “very manageable,” Krebber said. There is no lower demand for electricity in Germany. Even a lockout during the winter will have no major effect on RWE.
RWE sees its claims confirmed by the Federal Constitutional Court ruling on compensation for nuclear phase-out. “Based on an initial assessment, our legal position will definitely not deteriorate,” Krebber said. The decision still needs to be carefully considered. RWE expects an “average triple-digit million euro amount” as compensation for residual electricity that can no longer be used from its nuclear power plants.
Following a lawsuit from the energy company Vattenfall, the Karlsruhe judges ruled that financial compensation for certain power plant operators should be completely reorganized due to accelerated nuclear phase-out following the Fukushima reactor disaster.