RWE forecasts 11% rise in offshore wind profits – reNEWS

RWE has said adjusted EBITDA for its offshore winddivision has increased by 11% to 1069m,compared with the pro forma result for previous year.

The boardattributed the rise in its preliminary results to very good wind conditions in the first quarter of 2020.

Adjusted EBITDA foronshore wind and solar improvedby 7% to 472m, compared to pro forma result 2019.

This was mainly due to new assets taken into operation.

Because of the Covid-19 pandemic, the commissioning of some plants has been delayed, in particular in the US.

Furthermore, wind conditions in the fourth quarter were particularly weak.

Overall, RWE expects adjusted EBITDA totop 3.2bn and adjusted EBIT to be 1.8bn.

Chief financial officer Markus Krebber said: "Due to a very good operational performance, we expect an excellent result for fiscal 2020, which exceeds our guidance significantly.

"This is mainly driven by an extraordinarily strong performance of Supply & Trading.

"We have also expanded our portfolio in wind and solar power plants, thus delivering on our growth strategy.

"In times like this when we globally and personally might face challenges from the Covid-19 pandemic, I am more than grateful for the commitment of our employees and their outstanding dedication.

"We confirm our dividend target of 0.85 per share for fiscal 2020 and we will propose this to our Annual General Meeting on 28 April 2021, which will be held virtually."

All figures are preliminary, with the final figures for fiscal 2020 to be released on 16 March 2021.

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RWE forecasts 11% rise in offshore wind profits - reNEWS