RWE beats own outlook with preliminary 2022 results


Bywire - Claim your free account nowBywire - Claim your free account now

FRANKFURT - RWE , Germany's biggest electricity provider, on Wednesday released preliminary full-year profit for 2022 that came in above its forecast range, benefiting from the increased use of power plants as a result of weak wind conditions.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) likely soared 73% to 6.3 billion euros ($6.87 billion) in 2022, higher than the upper end of its outlook range of 5.5 billion euros, the company said.

Citing "higher earnings from short-term power plant deployment and higher international generation margins", core profit at the group's unit in charge of biomass, hydro power and gas plants more than tripled to 2.4 billion euros.

The group, which is scheduled to release full-year results on March 21, will keep unchanged its dividend proposal for 2022 of 0.90 euros per share.

Shares in the company were up 2.5% at the top of Germany's benchmark DAX index.

($1 = 0.9172 euros)

(Reporting by Christoph Steitz, Editing by Miranda Murray)

Bywire will email you from time to time with news digests, stories & opportunities to get involved. Privacy

Bywire - Claim your free account nowBywire - Claim your free account now