By Giulia Petroni
RWE AG aims to invest more than it first planned in green technologies this year to make energy supply more independent amid Europe’s energy crisis.
The German oil-and-gas company on Thursday said it plans to invest over EUR5 billion ($5.15 billion) in its green portfolio in 2022, about 30% more than originally planned. In the first half of the year, the company spent about EUR2 billion to implement its green strategy, generating around 20% more electricity from renewables compared to the same period last year.
“We are investing in offshore and onshore wind, solar, batteries and in ramping up the hydrogen economy. All this is urgently needed in order to make energy supply more independent and climate-neutral,” said Chief Executive Markus Krebber.
In regards to Russia, RWE said that it has fully removed financial exposure to Russian trading partners and booked an impairment loss of EUR748 million related to hard-coal contracts due to Western sanctions.
As previously announced during preliminary results, the company reported a rise in adjusted income to EUR1.57 billion in the first half, from EUR870 million a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization came in at EUR2.86 billion compared with EUR1.75 billion, while adjusted EBIT was EUR2.10 billion, it said.
The company confirmed it expects adjusted net income between EUR2.1 billion and EUR2.6 billion for the full year. Adjusted Ebitda is seen at EUR5 billion to EUR5.5 billion, while adjusted EBIT is expected to be between EUR3.4 billion and EUR3.9 billion.
The dividend target of EUR0.90 a share for 2022 remains unchanged.
Write to Giulia Petroni at [email protected]