RWE names new executive board to lead energy transition
German energy firm appoints leadership trio, with incoming CEO aiming to turn it into a “leading global player in renewable energies”
by Craig Richard
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RWE AG Issues AGM Statement
ESSEN (dpa-AFX) - RWE AG (RWEOY.PK) said, for 2021, the company continues to expect adjusted EBITDA of between 2.65 billion euros and 3.05 billion euros. The target for 2021 adjusted net income is between 0.75 billion euros and 1.1 billion euros. Our excellent financial situation means we can continue investing heavily. And that s what we re doing - and it s almost exclusively in green energy, said Rolf Martin Schmitz, CEO of RWE AG.
For 2020, the Executive Board and Supervisory Board are proposing to increase dividend to 85 cents per share. For 2021, the Executive Board expects an increase in the planned dividend to 90 cents per share.
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RWE’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for its offshore wind business increased by 11% to €1069m, compared to proforma results for 2019.
The energy company attributed the result largely to “very favourable” wind conditions in the first quarter of 2020.
For the current fiscal year, RWE forecasts a result of between €1050m and €1250m for offshore wind.
RWE said a “positive effect” will result from it increasing its stake in the Rampion wind farm in the UK to 50.1%, as agreed with E.ON.
Adjusted EBITDA for onshore wind and solar increased by 7% to €472m, compared with proforma results for 2019, which RWE attributed to the commissioning of new wind farms and solar plants with a total capacity of around 800MW, despite delays due to the pandemic.
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