The German energy utility RWE has unveiled its 2024 results, in which the group posts an adjusted EBITDA of €5.7bn, a 27% decrease compared to 2023 (€7.7bn). Its adjusted net income decreased by 43% to €2.3bn. RWE invested €10bn in 2024 and the company’s renewable portfolio grew by more than 2 GW.
In 2024, RWE's total installed capacity decreased by about 1% to 44.1 GW. The company’s gas-fired capacity stood at 15,992 MW (stable), while lignite-fired capacity dropped to 5,832 MW (-29%), with the decommissioning of the Weisweiler F lignite-fired unit. Hard coal capacity stood at 1,489 MW (stable). RWE shut down its last nuclear power plant in Emsland, Germany, in 2023. Renewable capacity stood at 19,160 MW (+10%), including 3,515 MW of offshore wind (stable), 8,673 MW of onshore wind (+3%), 5,709 MW of solar (+34%), 465 MW of hydro (stable) and 798 MW of biomass (stable). In 2024, RWE had about 2.2 GW of installed renewable capacity in Germany, 3.5 GW in the UK, 1.2 GW in the Netherlands and 9.6 GW in the US.
RWE’s overall power generation fell by 9% in 2024 to reach 117.8 TWh. Electricity generation from gas fell by 23% to 32.3 TWh, that from lignite decreased by 8% to 31.5 TWh and that from hard coal fell by 11% to 4.7 TWh. Power generation from renewables increased by 8% to reach 48.8 TWh, exceeding both gas-fired and coal/lignite-fired power generation. Among renewables, offshore wind stood at 11 TWh (stable), onshore wind at 20.8 TWh (+7%), solar at 11.6 TWh (+28%), hydro at 2.3 TWh (+17%) and biomass at 3.1 TWh (-19%). In 2024, RWE generated 5.6 TWh from renewables in Germany, 11.1 TWh in the UK, 3.7 TWh in the Netherlands and 23 TWh in the US. RWE sold 155.9 TWh of electricity (-2%) and 42.3 TWh of gas (stable) in 2024.
In addition, the group announced it would cut planned investments by €10bn through to 2030, citing uncertainty facing US renewable energy projects.