The German energy group RWE has unveiled its 2017 results, reporting an adjusted EBITDA of €5.8bn (+6.5%) in 2017 and a 59% growth in its adjusted net income to €1.2bn.
At the end of 2017, the company's installed power generation capacity reached 43,269 MW (46,411 MW in 2016), of which 15,076 MW of gas-fired capacity, 11,017 MW of lignite-powered capacity, 7,302 MW of hard coal power plants, 2,770 MW for nuclear and 4,148 MW for renewable energies.
In 2017, RWE power generation declined by 6.4% (-14 TWh) to 202 TWh, due to a 33% fall in coal-fired generation (-15 TWh) in unfavourable market conditions (electricity from lignite and nuclear energy was sold at an average of €31/MWh in 2017, down from €35/MWh in 2016). CO2 emissions decreased by 12% down to 132.4 MtCO2 (148.3 Mt in 2016). Coal accounted for 15% of RWE's power mix (as nuclear), while lignite accounted for 37%, gas for 27% and renewables for 6%. The share of gas is expected to rise and the company intends to build a new 2.5 GW combined-cycle facility at the Tilbury site (United Kingdom).
RWE's electricity sales slightly dipped in 2017 (-1.3%) to 261 TWh, despite a 5.4% increase in sales to distributors (+2.1% for industrial and corporate customers but -3.8% for residential and commercial customers). Gas sales also contracted (-4%) to 254 TWh, as industrial and commercial customers supplied by Innogy switched suppliers (-12% for this segment); residential sales also eroded (-2.2%).