The German utility RWE has unveiled its 2023 results, in which the group posts an adjusted EBITDA of €8.4bn, a 33% increase compared to 2022 (€6.3bn). Its adjusted net income increased by nearly 40% to reach €4.5bn. RWE invested nearly €11.4bn in 2023 (a more than twofold increase compared to 2022) and the company’s portfolio grew by more than 160 facilities with a total capacity of 6.3 GW.
At the end of 2023, RWE's installed capacity increased by 13% to 44.4 GW. Nuclear installed capacity dropped to 146 MW (-90% with the shutdown of the Emsland nuclear power plant in April 2023), gas-fired capacity stood at 15,975 MW (+12%), lignite at 8,250 MW (stable) and hard coal at 1,469 MW (stable). Renewable capacity stood at 17,370 MW (+33%), including 3,515 MW of offshore wind (stable), 8,411 MW of onshore wind (+13%), 4,181 MW of solar (a more than fivefold increase compared to 2022, due to the acquisition of Con Edison Renewables in the United States), 465 MW of hydro (stable) and 798 MW of biomass (stable). In 2023, RWE had about 2.1 GW of installed renewables in Germany, 3.5 GW in the UK, 1.2 GW in the Netherlands and 8.2 GW in the US.
RWE’s overall power generation fell by 17% in 2023 to reach 130 TWh. Electricity generation from nuclear dropped by 73% to 3.2 TWh, that from gas fell by 18% to 42 TWh, that from lignite decreased by 31% to 34 TWh and that from hard coal fell by 42% to 4.2 TWh. Power generation from renewables increased by 27% to reach 45 TWh, exceeding both gas-fired and coal/lignite-fired power generation. Among renewables, offshore wind stood at 11 TWh (+7%), onshore wind at 19.4 TWh (+10%), solar at 9.1 TWh (a more than sixfold increase compared to 2022), hydro at 1.9 TWh (+18%) and biomass at 3.9 TWh (-17%). In 2023, RWE generated 5.1 TWh from renewables in Germany, 11.2 TWh in the UK, 4.5 TWh in the Netherlands and 19.5 TWh in the US.
RWE sold 159.7 TWh of electricity (-18%) and 42.4 TWh of gas (+7%) in 2023.