RWE’s wind woes highlight transition challenge
Europe’s big utilities report mixed first-quarter earnings as switch to low carbon accelerates
First-quarter earnings at German utility RWE fell 47pc as the cold snap in Texas and lower wind speeds in northern and central Europe hit its wind power generation, highlighting the transition challenges faced by Europe’s biggest utilities. In its core business, including renewables, gas and trading, RWE reported adjusted Ebitda of €555mn ($670mn) in the first three months of 2021, down from €1,042mn in the previous year. “The decline in earnings can be attributed to the extraordinary burdens incurred due to the worst cold snap in a century in Texas and the fact that wind volumes in northern and central Europe were well below the above-average high levels experienced in the previous year,”
Also in this section
10 May 2024
Launch of project powered by geothermal energy in Iceland marks step forward in push to scale up expensive direct-air-capture technology
8 May 2024
Allowance prices rise 34% since start of year as regulator imposes tighter limits and considers reduction of free allocations
7 May 2024
Policymakers should consider backing enhanced weathering as a CDR technique with benefits to the agricultural sector
3 May 2024
Developers look to government’s forthcoming budget to restore support as industry suffers loss of momentum