RWE Has Offshore Wind beneath Its Wings

Offshore wind boosted RWE Innogy’s operating result, which rose by €251 million to €280 million year on year, RWE Group reported in its results for the first three quarters of 2015. 

This was due in particular to the commissioning of the new wind farms Gwynt y Môr off the coast of North Wales and Nordsee Ost near Heligoland, the company said.

“RWE Innogy is really taking off now – from a small seed three years ago it has become a model of success,” said RWE AG CEO Peter Terium. “Innogy’s success is both an inspiration and a goal for our other innovative business models.”

Furthermore, the divestment of Gwynt y Môr’s grid connection was one of the reasons the Group’s net debt was reduced. Also, the RWE Group’s capital expenditure was 17% lower than last year, and the new offshore wind farms Nordsee Ost and Gwynt y Môr have contributed to the decrease.

In the first three quarters of 2015, the RWE Group’s EBITDA was down 6% year on year to €4.4 billion and its operating result decreased by 9% to €2.6 billion. RWE said that this was expected due to the price-induced shrinkage of margins in conventional electricity generation.

Image: RWE