German energy group RWE confirms 2024 expectations

DPA
·1 min read
The RWE logo can be seen on the facade of a building on the RWE campus in Essen. Fabian Strauch/dpa
The RWE logo can be seen on the facade of a building on the RWE campus in Essen. Fabian Strauch/dpa

German company RWE, which specializes in electricity generation from renewable energy, on Thursday confirmed its business expectations for the current year.

The company said it continues to assume it will not be able to match the "very good" earnings situation of 2023 in 2024.

The energy company expects earnings before interest, taxes, depreciation and amortization (EBITDA) adjusted for one-off effects to be in the range of €5.2 billion ($5.7 billion) to €5.8 billion in 2024 - as already announced in November.

"Due to the recent significant drop in power prices on the European wholesale markets, we expect a figure at the lower end of the forecast range," RWE chief financial officer Michael Müller said.

The same applies to the adjusted net income of the core business, which the company expected to be between €1.9 billion and €2.4 billion, he said.

RWE confirmed the business figures for 2023 presented at the end of January, according to which adjusted EBITDA rose from €6.3 billion to just under €8.4 billion.

Adjusted net income totalled €4.5 billion in 2023, up from €3.2 billion in the previous year. Shareholders are to receive €1.00 per share for 2023 and the dividend target for 2024 remains €1.10.