RWEs overskudd falt18% i første kvartal

Tyske RWEs overskudd falt med 18 prosent  første kvartal som følge av lavere srømpriser.

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Markus Krebber, chief financial officer, said the company had “got off to a good start this year” and confirmed its outlook for the year, as well as the planned dividend of €0.50 for 2017. He said steps RWE had taken to optimise its portfolio of power plants and to enhance efficiency were helping to offset the decline in electricity prices. Adjusted net income stood at €689m, down from €838m in the first quarter of last year. Adjusted earnings before interest, taxes, depreciation and amortisation dropped 6 per cent to €2.1bn. Like its rival Eon, RWE has been hit by Germany’s “Energiewende”, its radical shift away from fossil fuels and nuclear power. The energy it generates from conventional plants has been squeezed out of the market by subsidised wind and solar power. RWE responded to the crisis in the energy sector by dividing itself into two. It hived its green businesses – renewables, power grids and retail energy services – into a subsidiary, Innogy, whose initial public offering last October raised €4.6bn, making it Germany’s largest flotation since 2000. RWE said it continued to expect adjusted ebitda for the full year of between €5.4-€5.7bn, up from €5.4bn in 2016. It said adjusted net income would be between €1.0 and €1.3bn, up from €0.8bn in 2016.

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The company said it expected ebitda at its lignite and nuclear segment, and at its European power division, to fall compared with last year, with efficiency measures not fully compensating for the decline in margins for power generation from gas and hard coal. However, it said earnings in it energy trading segment would see a “significant improvement”.

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