FRANKFURT (Reuters) – RWE, Germany’s largest electricity supplier, reported an 82% rise in quarterly profit for the first nine months on Tuesday, driven by its commodities trading business as well as higher margins for its gas-fired power plants.
The group also confirmed its outlook, still expecting adjusted EBITDA of 7.1 billion to 7.7 billion euros and adjusted net profit of 3.3 billion to 3.8 billion euros.
The electricity supplier, which acquired Con Edison’s clean energy business for 6.3 billion euros earlier this year, said it expanded its generation portfolio by 5.7 gigawatts between January and September .
“This has led to a significant increase in electricity production from renewable energy sources, which contributes to the growth of our profits,” its chief financial officer Michael Mueller said in a statement.
“This positive trend will continue; we currently have approximately eight gigawatts of projects under construction around the world,” he added.
The group also confirmed its intention to pay a dividend of 1.00 euros per share for 2023, compared to 0.90 euros the previous year.
(Report by Christoph Steitz; by Dagmarah Mackos, edited by Blandine Hénault)
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