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Much like its rival and Germany’s largest utility company, E.On, RWE has been hit by Germany’s radical shift away from fossil fuels to wind and solar energy. This has undermined margins in traditional power generation and has resulted in a drop in electricity prices. Some 32 per cent of German power generation is now based on renewable sources.
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RWE’s earnings were up 5 per cent year-on-year to €2.3 billion ($2.62 billion) before interest, tax, depreciation and amortisation costs. RWE said that this boost was largely due to its trading division, which increased in value to €166 million ($188.9 million) from €7 million ($8 million) the year before.
In a statement, RWE’s chief financial officer, Bernhard Guenther, called the first quarter results “thoroughly respectable”.