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Markets News

UPDATE 1-Boosted by wind and coal, RWE posts higher nine-month profit

* 9-month adj EBITDA up 13% at 2.2 bln eur

* To commission 800 MW of solar, wind assets in Q4

* Profit at coal/nuclear unit grew 86% (Adds details on results, renewable targets)

FRANKFURT, Nov 12 (Reuters) - RWE, Europe’s third-largest renewables group, on Thursday posted a 13% increase in nine-month core profit, driven by both its wind and solar farms as well as higher margins at its coal and nuclear plants.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 2.2 billion euros ($2.6 billion), RWE said, adding it would commission an additional 800 megawatts of wind and solar plants in the fourth quarter.

“The strong operating result we achieved for the first three quarters shows that RWE has weathered the coronavirus crisis well. We therefore confirm our earnings forecast for 2020,” finance chief and future Chief Executive Markus Krebber said.

Core earnings were mostly driven by its coal-fired and nuclear power plant division, where profits grew 86% over the period to 381 million euros. At its core renewables and trading business, earnings were up 4.5% at 1.84 billion euros.

RWE, which ranks behind Spain’s Iberdrola and Italy’s Enel in terms of renewable capacity in Europe, said its wind and solar portfolio would grow to about 10 gigawatts (GW) by the end of 2020. It targets more than 13 GW of renewable capacity by 2022. ($1 = 0.8501 euros) (Reporting by Christoph Steitz; Editing by Michelle Adair and Maria Sheahan)

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