'Tremendous growth potential': RWE and EON Intensify Renewable Energy Investment

Image credit: RWE

RWE, a German energy giant, has declared that it will press onward with its "Growing Green" initiative, constructing 70 renewable energy plants across Europe, which will be more than a twofold increase from its present portfolio.

This morning, RWE released its financial results for the year's first half, demonstrating significant growth due to the rise in energy costs across Europe during the past twelve months.

For the first six months of the year, pre-tax profits at the corporate level rose significantly, reaching €4.5bn, due to "higher income from international power generation in the Hydro/Biomass/Gas Segment and an effective supply and trading operation."

The firm noted that extra energy production capabilities from renewable sources helped the satisfactory outcome.

RWE stated that they want to move forward with the growth of their renewable energy resources.

Markus Krebber, CEO of RWE AG, declared: "We are investing billions of euros to promote the development of our sustainable portfolio. In the initial half of 2020, we already injected €9bn and increased our capacity by 5.1GW through buying other companies and initiating new plants. Thanks to our successful operations and robust financial base, we can maintain this speed: We are constructing more than 70 renewable energy projects in 12 countries with a total capacity of over 7GW - the highest it has ever been."

A significant portion of the investment was RWE's purchase of the Con Edison Clean Energy Businesses for €6.3bn. Still, they also increased investment directly into the development of wind and solar projects.

One day after EON announced its positive outcomes and vowed to boost its investments in green energy technology, the company was presented with more successful results.

Leonhard Birnbaum, the chief executive, commented that the energy transition is becoming increasingly evident and that there is a growing requirement for eco-friendly energy solutions and infrastructure. He further expressed that this presents much work but also offers significant development possibilities.

In H1 2023, the company declared it had invested €2.4bn in infrastructure, which was a 36% increase from the same period in the previous year. They also expressed their intention to invest €5.8bn during the year. Additionally, their pre-tax profits had risen to €5.7bn from €4.1bn the previous year.