Utility RWE doubles profits, plans 4 GW of wind and solar by 2022

Germany's largest coal power and renewables operator RWE plans to step up its renewable investments after doubling adjusted net income to 1.2 billion euros last year, thanks to an "exceptional trading performance and the strong gas and LNG business." The company said it intends to add more than 4 gigawatts (GW) of wind and solar power capacity by 2022 with net investments of 5 billion euros, thereof only one fifth in Germany. "A total of 2.7 GW in capacity is currently under construction. Furthermore, the group has a sizeable project pipeline of over 20 GW," RWE said. Currently, RWE has wind and solar power assets with a capacity of about 9 GW. 

At present, around 12 percent of RWE's power production is from renewables, while the vast majority is generated with coal, gas, and nuclear plants, CEO Rolf Martin Schmitz said, according to a report by newswire dpa carried by the Süddeutsche Zeitung. Within the framework of Germany's coal exit, RWE will start to switch off lignite power stations at the end of this year, and will receive compensation payments totalling 2.6 billion euros.

RWE is Germany's largest energy company and following a major asset swap with former competitor E.ON in 2019, RWE has also turned into Germany's largest renewable power operator. Last October, the company announced plans to make its business carbon neutral by 2040 and greatly increase its investments in renewable energy sources.