Profits soared during the first quarter of 2022 at RWE as the German utility was able to compensate for a €850m ($898m) write-off due to halting Russian coal imports with rising profits in its renewables segments that were pushed higher by favourable winds.
Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) in offshore wind jumped to €420m in the period, from €297m during the first quarter of 2021, mainly due to improved wind speeds. RWE also benefited from the full consolidation of UK offshore wind farm Rampion, as well as first power being fed to the grid at the Triton Knoll array also off the British coast.
