RWE plans to spend €50bn ($57bn) to greatly boost its renewables, battery storage and green hydrogen capacities by the end of the decade, but the formerly coal-heavy utility also intends to increase its fossil gas capacity.

The German power generator during a capital markets day specified that it targets to reach 31GW in renewable and storage net capacity, and plans to own net 2GW of electrolyser capacity to produce green hydrogen by 2030. That would be up from 13GW in net renewables capacity the company aims to reach by the end of next year.