Powering towards a green tomorrow.

Fiscal 2023

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RWE Group – key figures for 2023

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Adjusted EBITDA

2022: € 6,310 million

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Adjusted EBITDA in the core business

2022: € 5,559 million

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Adjusted EBIT

2022: € 4,568 million

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Adjusted net income

2022: € 3,253 million

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Cash flows from operating activities

2022: € 2,406 million

– € 00 million

Net debt (–) / net cash (+)

2022: € 1,630 million

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Capital expenditure

2022: € 4,484 million

00 MW

Installed capacity

2022: 39,265 MW

00 GWh

Power generation

2022: 156,794 GWh

Letter from the CEO

Markus Krebber talks about current developments, our achievements and what our goals are.

Download the CEO’s letter here

Growing Green – our strategic roadmap to 2030

An ambitious growth programme in our core business forms the centrepiece of our Growing Green strategy. Our initial goal for the period between 2021 and 2030 was to invest approximately €30 billion net in new wind farms, solar assets, battery storage facilities, hydrogencapable gas-fired power plants and electrolysers. The aim was to double the installed capacity in our core business to 50 GW. Our progress in delivering our Growing Green strategy has been faster than expected. We have since significantly raised our targets, which we announced at our Capital Markets Day in November 2023. In the seven years between 2024 and 2030, we are planning around €55 billion in net investments, which are mostly earmarked for Europe and the USA. This will allow us to increase our current green installed capacity by 35.5 GW to over 65 GW by 2030.

More information on the individual components of our growth programme can be found here:

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Offshore Wind

Offshore Wind

At the end of 2023, our offshore wind portfolio had a total installed capacity of approximately 3.3 GW (pro rata). Another 2.5 GW was under construction. We have set our sights on upping our offshore wind capacity to 6 GW by the end of 2027 and then to 10 GW by the end of 2030. Geographically, these efforts will focus on North-West Europe and the USA. Certain countries in the Pacific could also prove relevant, such as Japan.

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Capacity targets Offshore Wind, GW (pro rata)
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Onshore Wind

Onshore Wind

Land-based turbines are currently our most important renewable energy source. In late 2023, these assets contributed 8.7 GW (pro rata) to our generation capacity. We are in the process of building wind turbines totalling 1.2 GW, and plan to expand our onshore wind portfolio to 12 GW by 2027 and again to 14 GW by 2030. The new assets are expected to be largely sited in North America and Europe. We are also planning a number of projects in Australia.

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Capacity targets Onshore Wind, GW (pro rata)
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Solar

Solar

In our solar segment, we took a big step forward in 2023 with our acquisition of Con Edison Clean Energy Businesses. At the end of the year, we operated 4.2 GW of photovoltaic assets (pro rata), 3.3 GW of which stemmed from the aforementioned takeover. A further 3.1 GW were under construction. Our growth target for solar power is ambitious: by 2027, we want to increase our portfolio to 12 GW and to 16 GW by 2030. We are looking to deliver these projects in North America, Europe and Australia.

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Capacity targets Solar, GW (pro rata)
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Flexible Generation

Flexible Generation

The planned exit from coal-fired power stations cannot be covered by new renewable assets and battery storage solutions alone. Instead, we need flexible, climate-friendly generation capacities that can bridge fluctuations in solar and wind energy feed-ins. Gasfired power plants play a key role in this regard. At the end of 2023, our generation portfolio included 15.7 GW (pro rata) of gas-fired capacity. We see a particular need for investments in Germany, where we expect to have built hydrogen-capable gas-fired power stations with a total capacity of 3 GW by the end of the decade. The plants will largely be constructed on sites which have until now been utilised for coal-fired generation.

Alongside the capacity additions, there will also be slight capacity decomissions. For a better overview, this is not illustrated in more detail for the year 2027 in the bar chart.

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Capacity targets Flexible Generation, GW (pro rata)
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Batteries

Batteries

The increased dependence on more volatile energy sources such as wind and solar calls for more battery storage systems. RWE has been looking into developing, constructing and operating large-scale batteries for many years now. Our operational battery storage capacity in late 2023 amounted to 0.7 GW (pro rata) with assets totalling 1.1 GW under construction. By 2027, we are expecting to up this figure to 4 GW and again to 6 GW by 2030. During 2023, we completed a key battery project in Fresno County, California, taking a 137 MW battery storage facility online – our biggest to date. It is connected to a 150 MW solar farm. This synergy allows us to optimise electricity feed-ins to the local grid, thereby improving the yield of the solar farm.

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Capacity targets Batteries, GW (pro rata)

We want to be carbon neutral by 2040.

We are committed to the goal of the Paris Climate Agreement, which aims to limit global warming to 1.5 degrees Celsius compared to the pre-industrial level. We are working hard to achieve this and want to be carbon neutral by no later than 2040.

This applies to our own greenhouse gas emissions, as well as our upstream and downstream value chain. In 2023, we raised our targets for 2030. Our base year for these assessments is 2022. Our targets aim to bring greenhouse gas emissions in line with the 1.5 degree climate benchmark. When the report was published, the independent Science Based Targets initiative was yet to confirm this assessment.

2022 2023 2030 2040

Scope 3

Emissions from our upstream and downstream value chains

Scope 2

Emissions from our purchased and consumed energy

Scope 1

Emissions from our operating activities

CO2 equivalents (CO2e) in million metric tons; CO2e is a unit of measurement used to standardise the climate effects of various greenhouse gases.

Scope 3

Emissions from our upstream and downstream value chains

Scope 2

Emissions from our purchased and consumed energy

Scope 1

Emissions from our operating activities

CO2 equivalents (CO2e) in million metric tons; CO2e is a unit of measurement used to standardise the climate effects of various greenhouse gases.

Scope 3

Overall reduction target for emissions from our upstream and downstream value chains

Scope 1 & 2

Relative reduction target per kWh of power generated for emissions from our operating activities and emissions from our purchased and consumed energy

The baseline year for our emission reduction targets is fiscal 2022. Baseline year and target values are subject to validation by the Science Based Targets initiative.

We want to increase the share of women in leadership positions.

A diverse and inclusive corporate culture is important to our growth. Diversity has many facets, one of which is gender equality when filling leadership roles within our company. This is why we have set ourselves the target of increasing the share of women in management positions in our core business by 2030.

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Share of men and women in leadership roles in our core business

Our ambition for 2030

2023

2030

0 %
Women
0 %
Men
30 %
Women
70 %
Men
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We want to grow sustainably.

In mid-2021, the European Commission published details on the criteria that should be used to determine whether economic activity is mitigating or adapting to climate change. The supplementary delegated climate act to cover activities in the natural gas and nuclear energy sectors was published at the end of 2023. On this basis, we disclose what percentage of our capital expenditure, our revenue and our operational expenditure are classified as sustainable or taxonomy-aligned, in accordance with EU taxonomy regulations.

By 2030, we intended to concentrate more than 90% of our capital expenditure in activities which are categorised as sustainable or taxonomy‑aligned, pursuant to EU taxonomy regulations. In 2023, we raised our target to 95%.

Taxonomy sustainable growth | Powering towards a green tomorrow. – Fiscal 2023

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Compared to the amount stated above, the difference in capital expenditure (€9,979 million) results from the fact that non-cash transactions are also taxonomy-relevant whereas capital expenditure on financial assets is not considered.

The information on this website is from the Annual Report 2023. In the event that the information provided here differs from the audited report, the audited report alone is definitive.