FRANKFURT – The RWE Annual General Meeting was held on 28 April 2021 in the form of a virtual AGM without the shareholders or their authorized representatives being present.
In his speech to the sharehoders Rolf Martin Schmitz emphasized RWE’s commitment to hydrogen.
“The second pillar of the energy transition in addition to green electricity is hydrogen. It offers a realistic opportunity to decarbonise the areas that can’t be electrified. Industry above all. That is the only way to achieve climate goals, worldwide.
There is also huge potential in hydrogen for RWE. We have everything we need under one roof: green electricity, expertise in production, storage capacity, and trading know-how.
But there’s still a lot to do in this regard: Investment in green hydrogen is not yet financially viable. That’s because there’s no market for green hydrogen yet, there’s no established legal framework, and we don’t have the conditions in place for a fast market ramp-up.
It will still be some time until we see large-scale investments in this area. But here at RWE we’re already working hard on the preparations. We want to be there when it really takes off.
That’s why, early this year, we created a dedicated portfolio for hydrogen within the Board of RWE Generation. In this way we’re pooling our skills within the Group, driving projects forward, and forging alliances. And we’re working with strong partners to give ourselves an edge from the start. We are currently involved in 30 innovative projects in Germany, the Netherlands, and Great Britain.”
On Germany and the Energy Transition, he had this to say.
We need a clear legal framework and suitable conditions in place, and quickly. Those are the preconditions for being able to actually generate, transport, and use green hydrogen cost-effectively.
The EU has announced it will put forward the appropriate proposals by the end of the year.
I’m pleased that the German Federal government wants to lead the way in this area. However, instead of designing, regulating, and financing gas and hydrogen networks separately, the existing gas network regulations should be extended to cover hydrogen. That would allow for meaningful integrated planning.”