Substantial Federal Funding: RWE received €619 million in federal funding for two hydrogen projects in Germany, including a 300 MW electrolysis plant in Lingen and a hydrogen storage facility in Gronau-Epe.
Electrolysis Plant in Lingen: The 300 MW plant, part of the GET H2 Nukleus project, is set to produce green hydrogen using renewable energy, aiming to reduce industrial carbon dioxide emissions. The plant is expected to be operational by 2025.
Hydrogen Storage Facility in Gronau-Epe: The facility, which will utilize two caverns (one previously used for natural gas), is planned to begin storing hydrogen by 2026, helping balance supply and demand.
HyTechHafen Rostock Project: RWE is part of a consortium that received €199 million to build a 100 MW electrolysis plant at the port of Rostock. The project aims to produce green hydrogen for local consumers and feed into Germany’s hydrogen core grid, with operations expected to start in 2027.
OranjeWind Offshore Wind Project: The project, in partnership with TotalEnergies, will integrate flexible solutions like electrolysers for green hydrogen production, combining renewable energy with hydrogen to ensure a stable energy supply.

Essen -- RWE looks back on a good performance in the first half of 2024. In the first six months, the company posted adjusted EBITDA (adjusted earnings before interest, taxes, depreciation and amortisation) of €2.9 billion and adjusted net income of €1.4 billion. RWE recorded a significant increase in earnings in the Offshore Wind and Onshore Wind/Solar segments. As expected, Group earnings were down on the previous year due to lower earnings in the Flexible Generation and Supply & Trading segments.

RWE continues to solidify its role as a leader in the green energy transition, focusing heavily on hydrogen and renewable energy initiatives in the first half of 2024. Despite some financial challenges, the company made significant strides in advancing its commitment to sustainability and decarbonization.

Markus Krebber, CEO of RWE AG: “Our ‘Growing Green’ strategy is paying off - more than half of our adjusted EBITDA is already coming from our wind and solar energy business. Our power production from renewables reached a record level of 26 terawatt hours and accounted for 45 per cent of total generation. At the same time, we have significantly reduced our CO₂ emissions. We are continuing to invest billions of euros in the value-creating expansion of our geographically and technologically broadly diversified portfolio. At the same time, the demand for green electricity continues to rise. RWE is ideally positioned to continue to drive the energy transition both in Germany and internationally.”

Hydrogen Projects Boosted by Significant Funding

One of the most exciting developments for RWE this year is the substantial federal funding granted for three of its hydrogen projects in Germany. The German government awarded RWE €619 million to support two major projects: the construction of a 300 MW electrolysis facility in Lingen, Lower Saxony, as part of the GET H2 Nukleus project, and the development of a hydrogen storage site in Gronau-Epe, North Rhine-Westphalia. Additionally, RWE received €199 million as part of a consortium to build a 100 MW electrolysis plant under the HyTechHafen Rostock project in Mecklenburg-Western Pomerania. These projects are pivotal for the future of hydrogen as a sustainable energy source. The Lingen electrolysis plant, scheduled to go online in 2025, will produce green hydrogen using renewable energy, helping to significantly reduce carbon dioxide emissions for industrial customers. The hydrogen storage facility in Gronau-Epe, expected to start operations in 2026, will play a crucial role in balancing supply and demand, storing hydrogen in two caverns, one of which was previously used for natural gas storage. The HyTechHafen Rostock project is set to operationalize in 2027, producing green hydrogen at the port of Rostock. This hydrogen will serve local consumers and contribute to Germany's developing hydrogen core grid, demonstrating RWE's commitment to building a robust hydrogen infrastructure across the country.

Renewable Energy Expansion Continues

RWE also made significant progress in expanding its renewable energy portfolio. The company finalized its investment decisions on two offshore wind farms in the German North Sea—Nordseecluster A and B—adding a total capacity of 1,560 MW. These projects, expected to be completed by 2029, will provide clean energy to industrial and municipal customers, furthering their decarbonization efforts. In partnership with TotalEnergies, RWE is advancing the OranjeWind offshore wind project in the Netherlands. This 795 MW project will integrate flexible solutions like electrolysers for green hydrogen production, charging stations for electric vehicles, and battery storage systems to match energy production with demand. The project highlights RWE’s innovative approach to combining renewable energy with hydrogen to ensure a stable and sustainable energy supply.

Strategic International Moves

RWE's international ventures are also making headlines. The company secured its first offshore wind project in Australia, gaining a license to develop a 2 GW capacity wind farm off the coast of Victoria. This project represents a significant step in RWE's global expansion strategy and its commitment to renewable energy on an international scale. In the United States, RWE completed two major solar farms, Willowbrook and Bright Arrow, adding a combined capacity of 450 MW. The Bright Arrow project also includes a 100 MW battery storage system to optimize solar power feed-ins to the local grid. These projects are part of RWE's strategy to expand its renewable footprint in North America and support large corporations like Microsoft in achieving their climate goals through long-term power purchase agreements. Outlook for 2024 RWE’s outlook for earnings development from the beginning of the year remains unchanged. RWE maintains its guidance for adjusted EBITDA within a range of €5.2 billion to €5.8 billion, and for adjusted net income to be between €1.9 billion and €2.4 billion. The company continues to expect to close at the lower end of the forecast ranges. The dividend for the current fiscal year is to be raised to €1.10 per share. Details on the earnings forecast for the individual segments can be found in the 2023 Annual Report.

Key figures at a glance

RWE's First Half of 2024 Sees Profit Growth and Impressive Advancements in Green Hydrogen Initiatives