RWEOY - RWE Aktiengesellschaft (RWEOY) Q1 2024 Earnings Call Transcript
2024-05-15 16:47:09 ET
RWE Aktiengesellschaft (RWEOY)
Q1 2024 Results Conference Call
May 15, 2024 07:00 AM ET
Company Participants
Thomas Denny - Head of IR
Michael Muller - CFO
Conference Call Participants
Robert Pulleyn - Morgan Stanley
Alberto Gandolfi - Goldman Sachs
Peter Bisztyga - Bank of America
Olly Jeffrey - Deutsche Bank
Wierzbicka Serwinowska - UBS
Deepa Venkateswaran - Bernstein
Harry Wyburd - BNP Paribas
Presentation
Thomas Denny
And good afternoon, ladies and gentlemen. Thank you for joining the Q1 2024 RWE Investor Analyst Conference Call today. Our CFO, Michael Muller, will guide you through our key highlights and financial performance for the first quarter and the outlook for the current year. And with that, let me hand over to you, Michael.
Michael Muller
Yes. Thanks, Thomas, and good afternoon to all of you. First quarter was a solid start into 2024. Adjusted EBITDA stood at €1.7 billion, driven by good wind conditions in our offshore business, capacity additions in the onshore business and a good trading performance. Earnings in flexible generation were lower after exceptional market conditions in the previous year.
We confirm our full year guidance at the lower end of our guidance range. We've also made significant progress on offshore portfolio optimization. We have derisked our 3 gigawatts DogaBank South project by selling down 49% to our partner Mazda, and we have acquired the highly attractive 4.2 gigawatts Norfork project portfolio from Battenfeld. These well-developed U.K. offshore projects are eligible for CFD auctions in the coming years....
RWE Aktiengesellschaft (RWEOY) Q1 2024 Earnings Call Transcript