EurOil: RWE raises 2023 guidance for earnings

Germany’s biggest energy utility RWE this week raised its 2023 guidance for core earnings, citing anticipated higher margins at its gas-fired power stations and trading business profits that have surpassed expectations.

The company is not due to disclose its full first-half financial results until August 10, but said on July 25 that it now anticipates adjusted core profit (EBITDA) totalling between €7.1 and 7.7bn ($7.8-8.5bn), versus a previous projection of €5.8-6.4bn.

"The development of our earnings in the first half of 2023 was marked by a very successful deployment of our international power plant portfolio and an exceptionally strong performance in energy trading, which exceeded our expectations," CFO Michael Mueller said.

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