RWE's First-Half Earnings Drop After Decline in Power Prices [Financial Post (Toronto, Ontario, Canada)]
RWE AG ORD S/ADR (RWEOY)
NASDAQ:AMEX Investor Relations:
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Germany's largest power producer RWE AG saw earnings fall by nearly a third in the first half of 2024 from a year ago after a decline in power prices weighed on results. The energy company said adjusted earnings before interest, taxes, depreciation and amortization amounted to €2.9 billion ($3.2 billion) in the six months through June, down from €4.1 billion a year earlier. While the utility profited from relatively high electricity prices in Europe during the past two years, these have fallen considerably since last November due to lower gas costs and an increase in renewable generation. Analysts are closely watching for news related to a report that RWE is exploring purchasing a stake in US power-plant giant Calpine Corp., with US energy demand expected to surge thanks to artificial intelligence, data centers and factories. RWE said its earn
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