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RWE AG to invest in green technologies in Europe

The German oil and gas company RWE AG is considering investing in green technologies this year in Europe.

The company plans to make investments in order to fight energy crisis and make energy supply more independent.

According to the company, it plans to invest over EUR5 billion in its green portfolio in 2022. This amount is 30% more than its original investment plan.

Company Chief Executive Markus Krebber was quoted in a statement, "We are investing in offshore and onshore wind, solar, batteries and in ramping up the hydrogen economy. All this is urgently needed in order to make the energy supply more independent and climate-neutral."

Regarding investment this year, the company spent about EUR2 billion to implement its green strategy in the first half of the year alone. With this investment, it was able to generate around 20% more electricity from renewables.

In the first half of this year, the company recorded an adjusted income to EUR1.57 billion. The income was only EUR870 million in that period last year.

According to RWE, it aims to achieve adjusted net income between EUR2.1 billion and EUR2.6 billion this year.


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