RWEOY Rwe Ag (PK)

1439 GMT - RWE is among the most mentioned companies across news items over the past 12 hours, according to Factiva data, after the German energy company said it plans to spend EUR55 billion in renewable energy, batteries, flexible power generation and hydrogen projects until 2030. The company said that it is aiming to expand its portfolio of green energy by at least 30 gigawatts, bringing its worldwide total to 65 gigawatts. Of the amount it is planning on spending, more than half will be earmarked for Europe, where EUR11 billion and EUR8 billion will go to Germany and the U.K., respectively. With plans to increase its offshore and onshore electric capacities, RWE said it is targeting an annual increase in adjusted earnings before interest, taxes, depreciation and amortization of 14% this decade, reaching between EUR8.8 billion and EUR9.6 billion by 2030. The company also said that it intends to increase its dividend to EUR1.10 a share and increase it annually between 5% and 10% thereafter. Dow Jones & Co. owns Factiva. (pierre.bertrand@wsj.com)

(END) Dow Jones Newswires

November 28, 2023 09:54 ET (14:54 GMT)

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