Energy

RWE hails ‘good start’ to the year despite the coronavirus

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Germany’s RWE said Thursday it had got off to a “good start” in 2020 despite the coronavirus pandemic.

Adjusted earnings before interest, taxes, depreciation and amortization came in at 1.3 billion euros ($1.41 billion) in the first quarter, a 19% increase from the same period last year, with the firm also confirming its earnings forecast for 2020.

“On our side the power generation business has very limited impact from the corona situation,” Markus Krebber, RWE’s chief financial officer, told CNBC on Thursday.

“Of course, we see muted power demand but usually our positions are hedged very well in advance and that is why we have seen, so far, very limited impact.”

Krebber went on to explain…



Source cnbc.com

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