11 Aug 2022, 14:07
Julian Wettengel

RWE boosts spending on renewables amid energy crisis

Clean Energy Wire

German energy company RWE will spend about 5 billion euros – 30 percent more than originally planned ­– on expanding its green portfolio in 2022, the company said in a press release. “We are investing in offshore and onshore wind, solar, batteries, and in ramping up the hydrogen economy,” CEO Markus Krebber stated. “All this is urgently needed in order to make energy supply more independent and climate-neutral.” The company’s earnings in the first half of 2022 “increased significantly” and Krebber said that proceeds would be used to “benefit the energy transition.” Power generation from RWE’s renewables installations increased by 20 percent in the first half of 2022 compared to the same period last year due to increased capacity and favourable weather. RWE also said it has “no intention to claim losses from a shortfall of Russian gas supply” via a government mechanism that could be activated soon, reported Bloomberg.

Chancellor Scholz has insisted that the emergence of the energy crisis due to the war against Ukraine does not mean other major global crises such as climate change can be left unattended. The government also regards the move to climate neutrality as the best way to reduce dependence on Russian fossil fuels – as do other stakeholders, including industry – and said it aims to double down on efforts to transform the energy system “at Tesla speed.”

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