RWE raises 2022 outlook, shares near 11-year high

RWE on Thursday raised its outlook for 2022, citing higher margins in its power generation business in what it described as a dynamic market environment.

The group now expects adjusted core earnings of 3.6 billion to 4 billion euros ($4.1 billion-4.5 billion), up from a previous range of 3.3 billion to 3.6 billion euros.

“With our diverse portfolio, both from a technological and geographical point of view, RWE is a reliable generator of electricity,” RWE Chief Financial Officer Michael Mueller said.

“In a dynamic market environment, we are able to secure higher generation margins.”

Shares in the company rose as much as 5.1%, to 38.78 euros per share, their highest level since June 2011.

($1 = 0.8804 euros)