RWE considers fossil partnership to enter US offshore wind

Germany's largest utility is boosting its financial muscles ahead of a major green deal but will not venture into the US by itself. A partnership with an oil company could be the solution, says CFO.

German utility RWE did surprisingly well in the first quarter. With an adjusted operating result of EUR 510 million, deducting income from subsidiary Innogy, the utility's results exceeded analysts' quarterly expectations by two thirds – and by roughly the same proportion over the same period last year. The adjusted net result came to EUR 273 million against EUR 78 million from the preceding year, shows RWE's Q1 report Wednesday.

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