Rwe Ag · XETR:RWE
Rwe — FY2008 Earnings Presentation
70 slides from Rwe's earnings presentation, Feb 26, 2009
Slide 1: Steady course through stormy waters
Steady course through stormy waters Investor and Analyst Conference Fiscal Year 2008 Essen, February 26, 2009 RWE Investor and Analyst Conference, Fiscal Year 2008 | February 26, 2009
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation contains certain forward-looking statements within the meaning of the US federal securities laws. Especially all of the following statements: Projections of revenues, income, earnings per share, capital expenditures, dividends, capital structure or other
Slide 3: Steady course through stormy waters
“Steady course through stormy waters” Dr. Jürgen Großmann, CEO RWE Investor and Analyst Conference, Fiscal Year 2008 | February 26, 2009
Slide 4: Achievements
Achievements Performance 2008 > 2008 financial forecasts fully achieved > Dividend of €4.501 per share – highest dividend ever (payout ratio 71%) 9 Growth Offensive/ > Recommended bid for Dutch utility Essent Internationalization > Nuclear projects in Bulgaria and Romania in preparation > Entry into
Slide 5: 2008 financial forecasts fully achieved
2008 financial forecasts fully achieved 2008 change to € million 2007 Outlook for 2008 External revenue 48,950 +15.2% Higher year on year 9 EBITDA 8,314 +5.0% At least on par year on year 9 Operating result 6,826 +4.5% At least on par year on year 9 Recurrent net income 3,367 +12.8% Increase of more
Slide 6: Substantial investment needs in Europe offer ample opportunities for financially strong players
Substantial investment needs in Europe offer ample opportunities for financially strong players Market size: Electricity markets in Europe Market size: 390 TWh p.a. 670 TWh p.a. Market growth: Market growth: (+/-) (+) Investment need by 2020: Market size: €120 – 140bn 1,420 TWh p.a. Market growth: M
Slide 7: We seize these opportunities – Essent strengthens our leading position
We seize these opportunities – Essent strengthens our leading position in the converging energy market cross-border capacities in MW More leverage in NW-Europe > Germany currently the only net exporter in this region GER > PL 1,200 > Germany/NL future swing markets GER > NL 3,900 PL > GER 1,100 for
Slide 8: Restrictive CO2 regulation highlights need for further internationalization and access to gas
Restrictive CO2 regulation highlights need for further inter- nationalization and access to gas: We are already on this path Expansion of Benefitting from nuclear activities investor-friendly CO2 allocation in CEE NDA sites > ≤49% stake in Wola > Option for 800 MW Belene with 2 GW hard-coal fired pr
Slide 9: Our strategy to reduce the impact of CO2 on our P&L in 2013
Our strategy to reduce the impact of CO2 on our P&L in 2013 Certificates to be Operating Result Offsetting purchased 2008 – 2013 factors in million t p.a. Organic growth/ 160 – 170 +100 High earnings visibility AGR > Expected higher level of power C % and gas wholesale prices – 10 > New build to be
Slide 10: Offsetting factors to reduce the impact of CO2 on our P&L in 2013
Offsetting factors to reduce the impact of CO2 on our P&L in 2013 > Expected higher level of power (>60€/MWh) and gas prices > RWE Innogy: operating result at least €0.5bn p.a. by 2013 Organic Growth/ > RWE Dea: operating result of €0.9bn p.a. by 2013 High Earnings (based on current oil forwards) Vi
Slide 11: We confirm our capex programme to capture growth opportunities
We confirm our capex programme to capture growth opportunities and secure market share €6.5 bn German versus p.a. international capex +/- 10% RWE npower €1,100m p.a. (+/-20%) International German RWE Energy €1,800m p.a. (+/-20%) ~80% grid About half of capex will be spent outside ~20% others of Germ
Slide 12: The new RWE: More market-driven, leaner and faster
The new RWE: More market-driven, leaner and faster > RWE TSO Electricity Germany RWE AG > RWE TSO Gas Germany (Group Centre) > RWE Technology > Internal Services Germany Netherlands/ UK Central Eastern Renewables Upstream Trading/ Belgium Europe Gas & Oil Gas Midstream > RWE Power > Essent > RWE npo
Slide 13: The political framework of our business remains challenging
The political framework of our business remains challenging EU CO2 regulation > NAP 3 framework 9 > NAP 3 implementation ? German nuclear > Lifetime extension legislation ? Renewables > EU renewables target (20% by 2020) 9 > National renewables regulation 9 Carbon Capture > EU framework for demo pla
Slide 14: Value and Growth – A simple strategy for a complex market
“Value and Growth – A simple strategy for a complex market” Dr. Leonhard Birnbaum, CSO RWE Investor and Analyst Conference, Fiscal Year 2008 | February 26, 2009
Slide 15: Our strategic platform – long-term, well-balanced and weather-proof
Our strategic platform – long-term, well-balanced and weather-proof Leveraging Expanding Innovation in Growth strength for our footprint technology, pillars growth products, business models Organic Growth M&A Innovation Operational and commercial excellence RWE's to achieve a strong, integrated core
Slide 16: RWE's simple strategy – Where to and why?
RWE’s simple strategy – Where to and why? …more > Modernization of power plant portfolio sustainable > Strong expansion of renewable energies …more > High share of investments outside of Germany international > Growth in regions new to RWE > Strengthening RWE‘s business along the entire value chain
Slide 17: Track record 2008/09: entering new markets and reducing CO2 exposure
Track record 2008/09: entering new markets and reducing CO2 exposure at the same time Q1 300 MW1 What we did – 08 (global LNG) (HU) and what not… > We avoided large Q2 51% JV 100 MW1 150 MW M&A at the peak of 1,000 MW1 08 (IT) (CZ) (ESP) the market > In renewables, we Q3 73MW1 focused on access to 0
Slide 18: Essent matches our strategy and asset portfolios
Essent matches our strategy and asset portfolios … … in Dutch power generation … in Dutch supply Eemshaven (Coal) Electrabel 1% Electrabel 2% Essent generation plant in operation 1,560 MW (2012) E.ON 2% E.ON 2% Other 8% Other 10% Essent new build project Delta 2% Delta 2% RWE new build project Nuon
Slide 19: Nuclear strategy: preservation of nuclear competence, growth in new and existing markets
Nuclear strategy: preservation of nuclear competence, growth in new and existing markets, zero CO2 Investment criteria > Security: Focus on countries with an existing nuclear framework (legal, infrastructure, waste) > Nuclear framework: Highest standards (plant security, technology, quality), focus
Slide 20: Our strategy in Renewable Energy: Growing generation capacity and profit
Our strategy in Renewable Energy: Growing generation capacity and profit - in existing and new markets Our existing generation assets and project > RWE Innogy: pipeline Organic capacity ramp-up translating into profits 14 5.2 11.9 – Capacity ramp-up to 3.7 GW in 2013 based on current organic growth
Slide 21: Strategy for fossil fired generation: growth, higher flexibility, less CO2 emissions
Strategy for fossil fired generation: growth, higher flexibility, less CO2 emissions Comparison of ramp capacities Lingen: 875 MW highly flexible CCGT plant (new CCGT unit and old coal unit) for all load regimes , 1.000 MW New CCGT Max cap. ~875 MW Min cap. ~260 MW1 Max gradient +/- 38 MW/min 800 Ne
Slide 22: Besides Essent our focus is on organic growth and selective small M&A outside Germany
Besides Essent our focus is on organic growth and selective small M&A outside Germany Time horizon 2009 - 2012: UK: approx. € 3 billion CCGT new build, offshore wind, nuclear new build BeNeLux: approx. €15 billion Acquisition of Essent (NL), increased stake in Luxembourg, low-carbon generation (Eems
Slide 23: Innovation strategy: Leading the way in technology, business innovation and products
Innovation strategy: Leading the way in terms of technology, business innovation and products Technologies RWE Innogy Venture Capital Topell Tidal stream biocoal energy pellets JV with Voith Quiet Revolution REVOLT Carbon WTA® Lignite Compressed zinc-air small scale capture and pre drying air energy
Slide 24: Our target: Best-practice operations to benefit from strong fundamentals
“Our target: Best-practice operations to benefit from strong fundamentals” Dr. Ulrich Jobs, COO RWE Investor and Analyst Conference, Fiscal Year 2008 | February 26, 2009
Slide 25: RWE Power: Attractive margins locked in for 2009 and 2010
RWE Power Attractive margins locked in for 2009 and 2010 Forward selling of RWE Power in the German market (base load forwards in €/MWh) 100 90 Forward 2009 80 70 60 50 40 >>10% 10%sold sold >>20% 20%sold sold >>25% 25%sold sold >>35% 35%sold sold >>65% 65%sold sold >>90% 90%sold sold 30 100 90 Forw
Slide 26: RWE Power: While 2009 is almost fully locked in there is still potential for 2010
RWE Power While 2009 is almost fully locked in there is still potential for 2010 due to higher clean dark spreads 160 40 Forward 2010 120 30 80 20 40 10 0 0 160 40 Forward 2011 120 30 80 20 40 10 0 0 01.01.2007 01.07.2007 01.01.2008 01.07.2008 01.01.2009 01.07.2009 01.01.2010 CDS Cal 2010-11 Baseloa
Slide 27: Germany – Expected long run marginal cost indicates sustainably high power price levels
RWE Power Germany – Expected long run marginal cost indicates sustainably high power price levels Required German base load price at full Required German base load price at full cost of hard coal new build1 cost of CCGT new build1 100 100 LRMC2 80 80 Power price in €/MWhel Power price in €/MWhel LRM
Slide 28: Status of our new build projects
RWE Power / RWE npower Status of our new build projects Project Capacity Capex name (MW) (€ bn) 2005 2006 2007 2008 2009 2010 2011 2012 2013 Lingen CCGT 875 0.5 Staythorpe CCGT 1,650 0.8 Units 1 – 4 BoA Neurath Lignite 2,100 2.4 Unit G F1) Pembroke CCGT 2,000 1.2 Units 1 – 5 Hamm HC 1,530 2.1 Unit D
Slide 29: UK: Good operating performance but negative effects due to volatile market
RWE npower UK: Good operating performance but negative effects due to volatile market and social programmes Generation Retail > Unprecedented volatility > Competitive & volatile market in commodity markets environment persists > Short-Term-Position-Management with > Extra burdens for energy supplier
Slide 30: Retail Germany – strong position in key areas and significant growth potential
RWE Energy Retail Germany – strong position in key areas and significant growth potential elsewhere Electricity: Retail customer development at RWE Customers in RWE key areas3 Customers in other areas Net churn 2008 in thousand customers 13 14 20 21 2 8 -4 -6 -2 -22 -70 -92 Jan Feb Mar Apr May Jun J
Slide 31: RWE Dea on attractive growth path
RWE Dea RWE Dea on attractive growth path High replacement ratio to maintain resource level Expansion in new regions to gain access to potential despite production increase to 12 million m3 OE1 new reserves RR2 < 100% RR2 > 100% RR2 ≥ 100% Exploration 600 Production & Exploration gas and oil, millio
Slide 32: Latest benchmarking of key operations shows strong performance levels
Latest benchmarking of key operations shows strong performance levels Power Stations > Hard Coal and Gas: Solomon benchmarking of 400 power station units worldwide in 2007 RWE Power (GER): overall performance (efficiency, reliability, O&M costs) in upper quartile RWE npower (UK): close behind the fi
Slide 33: Efficiency enhancement programme is on track to deliver €1.2 billion by 2012
Efficiency enhancement programme is on track to deliver €1.2 billion by 2012 Cumulative operating result contribution of the programme compared to 2006 in € million 1,200 900 700 €1,200 million ; ; 450 annual contribution in total as of 2012 200 versus 2006 100 2007 2008 2009 2010 2011 2012 > Effici
Slide 34: Delivering on the traditional virtues of a utility
„Delivering on the traditional virtues of a utility – strong cash generation, robust balance sheet“ Dr. Rolf Pohlig, CFO RWE Investor and Analyst Conference, Fiscal Year 2008 | February 26, 2009
Slide 35: RWE Group key performance indicators 2008
RWE Group key performance indicators 2008 January – December change € million 2008 20071 in % External revenue 48,950 42,507 +15.2 Cash flows from operating activities 8,853 6,085 +45.5 EBITDA 8,314 7,915 +5.0 Operating result 6,826 6,533 +4.5 Non-operating result -485 -149 -225.5 Financial result -
Slide 36: Performance of RWE Power
Performance of RWE Power EBITDA: +14.6% Operating Result: +20.1% 3,072 3,521 2,617 3,142 20071 2008 20071 2008 + Higher realised electricity prices and higher volumes (approx. +€2.0 bn) - Increased costs due to higher fuel prices (approx. -€470 million) - Higher costs for CO2 certificates (increase
Slide 37: Performance of RWE Dea
Performance of RWE Dea EBITDA: -1.1% Operating Result: +0.4% 755 747 492 494 2007 2008 2007 2008 + Significant increase in crude oil prices but not fully reflected due to the dollar’s weakness and our hedge policy. Oil production declining - Negative impact from currency exchange rate changes (appro
Slide 38: Performance of RWE Supply & Trading
Performance of RWE Supply & Trading EBITDA: -9.4% Operating Result: -19.4% 534 484 532 429 2007 2008 2007 2008 - Despite operational performance in line with last year, reported IFRS relevant trading performance lower due to - in 2008 higher portion of performance which will be realized in later per
Slide 39: Performance of RWE Energy
Performance of RWE Energy EBITDA: +6.6% Operating Result: +5.3% 2,802 2,986 2,480 2,355 2007 1 2008 2007 1 2008 - Negative impact from German grid regulation (approx. -€470 million) but improved electricity retail results and cost reduction measures + Customer losses in Germany stopped. Second half
Slide 40: Performance of RWE npower
Performance of RWE npower EBITDA: -17.9% Operating Result: -26.2% 870 724 714 534 2007 2008 2007 2008 - Negative impact from currency exchange rate changes (-€90 million) Power generation: + Improved short term position management, benefiting from high plant availability - Growing costs of CO2 (incr
Slide 41: Non-operating result
Non-operating result January – December Change € million 2008 2007 (absolute) Capital gains 89 339 -250 Impairment losses - - - Restructuring / other -574 -488 -86 Total -485 -149 -336 > Capital gains: disposal of a further 8% stake in rhenag. Fiscal year 2007 dominated by the disposal of the Dutch
Slide 42: Financial result
Financial result January – December Change € million 2008 2007 (absolute) Net interest -158 -479 +321 Interest accretion to non-current provisions -738 -771 +33 Other financial result -579 112 -691 Total -1,475 -1,138 -337 > Net interest: Among other reasons better due to improved net financial posi
Slide 43: Reconciliation to recurrent net income
Reconciliation to recurrent net income January – December 2008 2008 2008 2007 change € million reported non-rec.* recurrent recurrent absolute Operating result 6,826 - 6,826 6,533 +293 Non-operating result -485 +485 0 0 0 Financial result -1,475 -96 -1,571 -1,435 -136 Taxes on income -1,423 -298 -1,
Slide 44: Cash flow statement
Cash flow statement pro forma as reported adjusted for including American Water American Water January – December € million 2008 2007 Change 2007 Funds from operations (FFO) 7,166 5,814 +1,352 6,307 Changes in working capital 1,687 -254 +1,941 -222 Cash flows from operating 8,853 5,560 +3,293 6,085
Slide 45: Value management 2008
Value management 2008 Value added Key figures for Operating Capital ROCE Cost of value management result employed capital in 2008 in 2007 in 2008 € million € million in % in % € million € million RWE Power 3,142 13,031 24.2 9.5 1,915 1,289 RWE Dea 494 1,806 27.3 12.0 277 266 RWE S&T 429 1,027 41.8 9
Slide 46: We maintain a high level of liquidity and strong sources of financing
We maintain a high level of liquidity and strong sources of financing - even after the bid for Essent Capital market debt maturities1 General financing Fully committed in € bn syndicated loan for liquidity 3 (€1.6 bn 364 days back-up €2.0 bn 3 years) €0.0 bn 2.02 Commercial paper $5.0 bn (up to 1 ye
Slide 47: Essent acquisition brings RWE into target corridor of the planned leverage factor
Essent acquisition brings RWE into target corridor of the planned leverage factor Leverage measured by ratio of Net Debt/EBITDA (= leverage factor): Net debt Leverage Factor > RWE’s targeted range for the leverage > Net financial debt factor: 2.8x – 3.4x by 2010 + provisions for pension + provisions
Slide 48: Outlook for the operating result 2009 per division
Outlook for the operating result 2009 per division 2008 2009 € million forecast RWE Power 3,142 Above previous year RWE Dea 494 Significantly below previous year RWE Supply & Trading 4861 Above previous year RWE Energy 2,2861 Matching previous year’s level RWE npower 534 Significantly below previous
Slide 49: 2009 outlook and mid-term financial targets
2009 outlook and mid-term financial targets Dr. Jürgen Großmann, CEO RWE Investor and Analyst Conference, Fiscal Year 2008 | February 26, 2009
Slide 50: Outlook for 2009: We are well prepared to weather the storm
Outlook for 2009: We are well prepared to weather the storm 2008 2009 € million forecast External revenue 48,950 Above previous year EBITDA1 8,773 in the order of last year’s level Operating result 6,826 in the order of last year’s level Recurrent net income 3,367 in the order of last year’s level C
Slide 51: Mid-term financial targets: We are also a stable post-crisis investment
Mid-term financial targets: We are also a stable post-crisis investment Operating Result > 5 – 10% CAGR1 to 2012 (excluding Essent) based on an average realized price for German electricity forwards of at least €60/MWh Recurrent > In the order of 10% CAGR1 to 2012 (excluding Essent) based on an net
Slide 52: Our Targets
Our Targets > Value accretive growth (mainly organic) based on our strategic roadmap for 2012 > To reduce financial exposure to CO2 in light of the 2013 challenge > To secure our position in the premiere league of European Utilities > To deliver a high and sustainable dividend to our shareholders RW
Slide 53: Back-up Charts
Back-up Charts RWE Investor and Analyst Conference, Fiscal Year 2008 | February 26, 2009 53
Slide 54: RWE including Essent on a pro forma basis
RWE including Essent1 on a pro forma basis 2008 2008 External revenue EBITDA € million € million RWE 48,950 RWE3 8,773 Essent 6,551 Essent 882 Pro forma combined 55,501 Pro forma combined 9,655 2008 Operating result € million RWE 6,826 Essent2 600 Pro forma combined 7,426 1 Preliminary fully consoli
Slide 55: Non-operating result: Impact of oil hedges for our gas supply business
illu st ra Non-operating result: Impact of oil hedges tiv e for our gas supply business ex am pl e Assumptions: Fixed-price contracts with clients Gas purchases are oil-indexed (here without time offset) As a result: oil short position which is hedged via oil swaps 2008 2009 08/09 July Decembe
Slide 56: UK's CO2 reduction and social energy programmes
UK’s CO2 reduction and social energy programmes Expected industry spend for CO2 reduction and Carbon Emissions reduction target (CERT) social obligation 3 year spend (2008-11) > This phase of the energy supplier obligation to last 3 years (April 2008 – April 2011) (£m) > Replaced the Energy Efficien
Slide 57: RWE Group electricity production
RWE Group electricity production January – December Other Total Total in TWh Germany UK Internat. 2008 2007 Lignite 68.3 - 5.6 73.9 76.1 Nuclear 49.3 - - 49.3 32.1 Hard coal 43.6 18.0 0.4 62.0 71.0 thereof contracts 28.6 - - 28.6 36.3 Gas 12.9 18.2 0.1 31.2 29.3 Renewable energies 3.7 0.9 0.7 5.3 5.
Slide 58: RWE Group electricity sales volume
RWE Group electricity sales volume January – December Total Total in TWh Germany UK Poland Hungary Other 2008 2007 Private and commercial 27.2 21.4 3.5 6.0 0.7 58.8 60.4 customers Industrial and corporate 58.7 31.1 3.2 7.0 0.6 100.6 98.2 customers Distributors 80.8 - 0.5 5.3 1.0 87.6 79.3 Electricit
Slide 59: RWE Group gas sales volume
RWE Group gas sales volume January – December Ger- Czech Total Total in TWh many Rep. UK Other 2008 2007 Private and commercial 20.9 33.5 48.5 7.7 110.6 110.3 customers Industrial and corporate 38.8 31.5 9.7 26.9 106.9 116.6 customers Distributors 95.0 15.3 - - 110.3 108.1 Total 154.7 80.3 58.2 34.6
Slide 60: Germany: Clean Dark Spread versus hard coal and CO2 prices
Germany: Clean Dark Spread (CSS) versus hard coal and CO2 prices 160 40 Forward 2009 120 30 80 20 40 10 0 0 160 40 Forward 2010 120 30 80 20 40 10 0 0 160 40 Forward 2011 120 30 80 20 40 10 0 0 01.01.2007 01.07.2007 01.01.2008 01.07.2008 01.01.2009 01.07.2009 01.01.2010 CDS Cal 2010-11 Baseload (€/M
Slide 61: Germany: Clean Spark Spread versus natural gas and CO2 prices
Germany: Clean Spark Spread (CSS) versus natural gas and CO2 prices 50 50 Forward 2009 40 40 30 30 20 20 10 10 0 0 50 50 Forward 2010 40 40 30 30 20 20 10 10 0 0 50 50 Forward 2011 40 40 30 30 20 20 10 10 0 0 01.01.2007 01.07.2007 01.01.2008 01.07.2008 01.01.2009 01.07.2009 01.01.2010 CSS Peakload C
Slide 62: UK: Clean Dark Spread versus hard coal and CO2 prices
UK: Clean Dark Spread (CDS) versus hard coal and CO2 prices 150 50 Forward 2009 120 40 90 30 60 20 30 10 0 0 150 50 Forward 2010 120 40 90 30 60 20 30 10 0 0 150 50 Forward 2011 120 40 90 30 60 20 30 10 0 0 01.01.2007 01.07.2007 01.01.2008 01.07.2008 01.01.2009 01.07.2009 01.01.2010 CDS Cal 2009-11
Slide 63: UK: Clean Spark Spread versus natural gas and CO2 prices
UK: Clean Spark Spread (CSS) versus natural gas and CO2 prices 50 50 Forward 2009 40 40 30 30 20 20 10 10 0 0 50 50 Forward 2010 40 40 30 30 20 20 10 10 0 0 50 50 Forward 2011 40 40 30 30 20 20 10 10 0 0 01.01.2007 01.07.2007 01.01.2008 01.07.2008 01.01.2009 01.07.2009 01.01.2010 CSS Peakload Cal 20
Slide 64: How growth and efficiency enhancement capex will impact our underlying earnings
How growth and efficiency enhancement capex will impact our underlying earnings performance (€ bn) 26 Maintenance 8 Mandatory (grid) 1 Efficiency enhancement Replacement 5 13 approx. 20% 1 Operating result*: 100% +€1,200 m p.a. Growth 12 12 EBITDA: +€1,500 m p.a. Total capex Growth/efficiency Averag
Slide 65: Development of net debt
Development of net debt € billion Capex Dividends/ Funding Cash flows Acquisitions/ Others Change in Share CTA2 from disposals/ including pension, buy back operating (de)consoli- f/x effects nuclear, activities dations DCO mining provisions 30 +1.3 -8.9 +4.5 25 +2.0 +2.5 +4.5 20 +0.6 +0.2 18.7 */-0
Slide 66: Financial liabilities and assets: Solid financing in place
Financial liabilities and assets: Solid financing in place (as of 31.12.2008) Financial liabilities in billion Euros Financial assets in billion Euros Split of securities 15 15 14.1 13.5 13.1 1.2 0.5 2.0 1.2 11.2 1.2 0.7 0.8 0.5 0.5 1% 10 10 3.6 3.6 8% 5 10.0 10.2 5 7.8 8.1 91% 2.3 0.3 1.3 1.0 0.5 0
Slide 67: Development of pension liabilities, plan assets and provisions
Development of pension liabilities, plan assets and provisions change € million 31.12.2008 31.12.2007 absolute Present value of funded benefit obligations 11,872 12,298 -426 Fair value of plan assets 11,030 12,675 -1,645 Net amount for funded plans 842 -377 +1,219 Capitalized surplus of plan assets
Slide 68: Gross financial debt currency and interest exposure
Gross financial debt currency and interest exposure1 € / Others 59% $ 6% Floating 9% £ 35% Fixed 91% With debt in foreign currencies we hedge the translation risk of our international activities. 1 Excluding American Water; including cross-currency swaps RWE Investor and Analyst Conference, Fiscal Y
Slide 69: RWE's current Kyoto credit portfolio for 2008-12
RWE‘s current Kyoto credit portfolio for 2008-12 Projects as of December 31, 2008 Contract volume by technology Hydro 100 N2O HFC23 90 Energy Efficiency Wind 80 Biogas Coal mine methane 70 Biomass 100 Geothermal mill. certificates 60 ERPA1 others 50 In 40 Contract volume by region Validation 30 Chin
Slide 70: Less CO2: Our Strategy to Reduce our Exposure Physically and Financially
Less CO2: Our Strategy to Reduce our Exposure Physically and Financially of which additional - 6 m t from CO2-mitigation in RWE Group: Physical and financial measures and potential (million t/a)1) RWE Innogy renewable projects 172 -72) 3) up to -7 -144) RWE Extension up to -65) planned 138 -82) new-