RWE expects wind unit to take massive financial hit from Texas power crisis

摘要

German utility RWE expects a negative impact of at least Eur100 million ($120 million) from "abnormal pricing conditions" as a result of the extreme weather in Texas, it said late Feb. 18. Extremely low temperatures and icing conditions have led to low availability of generation assets in Texas, with parts of RWE's wind fleet out of service since Feb. 9 because of icing and grid issues, it said. The weather also impacted power prices, spiking to up to $9,000/ MWh, it said. "As a result, the adjusted EBITDA of the Onshore Wind/Solar segment in 2021 are expected to be negatively affected in the range of a low to mid three-digit million euro amount in total," RWE said in the statement. As RWE had sold wind output in advance, the company had to buy these volumes back in the market to fulfill its supply obligations, it said.