German utility RWE has seen an overall 23% increase in net income and a 15% increase in operating result for the first three quarters, but expects to post a lower growth rate for the full year.

Net income rose to E2.1 billion, while operating results rose to E5.4 billion. External revenues were also up by 16% generating E34 billion. Excluding non-operating activities, group revenue increased by 19%. Earnings per share increased to E3.72 from E3.02.

Although the increases provide a positive outlook, the annual forecast for the utility group has indicated a lower growth rate for the year as a whole, due to the expected reduction in revenues from network regulation in Germany and unplanned power plant outages.

The energy provider also aims to further its annual cost reduction by E680 million by the end of 2006, which it expects to achieve through two ongoing programs. The target volume for the current year is E230 million. E180 million of the total amount has already been achieved in the first three quarters.