RWE noted that its first quarter 2008 results were taken into account, after the German Federal Network Agency’s additional cuts in grid fees and tightening of emissions trading rules went into effect in early January 2008.
Additionally, the utility’s trading activities reportedly remained below the level reached in the comparable period in 2007.
The result was an 8% decline in earnings before interest, taxes, depreciation and amortization for the RWE Group in the first three months of 2008, to under E2.9 billion. The operating result reportedly decreased by 9%, to E2.5 billion.
In the first quarter of 2008, RWE’s recurrent net income rose by 3%, to E1.4 billion. Net income declined significantly in the first quarter to E809 million. Capital expenditure on property, plant and equipment totaled E657 million in the first quarter of 2008.
