First Principles – RWE: Solving the Power Equation

J.P. Morgan's "First Principles" company primer on RWE. RWE is Europe's largest power generation firm with >26 GW of pro rata renewables and flexible generation capacity in Europe and >40 GW globally, which has transformed itself from an integrated German utility built around local coal and lignite generation into Europe's largest renewable power plant operator. Its core power generation capabilities are within offshore wind (29% of FY25 Adj. EBITDA), onshore wind & solar (34%) and flexible generation, mainly gas (28%), providing exposure to gas and power prices, commodity price volatility and long-term contracted sources of earnings and cash flows;