In the midst of the energy crisis and energy transition, EnBW, as Germany’s third-largest supplier, is expecting strong growth in the current year and wants to phase out coal completely by 2028. “The year 2022 marked a turning point for the energy industry, which requires a readjustment of our strategy,” said the new CEO Andreas Schell in a statement.

According to the information, the adjusted operating result (adjusted Ebitda) was now 3.29 billion euros after 2.96 billion euros in 2021, an increase of 11 percent. CFO Thomas Kusterer explained for the current financial year: “We assume that our adjusted Ebitda will be in a range of EUR 4.7 to 5.2 billion.”

With an increase of more than 39 percent compared to 2021 to 1.11 billion euros, renewable energies were the most profitable business area for the first time last year, EnBW announced. According to the announcement, consolidated net income rose from around 363 million to 1.7 billion euros compared to the previous year.

“But the energy transition has to pick up speed if we want to cover our energy needs and achieve the climate targets,” emphasized CEO Schell. “As EnBW, we are accelerating the transformation towards more sustainability and are planning to completely phase out coal as early as 2028, provided that the framework conditions set by the federal government allow this.” At around EUR 3.2 billion, the Group’s investments in wind farms and the expansion of electricity transmission networks, for example, were 12 percent higher than in the previous year.