A rise in gas sales as a result of a cold winter has helped Germany‘s second largest utility record a higher profit than had been forecasted for Q1.
The country’s largest power producer RWE joined larger peer E.ON in posting forecast-beating results for the first quarter.
“In the gas business, we benefited from a normalisation of temperatures compared to the extremely mild first quarter last year,” Chief Executive Peter Terium said in a letter to shareholders on Wednesday.
RWE’s first-quarter operating profit declined by 5.1 percent to €1.63bn ($1.83bn), the company said, higher than the €1.58bn average forecast in a Reuters poll.
The improvement was driven by its generation unit, where profits fell 23.4 per cent to €428m, significantly better than the €372m feared by analysts.
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