RWE AG
Annual Report 2024

Better energy  
for a better future
Annual Report 2024

However, the environment is challenging and requires a great deal of 
flexibility. Our current plan is to make net investments of about 
€35 billion in the period from 2025 to 2030 in new wind and solar farms, 
battery storage, flexible backup power stations and electrolysers for 
green hydrogen production. These investments will have to meet our 
strict return requirements. After all, we want our growth to pay off for our 
shareholders. Our aim is to raise adjusted earnings per share to about €4 
by 2030.
Our 20,000+ strong workforce is wholeheartedly dedicated to 
harnessing the benefits of a secure, affordable and increasingly climate-
friendly electricity supply for businesses and society as a whole. This 
commitment is expressed in our purpose: Our energy for a sustainable 
life. It is what sets RWE apart. And we will remain true to this conviction as 
we continue our journey down this road. Just as we have done with our 
product, electricity. 
Our energy for a sustainable life. 
RWE’s history dates back to 1898. Our journey has been characterised 
by rapid social and technological change. But one part of our story has 
always remained the same: our product, electricity. The only difference 
now is how we generate that power. We produced our very first megawatt 
hour from hard coal. Later, lignite and nuclear were our main energy 
sources. Today, they have been replaced with wind, sun, water and 
natural gas. Tomorrow, we will make a full transition to zero-carbon 
energy sources. Because our objective is to be carbon neutral. And we 
want to ­accomplish this by 2040. 
Green energy is the lifeblood of a sustainable economy. And demand for 
it is not only rising in the energy sector, but also in industry, ­transport and 
buildings. We want to play our part in ensuring that electricity produced 
by techniques that are gentle on the climate becomes the main pillar of 
energy supply – on the back of investments that create both social and 
economic value. We are making good progress on this journey. In 2024, 
we made net investments of €10 billion, more than at any other time in 
the last 15 years.  

At a glance
RWE Group – key figures1
2024
2023
+ / –
Power generation
GWh
117,801
129,701
– 11,900
External revenue (excl. natural gas tax / electricity tax)
€ million
24,224
28,521
– 4,297
Adjusted EBITDA
€ million
5,680
7,749
– 2,069
Adjusted EBIT
€ million
3,561
5,802
– 2,241
Income before tax
€ million
6,343
3,999
2,344
Net income / income attributable to RWE AG shareholders
€ million
5,135
1,515
3,620
Adjusted net income
€ million
2,322
4,098
– 1,776
Cash flows from operating activities
€ million
6,620
4,223
2,397
Capital expenditure
€ million
11,240
9,979
1,261
Property, plant and equipment and intangible assets
€ million
9,377
5,146
4,231
Acquisitions and financial assets
€ million
1,863
4,833
– 2,970
Proportion of taxonomy-aligned investments2
%
94
89
5
Free cash flow
€ million
– 4,106
– 4,594
488
Number of shares outstanding (average)
thousands
743,554
743,841
– 287
Earnings per share
€
6.91
2.04
4.87
Adjusted net income per share
€
3.12
5.51
– 2.39
Dividend per share3
€
1.10
1.00
0.10
31 Dec 2024
31 Dec 2023
Net debt
€ million
– 11,177
– 6,587
– 4,590
Workforce4
20,985
20,135
850
1  Some prior-year figures restated; see commentary on page 40.
2  Taxonomy-alignment is when an activity meets the applicable requirements under the EU Taxonomy Regulation.
3  Dividend proposal for fiscal 2024, subject to the passing of a resolution by the 30 April 2025 Annual General Meeting.
4  Converted to full-time equivalents.
2
Combined  
management report
03
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors


3	
Consolidated financial statements	
187
3.1	
Income statement	
188
3.2	
Statement of comprehensive income	
189
3.3	
Balance sheet	
190
3.4	
Cash flow statement	
192
3.5	
Statement of changes in equity	
194
3.6	
Notes	
196
3.7	
List of shareholdings  
(part of the Notes)	
287
3.8	
Boards (part of the Notes)	
346
4	
Notes from the auditor	
352
4.1	
Independent auditor’s report	
353
4.2	
Information on the auditor	
364
4.3	
Assurance report in relation to 
the Group Sustainability Statement	
365
5	
Responsibility statement	
370
6	
Further information	
372
6.1	
Five-year overview	
373
6.2	
Imprint	
374
6.3	
Financial calendar	
375
Contents
1	
To our investors	
05
1.1	
Letter from the CEO	
06
1.2	
Executive Board of RWE	
08
1.3	
Supervisory Board report	
09
1.4	
RWE on the capital market	
16
2	
Combined management report	
20
2.1	
Business model and strategy	
21
2.2	
Innovation	
28
2.3	
Business environment	
31
2.4	
Major events	
36
2.5	
Business performance	
40
2.6	
Financial position and net worth	
52
2.7	
Notes to the financial statements 
of RWE AG (holding company)
57
2.8	
Outlook	
59
2.9	
Development of risks and opportunities
61
2.10	 Disclosure relating to German takeover law	
71
2.11	 Group Sustainability Statement	
74
In accordance with Section 162 of the German Stock Corporation Act, we published the Remuneration Report for fiscal 2024 as a separate report.  
It has also been included in the invitation to the virtual Annual General Meeting, scheduled for 30 April 2025.  
The publications are available at www.rwe.com/remuneration and www.rwe.com/agm.
2
Combined  
management report
04
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors


1.1	
Letter from the CEO	
06
1.2	
Executive Board of RWE AG	
08
1.3	
Supervisory Board report	
09
1.4	
RWE on the capital market	
16
To our investors
1

Just over three years ago, we set our course with our Growing Green strategy. Since then, 
RWE has expanded its solar and wind portfolio by 90 %, advancing to become one of  
the world’s leading providers of electricity from renewables. In 2024, renewable energy 
accounted for over 40 % of our electricity generation – more than any other source of 
energy. We also made good progress in terms of decarbonisation, the second pillar of  
our strategy: our carbon dioxide emissions from power production dropped by 13 % last 
year. This brings the total reduction over the last three years to 35 %. The basis for this is 
the responsible phaseout of coal-fired generation. Whereas 18 RWE lignite units were  
still in operation at the end of 2021, this figure has fallen to just seven today. As planned, 
six units were decommissioned over the last year alone. 
We can also look back on a positive result in economic terms. As in the preceding years,  
we exceeded our own earnings forecast. We posted adjusted EBITDA of €5.7 billion. This is 
half a billion euros more than we anticipated at the beginning of the year. A strong trading 
performance and significant income from the commercial optimisation of our power  
plant dispatch were the drivers. Year on year, we recorded a positive development in the 
renewables business, as a large number of new wind and solar farms as well as battery 
storage systems were commissioned in 2024, contributing their earnings to RWE’s bottom 
line for the first time.
This demonstrates RWE’s robust position. We benefit from a growing renewable energy 
business and profitable flexible power stations combined with decades of expertise in 
optimally marketing our electricity generation. In the financial year that just came to a 
close, #TeamRWE once again stepped up to the plate to drive forward our business with 
their know-how and tireless dedication. I would like to take this opportunity to express my 
heartfelt thanks to our over 20,000 employees worldwide for this.
We continue to chart this course with resolve. Some 150 projects in eleven countries are 
under construction. These include the Sofia wind farm on Dogger Bank off the UK coast, 
where we expect to commission the first turbines this summer. In addition, we are building 
onshore wind farms, solar farms, battery storage systems and electrolysers. About three 
quarters of the capacity under construction is scheduled to go online by the end of 2026.
1.1 Letter from the CEO
Dr. Markus Krebber,  
Chief Executive Officer of RWE AG
2
Combined  
management report
06
1
To our investors
Letter from the CEO
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

Despite the reduced investment programme, we maintain our long-term earnings goals. 
We anticipate that adjusted net income will rise to about €4 per share by 2030. We still have 
our sights set on a figure of around €3 per share for 2027. And you, our shareholders,  
will benefit from the positive earnings trend in the form of rising dividends: we are aiming 
for an annual increase of 5 % to 10 % through to 2030. We will propose to the Annual 
General Meeting a dividend of €1.10 per share for fiscal 2024. This represents an increase 
of 10 euro cents compared to the previous year. We plan to implement a further 10 cent 
increase for the 2025 financial year, which would lift the dividend to €1.20 per share.
My dear shareholders, we have a resilient setup, which will enable us to benefit from the 
growing business in our core markets. This holds true even though the environment for 
future investments has become more challenging. We are reacting to this with even 
more stringent return on investment requirements and risk management standards. We 
always take a disciplined approach when managing our company’s capital. In the current 
climate, this means reducing the pace of investment. Our financial targets remain 
unchanged – as does our promise to enable you to continue sharing in the company’s 
success through increasing dividends.
We thank you for your trust in these challenging times and are confident that the positive 
long-term market environment will be reflected by our earnings growth and, in turn, the 
price of the RWE share.
With best wishes,
The outlook generally remains positive: electrification and artificial intelligence are driving 
demand for electricity, especially in the USA. Thanks to our portfolio of generation assets 
and diversified development pipeline of new build projects, we are perfectly positioned to 
meet this rising demand.
However, we are also facing challenges in the investing environment, which are becoming 
increasingly demanding: persistent high inflation, rising interest rates, supply chain 
bottlenecks, geopolitical tension, and potential tariffs. What’s more, these are compounded 
by new regulatory uncertainty around the future direction of energy policy, particularly in 
the USA. These were among the factors responsible for the hard time renewable energy 
companies recently experienced on the stock markets. Unfortunately, the ramifications 
were also felt by you, our shareholders. Despite RWE’s positive earnings, our share lost a 
considerable amount of its value in 2024.
Although the long-term market outlook remains positive and there is no doubt that huge 
investments have to be made in electricity generation, we must react to the heightened 
risks to which investment decisions are exposed. The uncertain environment calls for  
even stricter risk management. With this in mind, we raised our return requirements for 
new investments. We believe that the outcome from this will be a deceleration of growth. 
We want to invest a total of about €35 billion in the period from 2025 to 2030. This is 
roughly €10 billion less than we had originally planned. 
In November 2024, in reaction to the most recent political developments in the USA and 
delays in the European hydrogen business, we announced that we would postpone some of 
our planned investments. We will use the funds this has freed up to buy back €1.5 billion 
in shares by May 2026. Share buybacks will remain a fixture of our capital allocation 
decisions in the future. 
2
Combined  
management report
07
1
To our investors
Letter from the CEO
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

1.2 Executive Board of RWE AG
Dr. Markus Krebber has been a member of the RWE AG Executive Board since 2016, 
becoming Chief Executive Officer in May 2021. Upon joining the RWE Group in 2012, he 
initially sat on the Board of Directors of RWE Supply & Trading GmbH. From 2015 to 2017, 
he then steered this company as CEO. Prior to moving to RWE, Markus Krebber held 
various management positions at Commerzbank. Between 2000 and 2005 he was a 
business consultant at McKinsey & Company. Markus Krebber was born in 1973 in Kleve. 
He initially trained as a banker before studying economics. He completed his doctorate at 
the Humboldt University of Berlin in 2007.
Dr. Michael Müller has been a member of the RWE AG Executive Board since November 
2020 and was named Chief Financial Officer in May 2021. He has worked for the Group 
since 2005 and has held various management positions including Head of Group 
Controlling at RWE Power AG, RWE Generation SE and RWE AG. In 2016, Michael Müller 
became a member of the Management Board and CFO of RWE Supply & Trading GmbH. 
He worked in business consultancy for McKinsey & Company for five years before joining 
the RWE Group. Michael Müller was born in 1971 in Cologne. He first studied business and 
mechanical engineering before graduating with a doctorate in mechanical engineering.
Katja van Doren has been a member of the RWE Executive Board since August 2023. 
Prior to being appointed as Chief Human Resources Officer and Labour Director, she held 
the position of Chief Financial Officer of RWE Generation SE from 2018. Katja van Doren 
started working for RWE in 1999 and has held management roles in the areas of  
finance, accounting and tax. In 2014, she took on the role of Group Division Manager 
Accounting & Tax, working on the stock market flotation of RWE’s former subsidiary 
innogy SE. Katja van Doren was born in Hilden in 1966. After graduating with a degree  
in business administration, she started her career in 1991 at KPMG, where she worked  
as an auditor and tax consultant.
Dr. Michael Müller, Dr. Markus Krebber and Katja van Doren
2
Combined  
management report
08
1
To our investors
Executive Board of RWE AG
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

However, we now recognise that this pace is not sustainable. Not least given the 
increasingly precarious nature of the investment environment for renewables, particularly 
in the USA – one of the more challenging developments of the past year. RWE’s share 
performance was far from satisfactory. Electricity producers pursuing green growth felt 
the squeeze on the stock market. RWE AG’s Executive and Supervisory Boards discussed 
these developments at length and scrutinised the Group’s strategy. We are in agreement 
with the Executive Board that RWE remains on the right trajectory, but that the volatile 
environment necessitates a more measured pace of growth and a more flexible allocation 
of capital. This includes redirecting funds to the capital market if investments do not offer 
returns that reflect the risk involved. In late 2024, the Executive Board made use of this 
option, launching the share buyback programme. The Supervisory Board supported its 
decision, which was well received by the stock markets.
Allow me to now turn to the Supervisory Board activity in the past year in more detail. As you 
have come to expect from us, we conscientiously fulfilled our duties. The main function of 
the Supervisory Board is to advise the Executive Board on running the company and 
monitor its actions, which we have done with great care. We were involved in all 
fundamental decision-making. Management informed us verbally and in writing of all 
material developments pertaining to the Group’s business performance, financial position, 
net worth and strategy, as well as the associated risks and how we manage them. These 
updates were regular, comprehensive and timely. We passed all the necessary resolutions 
as required by German law and the Articles of Incorporation. This was done based on 
detailed reports and draft resolutions provided by the Executive Board. Some decisions 
were taken by circular. The Executive Board kept us abreast of projects and processes of 
particular importance or urgency e. g. during our extraordinary meeting and in between 
sessions. I was constantly in touch with the Chief Executive Officer, allowing us to quickly 
resolve urgent matters without delay. The exchange maintained by the Chair of the Audit 
Committee, Monika Kircher, with the Chief Financial Officer was just as regular.
Plenty of sun, but not without its share of shade – that would be one way to sum up fiscal 
2024 from RWE’s perspective. The fact that the positive outweighed the negative was in 
part attributable to the company’s strong business performance. All key operational 
earnings indicators exceeded the expectations outlined in early 2024. The strides taken in 
expanding renewables are also no small achievement: wind and solar generation capacity 
has been upped by 10 % and net investment hit a 15-year high, coming in at around 
€10 billion. RWE has shifted into high gear to drive our Growing Green strategy forward. 
1.3 Supervisory Board report
Dr. Werner Brandt,  
Chairman of the Supervisory Board of RWE AG
2
Combined  
management report
09
1
To our investors
Supervisory Board report
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

In addition, I briefed the Board on my conversations with investors and proxy advisors. 
The reasons for the disappointing performance of the RWE share and possible 
measures to strengthen the share price were further items on the agenda. We also 
concerned ourselves with the regular assessment of the extent to which the Executive 
Board members had met their targets in fiscal 2023, which affected their remuneration.
•	 On 3 May, we convened to prepare for the Annual General Meeting, which took place 
that same day. We met again immediately thereafter and we resolved to expand the 
Nomination Committee from three to four members. In addition, we filled vacant 
positions on this and other committees. 
•	 On 26 June, we met in Bergheim in the Rhenish coal-mining region, where we discussed 
the Executive Board remuneration system and potential changes. Every four years, in 
accordance with Section 120a of the German Stock Corporation Act, the Annual General 
Meeting approves the Executive Board remuneration system as presented by the 
Supervisory Board. RWE’s next approval process is due to take place at the Annual 
General Meeting on 30 April 2025. As part of our session, we also studied the outcome 
of a strategy review submitted to us by the Executive Board. Together, we discussed 
the company’s prospective strategic orientation along with potential supporting 
measures to stabilise RWE’s share price. Furthermore, we resolved to carry out the 
Supervisory Board’s 2024 self-assessment with the support of an external consultant. 
As part of the Supervisory Board’s information forum, we were then able to see for 
ourselves how RWE is deploying new wind and solar farms to help the Rhenish region 
remain integrated within the energy sector despite the statutory coal phaseout.
•	 In our session on 18 September, we conducted an in-depth evaluation of the capital 
market’s perception of RWE and the factors influencing the share performance. During 
the meeting, an external expert gave us their assessment of RWE’s capital allocation and 
investor communications. We held another discussion on potential amendments to the 
Executive Board remuneration system, drawing on findings from the Personnel Affairs
In my role as Chairman of the Supervisory Board, I discussed matters concerning the work 
of the Supervisory Board and its committees with investors and proxy advisors ahead of 
the Annual General Meeting. A major topic was the election of new Supervisory Board 
members at the Annual General Meeting on 3 May 2024. On this day, the terms of Ute 
Gerbaulet, Hans-Peter Keitel, Erhard Schipporeit and Ullrich Sierau expired. Of the 
aforementioned individuals, only Ute Gerbaulet was eligible for re-election. Hans-Peter 
Keitel and Erhard Schipporeit had exceeded the standard retirement age for Supervisory 
Board members of 72. Ullrich Sierau’s tenure had reached twelve years, and we generally 
believe it is good governance not to extend it. Three positions on the Board therefore 
needed filling. I shared the criteria we applied when selecting successor candidates with 
the capital market representatives. I will speak more about the new appointments to the 
Board at the end of this report. Another major topic during my meetings with investors was 
the remuneration system of the Executive Board. We also discussed the lignite exit in the 
Rhenish region and the power plant strategy of the German government.
Main points of debate of the Supervisory Board meetings. Last year, the Supervisory 
Board convened for seven meetings, including one extraordinary session. It was standard 
practice to at times discuss matters without the Executive Board, particularly issues that 
directly concerned it. The shareholder and employee representatives met separately 
before the Supervisory Board sessions, in order to consult on matters in a smaller circle and 
establish joint positions where necessary. I will now elaborate on the main points of each 
meeting:
•	 In our first session on 13 March, we discussed RWE AG’s 2023 financial statements, 	
the combined management report, the proposal for profit distribution, the Group 
Sustainability Statement, the Supervisory Board report and the Remuneration Report. 
The independent auditors were present during the session. We approved the financial 
statements and endorsed the Supervisory Board report and Remuneration Report. We 
also approved the Agenda for RWE’s Annual General Meeting, which was held on 3 May 
2024. Following the advice of the Audit Committee, we decided to propose to the 
Annual General Meeting that Deloitte GmbH Wirtschaftsprüfungsgesellschaft (Deloitte) 
be engaged for the audit of the financial statements for fiscal 2024. 
2
Combined  
management report
10
1
To our investors
Supervisory Board report
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

You can find more information on the work and composition of the committees in the 
Corporate Governance Declaration and the Rules of Procedure for the Supervisory Board. 
These documents are available at www.rwe.com/corporate-governance-declaration and 
www.rwe.com/en/investor-relations/corporate-governance/articles-of-association. The 
Supervisory Board is informed of the work of the committees by their chairs at every 
ordinary meeting. In the year under review, a total of eleven committee meetings were 
held, on which I would like to report in more detail. 
•	 The Executive Committee met once. As usual, it dedicated itself to the company’s 
planning for fiscal 2025 together with the outlook on the two subsequent years and 
recommended both be approved.
•	 The Audit Committee convened four times. The independent auditor was present  
during all meetings and was also in contact with the Chairwoman of the Audit 
Committee between sessions. Experts from the Group were invited to the meetings as 
needed. When appropriate, the Committee liaised without the Executive Board or the 
auditor being present. It carefully reviewed the financial statements of RWE AG and the 
Group, the combined management report, the report on the first half of the year, the 
quarterly statements, and the Group Sustainability Statement. It discussed the financial 
statements with the Executive Board before they were published and received reports 
on the outcome of the audits and audit-like reviews from the independent auditors. 
Furthermore, the Audit Committee submitted a recommendation to the Supervisory 
Board regarding the selection of the independent auditors for fiscal 2024, prepared the 
grant of the audit award to the independent auditors including the fee agreement and 
set the priorities of the audit. It assessed the independence of the auditor and the quality 
of the audit. The Committee also concerned itself with the appointment of an auditor  
for the Remuneration Report and the Group Sustainability Statement for fiscal 2024. At 
its meetings, the Committee dealt with a number of other topics, such as RWE’s risk 
exposure, liquidity management, the protection of IT systems against cyber attacks, the 
planning for the audits by the Internal Audit department, the findings from the audits, 
and legal and tax issues.
Committee. Following the advice of the Audit Committee, we decided to enlist the 
services of Deloitte for the audit of the Remuneration Report for fiscal 2024.
•	 On 12 November, we convened for our only extraordinary session of the past year.  
The meeting centred on the results of the US election and the collapse of the coalition 
government in Germany. We analysed the impact of these political developments on 
RWE’s growth prospects and capital allocation together with the Executive Board. Our 
discussions culminated in management deciding to implement a share buyback 
programme. 
•	 At a session on 11 December, we reviewed and approved the business plan for fiscal 
2025, the outlook for fiscal 2026 and 2027 as well as the risk report. Moreover, we 
fulfilled corporate governance duties: together with the Executive Board, we approved 
both the statement of compliance in accordance with Section 161 of the German Stock 
Corporation Act and the parts of the Corporate Governance Declaration relating to the 
Supervisory Board pursuant to Section 289f of the German Commercial Code. The 
documents are available at www.rwe.com/corporate-governance-declaration. During 
the session, we analysed the results of the Supervisory Board self-assessment initiated in 
June. We discussed the targets and measures in relation to the expansion of renewable 
energy presented by the Executive Board in great detail. Furthermore, the Executive 
Board updated us on the company’s sustainability ambitions, particularly with regard to 
biodiversity. Following the advice of the Audit Committee, we appointed Deloitte as 
auditor of the Group Sustainability Statement for fiscal 2024, marking the first time it 
has been conducted in accordance with the Corporate Sustainability Reporting 
Directive (CSRD), and set the Executive Board remuneration targets for 2025.
Work of the Supervisory Board committees. The Supervisory Board has six committees, 
the members of which are listed on page 346 of this Annual Report. The committees are 
charged with preparing topics for discussion by the Supervisory Board in order to establish 
a basis for the corporate body to pass resolutions. In certain cases, they themselves exercise 
decision-making powers if such have been conferred on them by the Supervisory Board. 
2
Combined  
management report
11
1
To our investors
Supervisory Board report
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

•	 The Strategy and Sustainability Committee held one session. It liaised with the 
Executive Board on the impact political developments in Germany and the USA may have 
on RWE’s growth plans. The discussions led to the conclusion that management shall 
continue with the widely supported expansion of renewables, while reserving the right to 
adjust its capital allocation if the regulatory context for green investment deteriorates. 
The Executive Board also reported on the delivery of the sustainability strategy. 	 	
In addition to climate protection, RWE has recently focused on biodiversity. The 
Committee considered these matters in great detail and requested information from 
management on how the Group is fostering local biodiversity.
•	 The Mediation Committee did not convene in 2024.
Attendance. The table on the following page shows the attendance at each Supervisory 
Board and committee meeting. As the Mediation Committee did not convene in 2024, it 
has not been listed in the summary. The two figures are to be interpreted as follows: if the 
table states ‘6 / 7’, then the individual in question attended six out of the seven sessions 
that were convened during their term in the respective corporate body. The numbers show 
that absences were the absolute exception. The participation rate was 99 %. 
 
Meeting formats. The table on page 14 shows the individual formats of each Supervisory 
Board and committee meeting. The six ordinary sessions of the Supervisory Board were 
attended in person, although at times some participants dialled into the session via a 
video feed. The extraordinary meeting, on the other hand, was conducted entirely online.
The Audit Committee also verified the efficacy of the accounting-related internal control 
system, the compliance management system, the risk management system and the 
internal audit system. Related party transactions were also on the agenda. They were 
analysed to assess whether they were carried out in the ordinary course of business and 
subject to normal market conditions, as required by the law for implementing the 
second German Shareholders’ Rights Directive.
•	 The Personnel Affairs Committee held four ordinary meetings, which focused on the 
Executive Board remuneration system. As previously mentioned, this system must be 
submitted to the 2025 Annual General Meeting for approval. The Committee 
conducted a thorough review of the remuneration system and discussed potential 
adjustments. 
•	 The Nomination Committee met once to concern itself with succession planning for the 
Supervisory Board. The tenure of six shareholder representatives will end following the 
Annual General Meeting on 30 April 2025. This concerns Hans Bünting, Monika Kircher, 
Thomas Kufen, Hauke Stars, Helle Valentin and me. I announced last year that I would 
not be standing for re-election. However, all my colleagues will be standing again. This is 
good news as it guarantees the necessary continuity of personnel on the Board. After 
careful consideration, the Committee selected Stefan Schulte, Chairman of the 
Executive Board of Fraport AG, as the candidate for the vacancy on the Supervisory 
Board. To determine the targets for the composition of the Supervisory Board, we are 
guided by a skills matrix. The recommendations of the German Corporate Governance 
Code were also taken into account. This enabled the Nomination Committee to put 
forward six excellent candidates for election at the Annual General Meeting: Monika 
Kircher, Hauke Stars, Helle Valentin, Hans Bünting, Thomas Kufen and Stefan Schulte. 
The remuneration of the Supervisory Board was also discussed during the sessions. 	
This, too, must be approved by the Annual General Meeting every four years. As the 
Supervisory Board’s current remuneration was determined at the 2021 Annual General 
Meeting, the next approval process is scheduled for 30 April 2025. The Committee 
reviewed the remuneration and prepared recommended resolutions, which the 
Supervisory Board will present to the shareholders. 
2
Combined  
management report
12
1
To our investors
Supervisory Board report
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

Attendance at meetings in fiscal 2024 
by Supervisory Board member
Supervisory
Board
Executive
Committee
Audit 
Committee
Personnel
Affairs
Committee
Nomination
Committee
Strategy and 
Sustainability 
Committee
Dr. Werner Brandt, Chairman 
7 / 7
1 / 1
4 / 41
4 / 4
1 / 1
1 / 1
Ralf Sikorski, Deputy Chairman
7 / 7
1 / 1
4 / 4
1 / 1
Dr. Frank Appel
5 / 5
1 / 1
3 / 31
3 / 3
1 / 1
1 / 1
Michael Bochinsky 
7 / 7
4 / 4
1 / 1
Sandra Bossemeyer
7 / 7
4 / 4
Dr. Hans Friedrich Bünting
7 / 7
3 / 3
1 / 1
1 / 1
Matthias Dürbaum
7 / 7
4 / 4
Ute Gerbaulet
7 / 7
1 / 1
Prof. Dr.-Ing. Dr.-Ing. h. c. Hans-Peter Keitel
2 / 2
1 / 1
Mag. Dr. h. c. Monika Kircher
7 / 7
4 / 4
Thomas Kufen
7 / 7
Reiner van Limbeck
7 / 7
1 / 1
Harald Louis
7 / 7
4 / 4
1 / 1
Dagmar Paasch
7 / 7
4 / 4
1 / 1
Prof. Jörg Rocholl
5 / 5
Dr. Erhard Schipporeit
2 / 2
1 / 1
Dirk Schumacher
7 / 7
1 / 1
Ullrich Sierau
2 / 2
1 / 1
Hauke Stars
7 / 7
4 / 4
1 / 1
Helle Valentin
7 / 7
1 / 1
Dr. Andreas Wagner
7 / 7
Marion Weckes
6 / 7
Thomas Westphal
5 / 5
2 / 3
1  Werner Brandt and Frank Appel attended the meetings of the Audit Committee as guests. 
2
Combined  
management report
13
1
To our investors
Supervisory Board report
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

Conflicts of interest. In accordance with the law and the German Corporate Governance 
Code, members of the Supervisory Board are required to disclose any conflicts of interest 
without delay. In the past fiscal year, no such conflicts were reported.
RWE AG and Group financial statements for 2024. The 2024 financial statements of 
RWE AG, the financial statements of the Group, as well as the combined management 
report for RWE AG and the Group have been audited and issued an unqualified auditor’s 
opinion by Deloitte in consideration of the accounts. Martin Bornhofen and Benedikt 
Brüggemann were responsible for the audit. In addition, Deloitte subjected the Group 
Sustainability Statement to a limited assurance audit. Reasonable assurance checks were 
carried out on individual indicators, such as information pertaining to EU taxonomy. 
Deloitte found that the Executive Board had established an appropriate early risk detection 
system. The company had been selected as the independent auditor by the 2024 Annual 
General Meeting. Thereafter, the Supervisory Board had commissioned them to audit the 
aforementioned financial statements and reports.
The Executive Board commented on the documents supporting the RWE AG and Group 
financial statements, the Annual Report and the audit reports at the Supervisory Board’s 
balance-sheet meeting on 18 March 2025. The documents were made available to the 
members of the Supervisory Board in good time. During the session, the independent 
auditors reported on the material findings of the audit and were available to furnish 
supplementary information. The Audit Committee had concerned itself in depth with the 
financial statements of RWE AG, the financial statements of the Group and the audit 
reports with the auditors present the day before. The Committee recommended that the 
Supervisory Board approve the financial statements and endorse the appropriation of 
distributable profit proposed by the Executive Board.
Meeting formats in fiscal 2024
Supervisory
Board
Executive
Committee
Audit 
Committee
Personnel
Affairs
Committee
Nomination
Committee
Strategy and 
Sustainability 
Committee
On-site meeting
3
1
1
1
On-site meeting with video participation (hybrid)
3
4
Virtual meeting
1
3
1
The financial statements of RWE AG, the Group financial statements, the combined 
management report, the Executive Board’s proposal regarding the appropriation of 
distributable profit, and the Group Sustainability Statement were reviewed by the 
Supervisory Board. We did not raise any objections. As recommended by the Audit 
Committee, the Supervisory Board endorsed the findings of the audits of the financial 
statements of RWE AG and the consolidated financial statements and approved both 
financial statements. The financial statements for fiscal 2024 are therefore adopted. 	
The Supervisory Board concurs with the Executive Board’s proposal regarding the 
appropriation of profits, which envisages paying a dividend of €1.10 per share.
Training and onboarding for Supervisory Board members. One of our duties as 
members of the Supervisory Board is to take responsibility for the training and professional 
development necessary for our work. We do so, and are supported by RWE AG in these 
efforts, e. g. by organising information forums. Last year, two such forums took place, one 
in June and one in September. At the first session, we were briefed on the business 
activities of RWE Renewables Europe & Australia and the second focused on those of 	
US subsidiary RWE Clean Energy. These meetings gave us comprehensive insights into the 
value chains of both companies – starting with project conception and development 
through to construction, operation and maintenance of the generation assets. Furthermore, 
we were advised of the financial indicators and growth strategies of both companies, as 
well as the challenges the industry is currently facing. As previously mentioned, the event  
in June also gave us the opportunity to take a tour of renewable energy assets in the 
Rhenish region. RWE bears the cost of this training.
2
Combined  
management report
14
1
To our investors
Supervisory Board report
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

RWE – thanks to our employees. To the Executive Board and all employees, I extend my 
heartfelt thanks on behalf of my colleagues on the Supervisory Board. To navigate the 
many challenges that lie ahead, we need motivated, dependable people pulling in the same 
direction. RWE’s employees demonstrated these qualities again in 2024.
As previously mentioned, I will be stepping down at the end of April 2025 after twelve years 
on the Supervisory Board of RWE AG. I do so with gratitude for the incredible support I have 
received from my colleagues on the Supervisory Board, the Executive Board and the entire 
RWE team. Parting is never easy, but I am convinced that RWE is in the best hands to 
navigate the many challenges that naturally come with ambitious plans.
Dr. Werner Brandt 
Chairman of the Supervisory Board
Essen, 18 March 2025
One of the good traditions at RWE is that new Supervisory Board members receive 
comprehensive support from the company during their orientation phase. As part of an 
established onboarding process, they learn about RWE’s business model, Group structures 
and special topics. The Board Office, part of the Legal department, provides advisory and 
organisational support in this regard.
Self-assessment of the Supervisory Board. Continually reviewing and improving the 
quality of our work is one of the Supervisory Board’s duties. As part of these ongoing efforts, 
we conduct regular self-assessments, the most recent of which took place in 2024. We were 
assisted by an external consultant who interviewed my colleagues and me about our 
activities both verbally and in writing. The Executive Board and the Board Office were also 
asked to provide feedback. The results showed that the Supervisory Board’s work is 
considered to be responsible, purposeful and effective. The Board’s members were very 
satisfied by the way in which the Executive Board keeps them informed and involved in 
decision-making. In some areas of our work, however, we saw room for improvement. For 
example, we aim to gain clearer insights into RWE’s talent pool in order to facilitate future 
succession planning. The assessment demonstrated just how important it is to involve 
the Supervisory Board in the development of the Group’s strategy and for the Board to 
have international experience. 
Changes in personnel on the Executive and Supervisory Boards. In the past year, the 
Executive Board saw no changes in personnel, unlike the Supervisory Board. As previously 
mentioned, the terms of Ute Gerbaulet, Hans-Peter Keitel, Erhard Schipporeit and Ullrich 
Sierau expired on conclusion of the Annual General Meeting on 3 May 2024. In addition to  
Ute Gerbaulet, the only Board member to stand for re-election, the following individuals  
were newly elected to the Supervisory Board for three years as per our recommendations: 
Frank Appel, Chairman of the Supervisory Board of Deutsche Telekom AG, Jörg Rocholl, 
President of the European School of Management and Technology (ESMT Berlin) and 
Thomas Westphal, Mayor of the city of Dortmund, Germany. I would like to thank their 
predecessors, who were deeply committed to the Board’s work for many years and offered 
me steadfast and professional support.
2
Combined  
management report
15
1
To our investors
Supervisory Board report
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

Positive momentum on the stock markets: DAX up 19 %. Despite the tense geopolitical 
situation and weak economic data in Europe, markets stayed upbeat in 2024. The DAX 
climbed from one all-time high to the next, exceeding 20,000 points for the first time  
ever in early December. Germany’s leading index closed the year at 19,909 points, with a 
total return of 19 %. The strong performance was largely driven by central banks easing 
monetary policies in response to falling inflation. The European Central Bank and the  
US Federal Reserve cut their main interest rates multiple times. The US stock market’s 
positive development, fuelled by the favourable economic situation in North America  
and a surge in investor enthusiasm for artificial intelligence, proved to be another driver  
for the DAX.
RWE share records weak performance. RWE shareholders had a disappointing 2024. 
Our share closed the year at €28.83 – notably below its 2023 closing price (€41.18). 
Including the dividend of €1.00 paid in May, the share recorded a total return of – 28 %. 
The weak performance was in part due to the considerable drop in wholesale electricity 
prices at the beginning of 2024. Although electricity quotations recovered thereafter, the 
RWE share was unable to make up for the decline. In addition, the 2024 bumper election 
year ushered in new regulatory uncertainties regarding renewable energy projects, above 
all in the USA. Moreover, some competitors’ wind projects came under pressure from 
cost increases. The aforementioned factors were also mirrored by the development of 
the MSCI Global Alternative Energy Index, which reflects the performance of renewable 
energy company stocks and which lost a third of its value in 2024.
1.4 RWE on the capital market
Stock markets experienced a strong year in 2024. The DAX gained 19 %, buoyed by 
interest rate cuts and a dynamic US stock market. By contrast, RWE’s share put in a 
disappointing performance. Despite this, its total return of –28% slightly exceeded 
that of the MSCI Global Alternative Energy Index, which reflects the development in 
the value of renewable energy companies. A collapse in wholesale electricity prices 
triggered substantial markdowns right at the beginning of the year. Uncertainties 
surrounding the future regulatory framework for green investments also weighed on 
our share price. Investors increased their focus on these uncertainties especially due 
to the US presidential election. 
Total return of the RWE share, the DAX, STOXX Europe 600 Utilities 
and MSCI Global Alternative Energy indices
% (average weekly figures)
30
20
10
0
– 10
– 20
– 30
– 40
31 Dec 2023            31 Mar 2024
30 Jun 2024
30 Sep 2024
31 Dec 2024
  RWE share        
  STOXX Europe 600 Utilities 
  DAX                      
  MSCI Global Alternative Energy
 
Source: Bloomberg
2
Combined  
management report
16
1
To our investors
RWE on the capital market
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

€1.5 billion share buyback programme launched. At the end of November 2024, RWE 
initiated a share buyback programme with a volume of up to €1.5 billion. The repurchased 
shares will be cancelled. We expect to complete the buyback process within 18 months. 	
By 31 December 2024, we had already purchased 4,448,369 shares as part of the 
programme. You can find more information on the share buyback on page 39.
Dividend proposal for past fiscal year: €1.10 per share. In view of the Group’s 
persistently strong earnings, the Executive Board and the Supervisory Board of RWE AG 
will propose a dividend of €1.10 per share for fiscal 2024 to the Annual General Meeting 
on 30 April 2025. Thereafter, we will look to raise the dividend by 5 % to 10 % annually.  
The dividend envisaged for fiscal 2025 is €1.20, representing a rise of 9 %.
RWE share indicators1
2024
2023
2022
2021
2020
Earnings per share
€
6.91
2.04
3.93
1.07
1.65
Adjusted net income per share
€
3.12
5.51
4.71
2.30
1.97
Cash flows from operating activities per share
€
9.08
5.68
3.48
10.76
6.47
Dividend per share
€
1.102
1.00
0.90
0.90
0.85
Share price
End of fiscal year
€
28.83
41.18
41.59
35.72
34.57
Highest closing price
€
41.17
42.75
43.72
38.65
35.02
Lowest closing price
€
28.25
32.73
34.34
28.64
21.00
Share dividend yield3
%
3.8
2.4
2.2
2.5
2.5
Number of shares outstanding (annual average)
thousands
743,5544
743,841
691,247
676,220
637,286
Market capitalisation at the end of the year
€ billion
21.3
30.6
28.1
24.2
23.4
1  The comparability of some of the figures for various fiscal years is limited due to changes in reporting.
2  Dividend proposal for RWE AG’s 2024 fiscal year, subject to the passing of a resolution by the 30 April 2025 Annual General Meeting.
3  Ratio of the dividend per share to the share price at the end of the respective fiscal year.
4  The RWE shares repurchased under the current share buyback programme have been prorated up to the date on which they were legally transferred to RWE.
2
Combined  
management report
17
1
To our investors
RWE on the capital market
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

Profit participation through employee shares. About 1 % of our stock is owned by our 
current and former staff members. In Germany and the UK, we offer our employees  
the opportunity to take shares in RWE on preferential terms. Last year, 8,626 people, 
representing 46 % of all qualifying personnel, made use of these offers and bought a total 
of 637,243 shares. The preferential terms and the administration of the employee share 
schemes led to an expense of €4.6 million.
Ticker symbols and identification numbers of the RWE share
Reuters: Xetra
RWEG.DE
Bloomberg: Xetra
RWE GY
German Securities Identification Number
703712
International Securities Identification Number (ISIN)
DE0007037129
ADR CUSIP Number
74975E303
RWE represented on numerous stock markets. RWE shares are traded on the Frankfurt 
Stock Exchange and other German exchanges, as well as via electronic platforms such as 
Xetra. They are also available on stock markets in the rest of Europe. In the USA, RWE is 
represented via a Level 1 ADR programme, under which American Depositary Receipts 
(ADRs) are traded in place of our shares. ADRs are share certificates issued by US depositary 
banks, representing a certain number of a foreign company’s deposited shares. Under 
RWE’s programme, one ADR represents one share.
Shareholder structure of RWE AG1
1 % Employee 
shareholders
5 % BlackRock
88 %  Institutional  
shareholders
24 %  USA / Canada
21 %  Germany
15 %  UK / Ireland
12 %  Continental 
Europe excluding 
Germany
12 %  Middle East
   4 %  Rest of the world
74 % Other 
institutional 
shareholder
11 % Private 
shareholders
9 % Qatar Holding
1  As at the end of 2024; percentages are based on RWE data and notifications from shareholders in accordance with the German 
Securities Trading Act.
Broad international shareholder base. Based on our latest shareholder structure 
analysis, an estimated 88 % of the RWE shares outstanding were held by institutional 
investors at the end of 2024, with 12 % being owned by individuals (including employee 
shareholders). Institutional investors from North America held 24 % of our capital stock. This 
investor group accounted for 21 % in Germany, a combined 15 % in the United Kingdom  
and  Ireland, 12 % in Continental Europe excluding Germany, and another 12 % in the 
Middle East. Our single-largest shareholder was Qatar Holding, with a stake of 9.1 %, 
followed by US asset management company BlackRock with 4.9 %. 
2
Combined  
management report
18
1
To our investors
RWE on the capital market
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

Credit rating of RWE AG (as of February 2025)
Moody’s
Fitch
Long-term debt
Senior debt
Baa2
BBB+
Hybrid bonds outstanding
Ba1
BBB–
Short-term debt
P–2
F1
Outlook
Stable
Stable
RWE bond volume rises to €9.1 billion. At the end of 2024, RWE bonds with a nominal 
value of around €9.1 billion were outstanding. This is €2.4 billion more than at the end of 
2023. To finance our growth investments, we issued three new bonds last year. First, we 
placed a €500 million green bond on the market. The paper issued in January had a tenor 
of 8 years and a coupon of 3.625 %. Our first two green US dollar bonds followed in April. 
The issuances had a volume of US$1 billion each, tenors of 10 years and 30 years, and 
coupons of 5.875 % and 6.250 %, respectively. We have included a summary of our bonds 
outstanding on page 53.
Solid investment grade credit rating. The level of our borrowing costs largely hinges 	
on how rating agencies assess our creditworthiness. Moody’s and Fitch make such 
evaluations at our request. Both agencies have assigned us an investment grade credit 
rating. Moody’s gives our long-term creditworthiness a rating of ‘Baa2’. According to the 
rating scale applied at Fitch, we are graded a notch higher at ‘BBB+’. The outlook on our 
rating is ‘stable’ for both agencies. Moody’s and Fitch confirmed their credit ratings in 
October and November 2024, respectively. In doing so, they recognise RWE’s sizeable, 
diversified electricity generation portfolio, our progress in advancing renewables, the 	
exit from coal-fired power generation, our balanced financing strategy and our solid 
operating earnings.
2
Combined  
management report
19
1
To our investors
RWE on the capital market
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

Combined management report
2
2.1	
Business model and strategy
21
2.2	
Innovation
28
2.3	
Business environment
31
2.4	
Major events
36
2.5	
Business performance
40
2.6	
Financial position and net worth
52
2.7	
Notes to the financial statements of  
	
RWE AG (holding company)
57
2.8	
Outlook
59
2.9	
Development of risks and opportunities
61
2.10	 Disclosure relating to German takeover law
71
2.11	 Group Sustainability Statement
74

2
Combined  
management report
Business model  
and strategy
2.1 Business model and strategy1
Since its foundation in 1898, RWE has consistently risen to overcome every obstacle. 
The challenge we are now facing is one of the biggest in our history. First and 
foremost, we want to play our part in making energy supply increasingly climate-
friendly, whilst ensuring it remains reliable and affordable. To make this happen, we 
are investing billions in wind power, photovoltaics, battery storage, climate-friendly 
gas-fired power plants and electrolysis facilities. The pace we set mainly depends on 
the framework conditions in our core markets. We plan to make net investments of 
€35 billion from 2025 to 2030, which is less than previously envisaged. Despite this, 
we still expect to increase adjusted net income per share to about €4 by 2030. The 
key to this is flexible, return-oriented capital allocation. 
The RWE Group and its structure
Who we are and what we do. RWE is a leading international energy company 
headquartered in Essen, Germany, with a focus on electricity generation. Energy sources 
such as wind and solar as well as climate-friendly power stations are an increasingly 
important part of our business. Our core activities also include gas and electricity 
storage, energy trading, the hydrogen business, and innovative energy solutions for 
industrial customers. We generated ­revenues of €24.2 billion in fiscal 2024. Our key 
markets are Europe – led by Germany and the United Kingdom – and the USA. In the field 
of renewables, our geographic focus extends as far as Australia, Japan and South Korea. 
Our energy trading operations are also spread around the globe: in addition to trading 
floors in Essen, London and Swindon, we also operate branch offices in New York, 
Singapore, Shanghai, Jakarta and Tokyo.
Group structure with five segments. When reporting on the RWE Group’s operational 
business, we distinguish between five segments: (1) Offshore Wind, (2) Onshore Wind / Solar, 
(3) Flexible Generation, (4) Supply & Trading and (5) Phaseout Technologies. Segments 	
(1) through (4) represent our core business. This is where we plan to grow. Under (5), we 
report our lignite business in the Rhenish coal-mining region and our German nuclear 
activities, which now only comprise the safe dismantling of decommissioned facilities. 
Turning to the individual segments:
1. Offshore Wind: This is where we present our offshore wind activities. It is overseen by 
RWE Offshore Wind.
2. Onshore Wind / Solar: In this segment, we report our onshore wind operations and solar 
business as well as parts of our battery storage activities. Depending on the continent, 
they are managed by either RWE Renewables Europe & Australia or RWE Clean Energy, 
which is active in North America.
3. Flexible Generation: This segment, which was named ‘Hydro / Biomass / Gas’ until 
2023, encompasses our run-of-river, pumped storage, biomass and gas power 
stations. It also comprises our Dutch power plant Eemshaven, which is fired with hard 
coal and biomass, battery storage systems as well as the project management and 
engineering consulting company RWE Technology International. Our stake in Austrian 
energy utility KELAG (37.9 %) is also part of this segment, along with our holding in 
Dutch power generator EPZ (30 %), which has been included since 2024. All of these 
activities are overseen by the management company RWE Generation, which is also 
responsible for designing and implementing our hydrogen strategy.
1  This chapter contains information in accordance with ESRS 2 Sections 40e and 40g.
21
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

2
Combined  
management report
Business model  
and strategy
Our strategy
Expectations of energy supply: environmentally friendly, reliable and affordable. 	
The energy industry is facing growing demands, particularly in relation to environmental 
concerns. Most of the countries in which we do business want to significantly reduce their 
greenhouse gas emissions from fossil fuel usage. However, they must also ensure that 
their energy supply remains both reliable and affordable. RWE wants to be a major player 
in the push to make this possible. We believe we have a part to play in the following areas:
•	 Decarbonising electricity generation. A core component of the energy transition is 
moving away from power generated from fossil fuels and embracing renewables. Wind, 
sun and water are available in abundance and do not emit carbon when harnessed. 
Another advantage is that these energy sources can help our European markets become 
less dependent on fuel imports and limit the impact of commodity prices on the cost of 
electricity, heat and transportation.
•	 Providing storage and climate-friendly backup plants. As energy supplies rely 
increasingly on wind and solar farms, energy storage systems and flexible backup 
capacity, which can reliably produce electricity when there is no wind and no sunshine 
(dark doldrums), are becoming ever more important. Batteries can play an important 
role in securing the power supply during short-term shortages. Modern gas-fired power 
stations are essential to bridging protracted dark doldrums. However, they must be 
operated in a climate-friendly way – either by capturing and storing carbon dioxide  
(CO2) emissions or by utilising climate-neutral fuels. Hydrogen (H2) has great potential  
in this regard as it can be produced without emitting CO2, e. g. if it is produced by 
electrolysis using renewable energy (green hydrogen).
4. Supply & Trading: Trading of electricity, pipeline gas, LNG and other energy-related 
commodities is allocated to this segment. It is managed by RWE Supply & Trading.  
The company oversees a broad range of activities, which we set out in greater detail  
on page 25.
5. Phaseout Technologies: This segment, referred to as ‘Coal / Nuclear’ until 2023, covers 
operations which are not part of our core business. First and foremost, this primarily 
comprises our lignite mining and refining activities as well as electricity generation from 
lignite in the Rhenish region and the safe decommissioning of our now-closed German 
nuclear power stations. RWE Power is responsible for the aforementioned operations.
Companies with cross-segment tasks such as the holding company RWE AG and balance-
sheet effects from the consolidation of Group activities are reported as part of the core 
business under ‘other, consolidation’. This line item also includes our stake in German 
transmission system operator Amprion (25.1 %) and our shareholding in E.ON (15 %). 
However, the dividends we receive from E.ON are recognised in the financial result. In 
addition, this line item includes our 50 % interest in URANIT, which holds a 33 % stake in 
uranium enrichment specialist Urenco. Until 2023, this stake and our EPZ shareholding 
were subsumed under the ‘Coal / Nuclear’ segment.
22
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

2
Combined  
management report
Business model  
and strategy
Sustainability – at the heart of our corporate culture. Our mission statement ‘Our energy 
for a sustainable life’ expresses our purpose as a company and reaffirms our commitment 
to sustainability as a guiding principle of our actions. But although cutting greenhouse gas 
emissions is important to us, it is by no means our only priority. Sustainability has many 
dimensions. The expression is generally used within the context of environmental, social 
and governance (ESG) matters. Once a year, we subject the areas where we face our 
greatest challenges to a materiality assessment. It was conducted in accordance with the 
Corporate Sustainability Reporting Directive (CSRD) for the first time in 2024. As part of the 
process, we identify the areas we deem most critical. You can find more information on the 
materiality assessment, our ESG goals, and to what extent we have met these targets on 
pages 84 et seqq. of this report.
Growing Green – our strategic roadmap to 2030. We presented our Growing Green 
strategy at the Capital Markets Day in November 2023. In this context, we announced 
that we would make net investments (after deducting divestments) of about €55 billion  
in the expansion of our electricity generation, storage and electrolysis capacities during 
the seven-year period from 2024 to 2030. We have made good progress in rolling out 
Growing Green. Last year, our net capital expenditure totalled €10 billion – the highest 
level in 15 years. However, we also witnessed the framework conditions in the energy 
sector becoming less certain. For instance, it is unclear what course the US administration 
will chart for the expansion of wind energy. As a rule, we only invest under favourable 
economic and regulatory conditions. Otherwise, we spend funds in areas with a better 	
risk-return ratio. One example of this is our share buyback programme, which we launched 
in November 2024 (see page 39). We now plan to make total net investments amounting 
to €35 billion in the six years from 2025 to 2030. This is about a quarter less than the sum 
we had originally envisaged for this period. Despite the lower capital expenditure, we still 
expect to be able to achieve an adjusted net income per share of about €3 in 2027. The 
target for 2030 remains in the order of €4 per share.
•	 Meeting the rising demand for electricity. Action also needs to be taken in the 
manufacturing, heating and transportation sectors. In 2023, oil, coal and gas covered 
over two-thirds of energy demand in the EU. Switching from fossil fuels to electricity 
produced using carbon-neutral methods would enable CO2 emissions to be reduced 
across all sectors. Electrifying the economy will cause power demand to rise significantly. 
New technology use cases, particularly in the area of AI, will also drive up energy 
consumption, necessitating the rapid expansion of green generation capacities.
•	 Ramping up the hydrogen economy. The economy can only be completely decarbonised 
if solutions are also found for applications which are not suitable for direct electrification. 
This includes the production of steel and fertilisers, for example, where hydrogen produced 
using climate-neutral methods is a viable solution. The importance of H2 therefore 
extends far beyond its use within power generation – all the more reason to ramp up the 
hydrogen economy to facilitate the energy transition. 
The driving force behind the energy transition. RWE is actively engaged in all areas of 
activity mentioned. We are investing billions of euros in wind power, photovoltaics, battery 
storage and the hydrogen economy. We are taking steps to phase out coal-based 
generation, building climate-friendly capacities and helping companies to optimise their 
energy use. We aim to be carbon neutral by 2040 at the latest, ten years earlier than the 
EU. Not only does this apply to our own greenhouse gas emissions (Scope 1), but it also 
covers the upstream and downstream value chain (Scope 2 and 3). By 2030, we want to 
have reduced our Scope 1 and 2 emissions by around 68 % and our Scope 3 emissions  
by 42 % compared to 2022. At the UN Climate Change Conference held in Paris in 2015, 
the international community set its sights on limiting the increase in average global 
temperatures to ideally no more than 1.5 degrees Celsius compared to pre-industrial levels. 
Our strategy is in line with this commitment, as confirmed by the independent Science 
Based Targets initiative at the end of 2024.
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•	 Flexible gas-fired power stations. In most RWE markets, gas-fired power plants  
play a key role in ensuring security of supply. At the end of 2024, our generation  
portfolio included 15.8 GW (pro rata) of gas-fired capacity. We see a particular need  
for investments in Germany, where a substantial portion of secured generation capacity 
will be taken off the grid in the wake of the coal phaseout. We have already begun to do 
preparatory work to build new gas-fired power plants there. The stations will be designed 
with a view to being capable of running on hydrogen and will be constructed on sites 
which have until now been utilised for producing coal-fired or nuclear energy, as the 
necessary infrastructure already exists. That said, we will only make these investments if 
the government provides the necessary economic incentives. At present, nearly half of our 
gas-fired capacity is located in the UK, making the country our most important market  
for this technology. Our biggest challenge in the UK is to decarbonise existing assets. In 
addition to adapting stations to run on green hydrogen, another option would be carbon 
capture and storage (CCS). Using this method, carbon dioxide is separated from the flue 
gases and stored underground. We have already explored CCS technology in depth and 
are looking to deploy it in the UK.
•	 Hydrogen. The hydrogen economy is a crucial part of the energy transition and a perfect 
complement to our business model. We want to be active along the entire value chain, 
from green electricity generation to electrolysis-based hydrogen production, hydrogen 
trading and hydrogen storage right through to the conclusion of individual supply 
agreements with major industrial customers. Our regional focus for these activities is on 
Germany, the Netherlands and the UK. We have already forged numerous partnerships 
with businesses and research institutes to drive the hydrogen economy. One example is 
the German GET H2 initiative, as part of which we will deliver 300 MW of electrolysis 
capacity at our Lingen site by 2027. Following extensive preparatory work, we started 
construction in 2024.
Turning to the individual components of our growth strategy:
•	 Offshore wind. At the end of 2024, our offshore wind portfolio had a total installed 
capacity of approximately 3.3 GW. This figure is calculated on a pro-rata basis, in line with 
our shareholdings. As of the balance-sheet date, another 4.4 GW was under construction, 
namely our North Sea wind farms Sofia (UK), Thor (Denmark), OranjeWind (Netherlands) 
and Nordseecluster A and B (Germany). With the exception of Nordseecluster B, we expect 
to complete these projects in the 2026 / 2027 period. However, we also plan to sell 
certain shareholdings, which will reduce the generation capacity allocable to us. Our 
growth investments’ geographic focus rests on northwestern Europe. Our offshore 
activities in the USA will be resumed once the political framework allows. We are also 
planning to build new wind farms in the coastal regions of Japan, South Korea and 
Australia.
•	 Onshore wind and solar. By the end of 2024, our land-based wind farms had a total 
pro rata installed capacity of 9.0 GW. In terms of solar, the figure stood at 5.7 GW. Assets 
accounting for a further 2.1 GW (wind) and 3.2 GW (solar) are under construction. We 
intend to continue growing our business in these two technologies. Capacity additions 
will be made above all in North America and Europe. Plans for projects in Australia are 
also underway.
•	 Battery storage. Increased dependence on more volatile energy sources such as solar 
and wind calls for more battery storage systems. Our operational battery storage 
capacity in late 2024 amounted to 1.1 GW (pro rata), with a further 2.3 GW of capacity 
under construction. In the USA, we often build storage facilities and solar farms together 
to optimise the timing of photovoltaic feed-ins to the local grid. Conversely, our large-scale 
batteries in Germany and other European markets are usually operated independently. 
We use them to capitalise on price variations on the wholesale electricity market or to 
provide system services for grid operators.
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Socially acceptable phaseout of coal-fired generation. Our growth programme is 
flanked by an accelerated coal exit. Eemshaven in the Netherlands is now the only RWE 
power station that uses hard coal as a fuel. It is co-fired with biomass. By law, we are 
required to either retrofit the plant to only run on biomass by the end of 2029 or shut it 
down. In Amer, our second biomass / hard coal power plant in the Netherlands, coal-fired 
generation was only permissible until the end of 2024. Since then, we have used 100 % 
biomass. Conversely, the phaseout of lignite, which we produce and use to generate 
electricity in the Rhenish mining region to the west of Cologne, is significantly more complex. 
We agreed with the German government and the state of North Rhine-Westphalia to stop 
producing electricity from lignite by 2030. We will do our utmost to protect our employees 
from any resulting social hardship. Comprehensive compensatory measures will be taken 
for the affected individuals, such as a statutory adjustment allowance. We are also helping 
to ensure that the Rhenish region remains structurally resilient and part of the energy 
sector. For example, in 2022 we set our sights on building 500 MW of wind and solar 
capacity in the area by the end of this decade as part of the ‘Gigawattpakt NRW’ initiative. 
We also want to repurpose our power station sites. The local infrastructure harbours 
significant potential for operating gas-fired power plants or battery storage systems such 
as the one in Neurath, which has a capacity of 84 MWh and went online in early 2025.
Nuclear power – our focus is on safe and efficient dismantling. Germany’s last three 
nuclear power plants were shut down on 15 April 2023, including RWE’s Emsland reactor 
in Lingen. Aside from our 30 % stake in the Dutch nuclear power station Borssele, this  
also marked the end of RWE’s involvement in nuclear generation. We are now focused on 
ensuring that all assets that have been shut down are safely and efficiently dismantled 
and the waste is properly disposed of. Launching new energy-related activities on the 
former nuclear power sites is also a priority. One example of this is our gas-fired power plant 
in Biblis, which was completed in early 2023 and is used by transmission system operator 
Amprion to stabilise grid frequency.
•	 Energy trading and customer solutions. We rank among the world’s leading energy 
traders and constantly seek to expand our expertise and reach. These activities are 
managed by RWE Supply & Trading. The company’s operations extend far beyond 
proprietary trading. For example, it sells power generated by the Group and procures the 
fuel and emission allowances required to produce this electricity. The objective here first 
and foremost is to limit price risks. On top of that, RWE Supply & Trading is in charge of 
the commercial optimisation of our power plant dispatch, with associated earnings 
going to the individual operating companies. RWE’s customers can also benefit from  
the expertise of our trading subsidiary through a wide range of products and services, 
ranging from traditional energy supply contracts and energy management solutions to 
sophisticated risk management concepts.
RWE Supply & Trading also oversees our pipeline gas and LNG business. The company 
enters into long-term supply agreements with producers, organises gas transportation 
by booking pipelines, LNG tankers and regasification terminals, and optimises the timing 
of deliveries by using storage facilities. The principle applied here is, the greater the size 
and diversification of the purchasing and supply portfolios, the better the chances to 
commercially optimise them. The gas business also opens up opportunities for hydrogen 
activities. For example, in Brunsbüttel (near Hamburg), where we are already involved in 
constructing an LNG landing terminal, we are now looking to build a second terminal for 
importing green ammonia, which could then be converted into hydrogen.
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RWE’s management system
RWE AG’s management system. Our management system is geared towards sustainable, 
value-creating growth. It is based on RWE’s strategic guidelines, which we develop by 
analysing the market environment and competitiveness of our business areas, identifying 
growth potential, and weighing up the opportunities and risks involved. Which projects are 
ultimately realised is at the discretion of the management of the operating company 
concerned. Major investments are approved by the Executive Board of RWE AG, which also 
determines the allocation of capital, long-term portfolio development and the type of 
financing. 
To operationally manage the Group’s activities, RWE deploys a groupwide planning and 
controlling system, which allows for timely, detailed insights into the current and prospective 
development of the company’s financial position, assets and earnings. Based on the targets 
set by the Executive Board and management’s expectations regarding the development  
of the business, once a year we deliver our medium-term and long-term plans, in which  
we forecast the development of key financial indicators. The medium-term plan contains 
the budget figures for the following fiscal year and planned figures for the two years 
thereafter. The Executive Board submits the plan to the Supervisory Board, which reviews 
and approves it. 
We compile an internal forecast for each fiscal year, which is updated every quarter. 
Members of the Executive Board of RWE AG and the management boards of our main 
operating units meet regularly to assess the company’s net worth, financial position and 
earnings, and revise the forecast. In the event that the forecast figures deviate significantly 
from the budget figures during a fiscal year, we analyse the underlying reasons and take 
necessary countermeasures. We also immediately notify the capital market if published 
forecasts need to be modified.
Key earnings indicators. We manage our core business focusing primarily on the following 
key financials: EBITDA, EBIT and net income, which we adjust by removing special items. 
EBITDA is defined as earnings before interest, taxes, depreciation and amortisation. In order 
to improve its informational value in relation to the ordinary course of business, we make 
modifications: non-operating and non-recurring effects are removed and presented in  
the non-operating result. This applies to capital gains and losses, temporary effects from 
the fair valuation of derivatives, goodwill impairments, other relevant special items and – 
as of 2024 – total earnings from our phaseout technologies coal and nuclear. Subtracting 
operating depreciation and amortisation from adjusted EBITDA yields adjusted EBIT. 
Adjusted net income is another key operating indicator for us. We determine it by eliminating 
the non-operating result from the reconciliation of net income. We also substitute the 
actual tax rate, which contains one-off effects, with a budgeted rate of 20 %, which we have 
derived in consideration of the (expected) taxable earnings in our core markets and local 
tax rates. Adjusted net income per share is another important management parameter for 
us. Depending on the development of framework conditions, we can achieve the targets 
we establish for this KPI by investing in our core business or adjusting our stock portfolio.
The main management parameter we have used for phaseout technologies since 2024  
is adjusted cash flow. This figure is calculated by deducting net capital expenditure from 
operating cash flows. Furthermore, we eliminate effects relating to other periods from  
the (cash) utilisation of provisions and add (non-cash) effects of the formation or reversal 
of provisions relating to the period. For example, payments for CO2 emission certificates 
related to power produced in the previous year are deducted, whereas additions to 
provisions for future purchases of emission certificates allocable to current electricity 
generation are included.
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In managing our indebtedness, we orientate ourselves towards the leverage factor, which 
represents the ratio of net debt to adjusted EBITDA. As of 31 December 2024, it was 2.0. 
In future, we expect net debt to increase, as we will partially finance our growth investments 
by raising debt capital. To secure our solid investment grade rating, we have established a 
leverage factor cap, which is currently set at 3.0. As of 2026, the maximum this indicator 
should be is between 3.0 to 3.5.
Expected minimum return on investments. We primarily use the internal rate of return (IRR) 
to evaluate the attractiveness of investment projects and only pursue projects if – at the 
time of the investment decision – the IRR after taxes stays above a defined floor. We 
determine this key figure using the weighted average cost of capital (WACC). The required 
minimum returns are the sum of the WACC and project-specific risk premiums, which 
usually range from 150 to 350 basis points, depending on the technology or region in 
question. This range has been increased by 50 basis points compared to the presentation 
in the 2023 Annual Report.
Safeguarding our financial strength and creditworthiness. The RWE Group’s financial 
position is analysed using cash flows from operating activities, amongst other things. We 
also attach special importance to the development of free cash flow, which is derived by 
deducting capital expenditure from cash flows from operating activities and adding 
proceeds from divestments and asset disposals. As mentioned earlier, we use adjusted 
cash flow as a key performance indicator for phaseout technologies. Net debt is another 
indicator of RWE’s financial strength. It is calculated by deducting provisions for pensions 
and similar obligations, for the dismantling of renewable assets and for nuclear waste 
management from RWE’s net financial position. Conversely, mining provisions and 
financial assets that we assign to these obligations are disregarded. The latter comprise 
our 15 % stake in E.ON and our claim for compensation for the German lignite phaseout 
minus the payments already made by the federal government.
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Blockage and wake effects: a key challenge in wind farm planning. Whenever we plan 
new wind farms, we calculate a whole host of parameters that affect both power and yield. 
One of these factors is the impact the turbines themselves can have on wind speeds. There 
are two main considerations in this regard: the first is that the presence of a wind turbine 
slightly slows down the airflow approaching it. In scientific circles, this is referred to as the 
blockage effect. The second is that the turbine extracts energy from the airflow, causing 
wind speed to reduce downstream of the turbine. This is known as the wake effect and can 
result in turbines ‘stealing’ each other’s wind when positioned unfavourably or when the 
wind is blowing from the ‘wrong’ direction.
To understand these effects better, we initiated a number of R & D projects. One such 
undertaking, referred to as ‘Global Blockage Effect in Offshore Wind’ (OWA-GloBE), was 
launched in 2020 and has since been completed. The project was carried out in 
collaboration with industry partners and research institutes and focused on taking 
measurements at our German offshore wind farms Nordsee Ost and Amrumbank West.  
It was the first time we were able to comprehensively assess the full impact of the  
blockage effect. By employing cutting-edge measurement methods such as the Dual 
Doppler LiDAR, a technique comparable to radar for optically determining wind speeds,  
we generated a wealth of data, setting a new industry standard for quantifying the impact 
of the blockage effect on offshore wind farms.
In our ongoing ‘Controlled Cluster Wakes’ (C2-Wakes) R & D project, we are measuring  
wake effects and exploring strategies to minimise them, for example by optimal turbine 
positioning. The publicly funded undertaking is particularly relevant for the German wind 
industry. Given ambitious governmental targets, the German Bight and southern Baltic 
Sea are expected to see a significant increase in wind farm density. The interaction 
between new and neighbouring wind farms must therefore be considered when choosing 
a location and operating the turbines. C2-Wakes is being realised in collaboration with 
2.2 Innovation
The energy transition presents power generators such as RWE with a range of 
challenges, not least from a technical perspective. Our ability to innovate and think 
outside the box is pivotal to our success. Last year, we launched and advanced over 
200 innovation projects together with academic and industry partners. Some of the 
benefits of these initiatives are the ability to use renewable energy more efficiently, 
store more power, ramp up the hydrogen economy and reduce greenhouse gas 
emissions through innovative strategies such as carbon dioxide recycling.
Solutions for a sustainable energy system. Our contribution to the energy transition is 
not simply defined by the volume of our investments, but also by how innovative we are. 
RWE is constantly seeking new ways to make the energy transition more efficient and cost-
effective. We initiate research projects, provide the necessary funding, infrastructure and 
expertise, and are at times the first to put new methods into practice. Our activities in this 
area focus on developing solutions that help us increase the utilisation of renewable energy, 
expand energy storage, and drive the ramp-up of large-scale hydrogen (H2) production. 
Our 1,248 patents and patent filings based on 224 inventions (as at the end of 2024) 
demonstrate how active we are when it comes to research and development (R & D). Last 
year, we drove forward around 200 R & D projects, with around 370 employees working  
full or part time on these endeavours. In so doing, we often work with other companies or 
research institutions, allowing us to benefit from their valuable insights. Another advantage 
is that the costs are then shouldered by many stakeholders. In 2024, our R & D spending 
therefore amounted to a moderate €18 million (previous year: €17 million).
On the following pages, we present a small selection of our current innovation projects. 
They illustrate the breadth and depth of the challenges we face in light of the energy 
transition and demonstrate the creativity with which we are tackling them. 
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Innovation
and generators. However, if the energy landscape of tomorrow is to become increasingly 
less reliant on traditional power generation technologies, then we will need other reliably 
available power supply systems to act as a dependable reserve. For example, at our 
Moerdijk power plant in the Netherlands, one of our innovation projects is looking into 
advanced batteries. The initiative involves building a 7.5 MW storage system comprising 
lithium iron phosphate batteries, which is then connected to the high-frequency grid. The 
unit uses highly reactive measurement technology and specially programmed inverters to 
deliver output at a moment’s notice. It is one of a range of system integration solutions we 
are working on as part of our OranjeWind offshore wind power project. The battery storage 
unit will commence a two-year pilot phase in the spring of 2025. During this time, together 
with transmission system operator TenneT, we will establish the technical requirements for 
optimally integrating batteries into network operations. Expanding on this, in 2024 we 
launched our ‘SysStab2030’ research project, which is being funded by the German 
Federal Ministry for Economic Affairs and Climate Action. One of the aims of this initiative 
is to determine the conditions large batteries must meet to sustain electricity grid stability 
even if there is a full shift to renewable energy. As part of our role as an associated partner, 
we are providing a battery storage unit for real-life testing. 
RWE explores large-scale hydrogen production and storage. Carbon-free hydrogen 
can make a significant contribution to decarbonising the energy, industry and transport 
sectors. It is therefore a core component of the green transition in our markets. RWE is 
currently working on around 30 hydrogen projects centred on Germany, the Netherlands 
and the UK. The objective is to produce hydrogen on a large scale and build an expansive 
hydrogen network. One of our most important German hydrogen projects, which we are 
collaborating on with numerous companies and research institutes, is ‘GET H2’. This 
project was launched in 2019 and covers the entire hydrogen value chain, from production 
and transport to usage. As part of the initiative, in 2020 RWE Generation joined forces with 
partners to launch the ‘GET H2 Nukleus’ project at the site of our Lingen power station.  
By 2027, we plan to have built three electrolysers on the site, each with a capacity of 
100 MW. The German government has dedicated €492 million in funding to the project, 
partners and involves extensive wind measurements to validate models for calculating  
the wake effect. This data can also be used to gain insights into how to optimise wind farm 
layouts. According to current plans, we expect to complete the assessments and bring 
C2-Wakes to a close in 2026.
Drones – speedy support for material deliveries and repairs at sea. The day-to-day 
operation of offshore wind farms presents optimisation opportunities, which we aim to 
innovatively harness through our R & D efforts. Rough seas can be challenging when it 
comes to inspections, maintenance and repairs. To improve these daily workflows, we are 
testing unmanned logistics. The following example shows just how useful they could be:  
if offshore maintenance work reveals that replacement parts are needed, then the vessel 
is generally forced to return to the port to fetch the missing components. At times, the ship 
may even need to wait until the following day to make this return trip, by which time it may 
be needed elsewhere. The research initiative ‘Cargo Drones’ is looking into this conundrum. 
As part of our research, we tested an unmanned aerial vehicle (UAV) capable of carrying 
loads of up to 4 kilograms completely autonomously across a 125-kilometre stretch 
between the port and the helideck at the offshore substation. The drone is controlled by 
satellite and can travel at speeds of up to 100 kilometres an hour. UAVs are also able to 
carry materials from the ship up to the roof of the turbine nacelles, so as to avoid the need 
to laboriously hoist these materials by crane. We are also going to test this application, 
albeit with heavy lift drones designed for short-range operations. Furthermore, we are 
exploring the deployment of aerial vehicles to repair rotor blades. Depending on the 
scenario, our technicians may no longer be required to climb to the damaged area, 
making their work more efficient.
Batteries as power stations: new strategies for stabilising the grid in seconds. The more 
energy sources such as solar and wind contribute to power supply, the more challenging it 
is to ensure grid stability. Instantaneous reserves are key in this regard, i. e. fast-responding 
capacities that can be called upon within seconds of a frequency deviation. Conventional 
power plants generally provide this service by harnessing the kinetic energy of their turbines 
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Innovation
ECO2Fuel: recycling CO2 during synthetic fuel production. Hydrogen produced by 
electrolysis and batteries are the classic green energy carriers – but they aren’t the only 
options. Synthetic fuels, produced from carbon dioxide and hydrogen, can also help  
bridge supply shortages on the electricity market. Exhaust fumes produced during efuel 
electrification are typically released into the atmosphere, meaning the combustion emits 
the same amount of carbon dioxide as previously stored in the fuel. Here at RWE, we are 
developing solutions for recycling this carbon dioxide. Our R & D efforts in this area are part 
of the European ECO2Fuel research project, involving 15 other partners from six 
countries. At the Niederaussem Innovation Centre, we have taken our first step towards 
realising a closed carbon cycle for efuel. This involved feeding the exhaust gas of a 200 kW 
motor-powered electricity generator into a pilot CO2 scrubbing facility. The carbon dioxide 
is therefore not released into the atmosphere, but is extracted from the exhaust gas and 
recycled to produce more efuel. With a recovery rate of over 95 %, this process can be 
repeated dozens of times. If the efuel was generated using biogenic carbon dioxide, for 
example by burning sewage sludge, and the recycling process used renewably generated 
hydrogen, then recycling a metric ton of carbon dioxide would prevent more than 
60 metric tons of carbon dioxide from entering the atmosphere. The first successful trial 
runs managed to recover almost all carbon dioxide from the exhaust gas, achieving 
recovery rates of up to 99 %. By using the CO2 scrubbing facility, we have collected 
significant volumes of data on waste heat, which could be put to good use. The combination 
of heat and electricity makes recyclable efuels a promising proposition for industrial sites 
where both heat and power are needed.
which will cover approximately half of our capital expenditure. The first two electrolysers 
have been ordered from Linde Engineering and the third will be supplied by Sunfire and 
Bilfinger. We expect to commence large-scale hydrogen production in 2025.
Another deliverable of the GET H2 initiative is Germany’s first commercial hydrogen  
cavern storage facility, which is being built in Gronau-Epe by RWE Gas Storage West. We 
have received a funding commitment from the German government, this time in the 
amount of €127 million. We will be contributing around €150 million and want to utilise 
the facility to supply hydrogen to industrial customers. The facility comprises two caverns, 
one of which is currently being used for natural gas storage. From 2026, Gronau-Epe will 
start storing hydrogen, paving the way for commercial utilisation in 2027.
RWE and Westfalen AG launch hydrogen filling station joint venture. Hydrogen also has 
the potential to reduce greenhouse gas emissions on the roads. Although batteries are 
proving to be the most cost-effective option when it comes to cars, hydrogen fuel cells offer 
significant potential for long-haul transportation. For this to be a viable option, however, an 
expansive network of hydrogen filling stations is needed. To drive the construction of such 
a network, we joined forces with Westfalen AG, launching the ‘two4H2’ joint venture in 2024. 
Our partner will contribute the necessary know-how in terms of hydrogen transport and 
filling station operations and we will provide the hydrogen made by electrolysis. For now, 
two4H2 is focused on North Rhine-Westphalia and Lower Saxony. The first filling stations 
are being built near logistics centres, although locations on motorways could also be 
feasible.
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Business environment
It is impossible to predict the consequences of the change of course in US energy policy  
for the expansion of renewable energy in the USA at this time. We currently assume that 
support for onshore wind projects in the construction phase is secure. However, we believe 
that the situation regarding our current offshore wind projects is more critical. Immediately 
after the presidential elections in November 2024, we decided to reduce our expenditure 
on these projects to a minimum for now. RWE holds the right to develop wind projects at 
three US coastal sites. The Community Offshore Wind project in the New York Bight has 
progressed the furthest, but has not yet reached the construction phase. We had already 
secured a preliminary offtake agreement for part of the electricity with the State of  
New York. However, it was not finalised as the turbine manufacturer rescinded its supply 
commitment and the contract did not cover the resulting added cost. We intend to continue 
all three offshore projects as soon as the framework conditions allow. As a result of the 
delays, our capital expenditure in 2025 and 2026 will be lower than budgeted. The savings 
will be transferred to a share buyback programme, on which we report on page 39.
USA: new tariffs – allegations of price dumping against solar module manufacturers 
from Southeast Asia. In February 2025, the US government decided to introduce a 25 % 
tax on steel and aluminium imports. In addition, duties were imposed on goods from 
Canada, Mexico and China. Imports that are already subject to tariffs are also affected. 
The surcharge for products from China has been set at 10 %. Goods from Mexico and 
Canada are subject to a 25 % tariff, although an exception has been made for Canadian 
fuel, which is taxed at 10 %. However, the tariffs for Canada and Mexico were suspended 
after the countries committed to strengthen controls along their borders to the United 
States.
The 2024 bumper election year brought a shift in power in two of our core markets, 
the UK and the USA, with direct implications for energy policy. In the UK, the newly 
elected Labour government is setting the stage for an accelerated expansion of 
climate-friendly generation technologies. Meanwhile, in the US, President Trump has 
introduced tariffs and called wind energy expansion plans into question. Across 
Europe, market conditions have stabilised following the turbulence caused by the 
war in Ukraine. Wholesale electricity and fuel prices trended significantly lower than 
in the two previous years. Our margins on the electricity we generate and sell on the 
wholesale market also mainly declined. 
Regulatory environment
New US administration reevaluates wind projects. Upon taking office in January 2025, 
US President Donald Trump set a new course for the country’s energy and climate policy by 
signing several executive orders. Among other things, he announced that the USA would 
withdraw from the Paris Climate Agreement and declared a national energy emergency in 
order to facilitate the development of new oil and gas fields as well as the construction of 
new power plants. Furthermore, President Trump suspended the issuance of any federal 
permits for offshore wind projects and ordered a comprehensive review of federal approval 
processes for proposed new wind farms. Initiatives on federally owned sites that have 
already been approved will also be subjected to an extensive review.
 
2.3 Business environment
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The 12.5 GW includes 10 GW of new gas-fired power stations, with 5 GW required to 
transition to hydrogen-based electricity generation from no later than the eighth year 
after commissioning. Existing plants retrofitted to run on hydrogen will contribute 2 GW, 
with 0.5 GW coming from power stations that will run on hydrogen from the outset 
(‘hydrogen sprinters’). The legislative process for the German Power Plant Security Act 
could not be concluded ahead of the federal elections. At the editorial deadline for this 
report, it was not yet clear whether the new German government would consider the draft 
and, if so, whether any changes would be made. When the first auctions will take place was 
not apparent either. We intend to take part, provided the conditions are agreeable. 
New UK government increasingly focuses on renewables. In the UK, the Labour 
government, elected in July 2024, injected fresh momentum into the country’s energy and 
climate policy. In December 2024, Labour presented its ‘Clean Power 2030 Action Plan’, 
comprising a raft of investments aimed at modernising energy infrastructure. By the end 
of the decade, the country wants to make its energy supply almost entirely climate-neutral. 
The government plans to achieve this by accelerating the expansion of renewables, among 
other things. It is envisaged that onshore wind capacity could rise to between 27 GW and 
29 GW by 2030, and offshore wind power could be boosted to between 43 GW and 
50 GW. As of late 2024, Great Britain’s capacity for the two technologies stood at 16 GW 
and 15 GW, respectively. Photovoltaic capacity, which amounted to 18 GW in late 2024, 
could rise to between 45 GW to 47 GW. Periods with limited wind and solar power could be 
bridged using batteries, nuclear power plants and gas-fired power stations. The latter will 
either need to be hydrogen capable, or use CCS technology to capture any carbon dioxide 
emitted during combustion and store it underground. It is envisaged that by 2030, only 
approximately 5 % of electricity will be generated using conventional natural gas-fired 
power stations without CCS. To achieve these goals, the UK government anticipates the 
need for a capacity reserve of 35 GW. Moreover, it is planning to accelerate grid expansion, 
grid connectivity and approval processes, which it has identified as bottlenecks.
Countries in Southeast Asia, where we source components for solar modules, are also 
affected by new tariffs. In late 2024, following an extensive probe, the US Department of 
Commerce declared that many solar module manufacturers in Cambodia, Malaysia, 
Thailand and Vietnam received subsidies, enabling them to sell their products at unfair 
prices in the USA, a practice known as dumping. The probe’s findings are pending official 
confirmation, which is expected to be received in the second quarter of 2025. Despite this, 
provisional tariffs have already been imposed on the imports of most of the affected 
companies. These duties range between 21 % and 271 %.
To limit risks in the supply chain arising from duties and other measures to curb imports  
in the USA, we sourced and stockpiled components for our ongoing projects early on. 
Moreover, we are diversifying our procurement sources and are stepping up our efforts to 
increase purchases from domestic manufacturers.
Germany: lack of clarity on funding framework for new gas-fired power stations. 
Following the federal elections on 23 February 2025, it remains unclear what direction the 
new government will take on energy policy. Based on the parties’ statements in the lead-up 
to the election, it is likely that there will be no fundamental changes to German energy 
policy. Creating incentives for building new power plants is among the most pressing  
tasks. Due to the legally mandated coal phaseout, additional flexible generation assets  
are needed to ensure reliable power supply even during periods of low wind and solar 
availability. Following the collapse of the coalition, the minority government formed by the 
Social Democratic and Green parties put forward a draft bill for a Power Plant Security 
Act. It was announced following a six-week consultation process involving expert groups, 
businesses and interest groups. The bill stipulates that the first stage will be a tender which 
includes 12.5 GW of generation capacity and 500 MW in long-term storage solutions, with 
a comprehensive technology-agnostic capacity mechanism to follow in the next phase.  
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Wind volumes in Europe slightly down year on year – modest increase in the USA. 
Utilisation and profitability of renewables assets are largely weather-dependent. Wind 
velocities are particularly important to our business. They fell slightly short of the long- 
term average and below the previous year’s level at most RWE sites in Europe. Northern 
Scandinavia and parts of the North Sea were among the regions that bucked the trend.  
In the USA, wind conditions were on average better than in 2023, although some areas 
lagged behind the long-term average. The utilisation of our run-of-river power plants can 
fluctuate significantly from year to year, as it depends on precipitation and meltwater 
volumes. In Germany, our main hydropower region, these volumes were notably higher 
than the long-term average and the previous year’s elevated level. 
Average RWE wind farm utilisation 
Onshore
Offshore
%
2024
2023
2024
2023
Germany
20
21
261
241
United Kingdom
28
26
39
40
Netherlands
27
30
—
—
Poland
28
28
—
—
France
24
29
—
—
Spain
22
22
—
—
Italy
22
24
—
—
Sweden
27
28
46
47
USA
31
29
—
—
1  Volume losses due to curtailments by the grid operator.
EU passes electricity market reform. In mid-2024, a reform of the European electricity 
market came into effect following final approval by both the European Parliament and the 
Council of Ministers. The reform was triggered by Russia’s invasion of Ukraine and the 
resulting disruptions in the energy sector. By introducing the measures, the EU wants to 
reduce the electricity market’s dependence on fuel imports and optimise it for the expansion 
of renewable electricity. There was no shift away from the supply-and-demand pricing 
model. The EU is also aiming to rely more on contracts for difference (CfDs) to give 
companies greater planning security for investments in zero-carbon generation assets. 
Capacity payments could also play an increasingly important role. The electricity market 
reform was finalised in 2023. More information is available on page 30 of the 2023 
Annual Report.  
Market environment
Weak economy in European core markets. Based on current data, global economic 
output in 2024 increased by around 3 %. Our European markets could not keep up with 
this pace. The UK achieved modest growth of around 1 %, whereas the German economy 
contracted slightly. Relatively high interest rates and inflation figures as well as geopolitical 
uncertainties had a dampening effect. In Germany, energy costs also played a role. The 
USA’s economy was more dynamic, staying roughly in line with the global average of 3 %.
Power consumption up on 2023. Electricity consumption rebounded after the previous 
year’s downturn. According to initial estimates of the German Association of Energy and 
Water Industries (BDEW), German electricity consumption has risen by approximately 1.7 %, 
despite the economy’s stagnation. Lower power prices contributed to this development.  
In the UK, experts estimate a rise of around 1 %. The USA is believed to have consumed  
2 % more electricity, which was driven largely by strong economic output. The ongoing 
expansion of energy-intensive IT infrastructure also had a noticeable impact.
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CO2 emission allowances cheaper than in 2023. The cost of procuring CO2 emission 
allowances is an important factor for fossil fuel-fired power stations. A European Union 
Allowance (EUA), entitling the holder to emit one metric ton of carbon dioxide, traded at  
an average of €69 in 2024 compared to €89 the year prior. This figure relates to forward 
contracts that mature in December of the following year. After reaching record highs of 
over €100 in February 2023, quotations in emissions trading experienced a downward 
trend that persisted until early 2024. Prices then stagnated at around the €70 mark, 
where they remained until the end of the year. Price-dampening factors included weak 
demand for EUAs from industry, driven by economic conditions, and low utilisation of 
comparatively emission-intensive coal-fired power plants. In addition, since mid-2023  
the EU has been putting additional EUAs into circulation to raise funds to finance the 
REPowerEU Plan. 
In the UK, where a national emissions trading system was established after Brexit, the  
cost of emitting carbon dioxide also decreased. One UK Allowance (UKA), which like one 
EUA, entitles the holder to emit one metric ton of carbon dioxide, averaged £41 in 2024 
compared to £59 the year prior. Factors similar to those in the EU came to bear here, such 
as weak industrial production and declining emissions from power generation in particular.
Wholesale gas prices down. The utilisation and earnings of our conventional power 
plants are dependent on the development of electricity, fuel and emission allowance 
prices. Last year, they fell short of the level witnessed in 2023. 
Natural gas, our most important fuel, became significantly cheaper. Averaged for the  
year, spot prices at the Dutch Title Transfer Facility (TTF) amounted to €34 / MWh in 2024, 
compared to €41 / MWh in the year prior. This was due to the easing of the gas supply 
situation despite the continued war in Ukraine. The mild winter of 2023 / 2024 and the weak 
economy also played a part. This development was also reflected in gas forward trading 
prices. The TTF forward for 2025 averaged €37 / MWh last year. By way of comparison, 	
in 2023, the 2024 TTF forward traded at €52 / MWh.
Gas also became cheaper in the USA. At Henry Hub, the country’s most important trading 
point, where gas prices are quoted in US dollars per million British thermal units (MMBtu), 
spot deliveries were priced at an average of US$2.20 / MMBtu in 2024, compared to 
US$2.54 / MMBtu in the previous year. At the end of the unusually mild 2023 / 2024 winter, 
North American gas storage facilities were fuller than usual, reducing the need for 
replenishment over the summer. This, in turn, dampened prices. The drop in demand was 
offset to some extent by additional LNG exports. On the forward market, the calendar 
year-ahead price averaged US$3.37 / MMBtu in 2024, having been US$3.48 / MMBtu  
in 2023.
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Business environment
Declining margins on electricity forward sales. To mitigate market risks in electricity 
generation, we seek state-guaranteed feed-in tariffs or long-term fixed-price contracts 
with retail key accounts. This mainly relates to electricity from renewables. The majority of 
our generation is hedged through transactions on the electricity forward market. This also 
applies to the procurement of fuel and emission allowances. We conduct these hedging 
activities with a lead time of up to three years. The generation margins we realised with 
these transactions in 2024 were below the average achieved in 2023. Only the margins  
of our German lignite and gas-fired power stations rose. Thanks to the persistently high 
volatility of spot prices, we were once again able to achieve strong earnings from the 
commercial optimisation of our power plant dispatch, albeit not to the same extent as in 
the previous year.
Electricity prices fall as fuel markets relax. Wholesale electricity prices dropped, 
mirroring developments on the fuel and emission allowances markets. In the fiscal year 
that just ended, base-load power traded for an average of €80 / MWh on the German spot 
market, compared to €95 / MWh in 2023. Spot prices in the United Kingdom declined 
from £94 / MWh to £72 / MWh. Electricity forward trading painted the following picture: in 
Germany, the 2025 base-load forward cost an average of €89 / MWh last year, whereas 
the same contract for 2024 was quoted at €137 / MWh in 2023. In the United Kingdom, 
the price of the one-year forward declined from £125 / MWh to £80 / MWh.
The North American electricity market is subdivided into different regions, which are 
managed by independent grid companies. Currently, the most important market for us is 
Texas, where the grid is operated by the Electric Reliability Council of Texas (ERCOT). Many 
of our US wind and solar farms are connected to this grid and a significant part of their 
generation is sold at market conditions. The ERCOT electricity spot price averaged 
US$26 / MWh in 2024, which is US$29 / MWh less than in the year prior. Declining gas 
prices, more renewable electricity feed-ins and depressed electricity demand as a result  
of reduced air conditioning use due to the weather all contributed to this development. 
Conversely, the one-year forward rose by US$3 / MWh to US$49 / MWh, in part due to the 
markets expecting electricity demand to increase.
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2.4 Major events
In 2024, we made good progress in advancing our growth strategy. In our offshore 
wind business, we secured six new projects, identified partners for ongoing 
endeavours and made the final investment decisions for three wind farms in the 
North Sea. We continued our onshore wind and photovoltaic expansion into 2024, 
particularly in the USA. At the same time, we shut down multiple German lignite units 
and converted Amer power station in the Netherlands to run exclusively on biomass 
as part of our efforts to continue reducing our carbon footprint. In this chapter, we 
present the major events that occurred in the period between January 2024 and 
February 2025, focusing on developments which have not been discussed in more 
detail elsewhere in the combined management report.
RWE awarded rights to two new wind power sites in German North Sea. In August 
2024, we successfully participated in an auction for the rights to use German sites for 
offshore wind. The Federal Network Agency announced that we had been awarded two 
tendered areas in the German North Sea: N-9.1 and N-9.2. These sites are located over 
100 kilometres northwest of the island of Borkum. Each has the potential to be home  
to 2 GW of generation capacity. Both projects will be developed in partnership with 
TotalEnergies. The French group, with whom we are also collaborating on the Dutch offshore 
wind farm project OranjeWind (see next page), took a 50 % equity stake in October. Together, 
RWE and TotalEnergies will pay €250 million for both sites, with 10 % falling due when the 
project starts and 90 % spread over the first 20 years of the wind farms’ operation. The 
investment decisions are expected to be made no later than 2027 (N-9.1) and 2028 
(N-9.2). The wind farms could then take all turbines online by 2031 and 2032, respectively. 
We have not been granted a government-backed guaranteed price for the electricity 
generated. 
Go-ahead given for construction of two offshore wind farms to the north of Juist.  
In May 2024, we made the investment decision for Nordseecluster A and B, two German 
offshore wind farms located around 50 kilometres to the north of Juist island. The sites 
have a capacity of 660 MW and 900 MW and are expected to be completed in early 2027 
and early 2029. We plan to market the electricity from the wind farms mainly through 
long-term contractual agreements with industrial and municipal customers to support 
their decarbonisation journeys.
RWE takes on three major UK offshore wind power projects from Vattenfall. In March 
2024, we acquired three offshore wind projects off the coast of Norfolk in the east of 
England from Swedish energy company Vattenfall. The agreed purchase price corresponds 
to a portfolio value of £963 million. Each of the three projects – Norfolk Vanguard West, 
Norfolk Vanguard East and Norfolk Boreas – has a potential generation capacity of up to 
1.4 GW. The first two have made the most progress. Based on current planning, they could 
be completed as early as the end of this decade.
RWE and Masdar to co-develop wind power venture on Dogger Bank. We have formed 
a partnership with Abu Dhabi-based clean energy firm Masdar to realise two offshore wind 
projects, which are planned for the southern section of Dogger Bank in the British North 
Sea. The joint venture agreement became effective at the end of February 2024. Masdar 
now holds a 49 % stake in both Dogger Bank South projects and has reimbursed RWE the 
corresponding project costs incurred to date. RWE owns 51 % and is responsible for 
constructing and operating the assets. The two wind farms could each have an installed 
capacity of up to 1.5 GW and be completed by late 2031.
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Major events
renewable energy via the Contracts for Difference mechanism. Under this system, if plant 
operators realise a wholesale price for the electricity below the strike price set at auction, 
they receive a payment to cover the difference. If it is above the strike price, they must pay 
back the difference.
Major wind and solar farms in the USA up and running. Over the past fiscal year, we have 
taken steps to considerably expand our wind and solar portfolio. Most of the additional 
assets are located in the USA, where we completed the Willowbrook (150 MW), Bright 
Arrow (300 MW) and Peregrine (300 MW) solar farms. Willowbrook is situated in the state 
of Ohio and commenced commercial operation in January 2024. Bright Arrow and 
Peregrine followed suit in May and December, respectively, and are both located in Texas. 
The Bright Arrow site is also home to a battery with an output of 100 MW and a storage 
capacity of 200 MWh, designed to optimise the timing of solar power feed-ins into the 
local grid. We also took significant strides in expanding our onshore wind power capacity. 
The largest individual project completed in 2024 was Montgomery Ranch in Texas 
(203 MW). The wind farm’s 45 turbines have been operating commercially since June. 
Long-term power purchase agreements with Microsoft, Meta and Rivian. Last year,  
we concluded a number of long-term power purchase agreements with US businesses, 
including Microsoft, Meta and Rivian. As announced in May 2024, Microsoft will be 
procuring the power from Peyton Creek II (243 MW) and Lane City (203 MW), two wind 
farms under construction in Texas. In August, we agreed to supply Meta with the power 
from our County Run Solar (274 MW) and Lafitte Solar (100 MW) solar farms, which are 
currently being built in the US states of Illinois and Louisiana. In October, we concluded a 
15-year offtake agreement with Rivian. The American EV manufacturer will receive 
electricity from our 127 MW onshore wind farm Champion Wind in Texas, which is being 
repowered. All three contractual partners have set themselves ambitious emissions 
reduction targets when it comes to their energy supply. Rivian, for example, is looking to 
power its fast-charging network with 100 % renewable energy.
TotalEnergies and RWE join forces to deliver OranjeWind offshore wind farm. A joint 
venture between RWE and TotalEnergies will deliver the Dutch offshore wind project 
OranjeWind. In late July 2024, the French energy group acquired a 50 % stake in the 
project. At the same time, the final investment decision for the 795 MW wind farm was 
taken. OranjeWind, which will be built 53 kilometres from the city of IJmuiden in the Dutch 
province of North Holland, is the Netherlands’ first system integration project: RWE and 
TotalEnergies have committed to implementing measures that enable fluctuating wind 
power generation to be utilised when needed. In doing so, we will rely on electrolysers for 
producing green hydrogen, EV charging stations, battery storage systems, and electric 
boilers. RWE is responsible for developing, building and ultimately operating the wind farm. 
All turbines are expected to go online in 2028.
Seabed rights for first offshore wind project in Australia secured. The Australian 
government has granted us the licence to develop an offshore wind project in the 
southeastern state of Victoria. The site we have been awarded could potentially 
accommodate up to 2 GW of generation capacity. It is located 67 kilometres off the  
coast of Gippsland and has an average water depth of 59 metres. We hold the exclusive 
rights to develop the project for the next seven years and the right to apply for a licence to 
build and operate the wind farm. Based on current plans, the project could be operational  
in the early 2030s. 
British CfD auctions: RWE secures strike prices for five new build projects. At a recent 
auction in the UK, we were awarded Contracts for Difference (CfD) for two onshore wind 
and three photovoltaic projects, which together could account for 218 MW of generation 
capacity. The outcome of the tender process was announced in early September. The 
strike price set at the auction was £50.90 / MWh for electricity from onshore wind farms 
and £50.07 / MWh for solar power. As these figures are based on 2012 prices and are 
inflation-indexed, actual guaranteed prices will be significantly higher. The UK supports 
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Success at British capacity market auction. In February 2024, a British capacity market 
auction was held for the period from 1 October 2027 to 30 September 2028. We were 
awarded capacity payments for all participating RWE power plants. These stations, which 
are almost exclusively gas-fired, have a combined secured capacity of 6,353 MW. The 
auction cleared at £65 per kilowatt plus inflation adjustment. We will receive the payments 
for making our assets available during the above period and thus contributing to security 
of supply.
Gersteinwerk once again selected for German capacity reserve. Our natural gas 
combined-cycle units F, G and K 1 at the Gersteinwerk site in Werne (Westphalia) have 
been included in the German capacity reserve for the period from 1 October 2024 to 
30 September 2026. The decision was taken in February 2024 as part of a tender process 
organised by the German transmission system operators. Altogether, the plants will provide 
a total of 820 MW of capacity which can be used to ensure security of supply. We will receive 
a capacity payment of €99.99 per kilowatt and year. Units F and G had already submitted 
winning bids in the first two tender rounds of this kind. As reserve power stations, they have 
not operated on the regular electricity market since 1 October 2020 and can only be  
fired up when required to do so by the transmission system operator. By contrast, unit K 1 
participated in the capacity reserve tender procedure for the first time.
Dutch power station Amer retrofitted to run on 100 % biomass. Since January 2025,  
we have been exclusively firing our Dutch power station Amer with biomass. This is because, 
by law, we were only allowed to co-fire coal at the plant until the end of 2024. Amer was 
originally a purely hard coal-fired power station. We began co-firing it with biomass back  
in 2000, gradually increasing the share of this fuel in the blend over the following years. 
Our biomass meets the strictest sustainability criteria. We only source it from certified 
suppliers.  
RWE to collaborate with Peabody on green power projects on reclaimed mining land. 
In November, we agreed to work with US coal producer Peabody to advance renewable 
energy development. The collaboration will fall under the remit of R3 Renewables, a 
company founded by Peabody, Summit Partners Credit Advisors and Riverstone Credit 
Partners. Peabody’s two co-shareholders transferred their stakes to us in November. We 
now hold a 75 % interest in R3 Renewables and Peabody holds the remaining 25 %. The 
collaboration allows us to use Peabody’s reclaimed mining sites, which are largely located 
in the US Midwest. Developing solar and battery storage projects on an industrial scale is 
at the core of the collaboration. R3 Renewables has already pre-developed ten ventures 	
in the states of Indiana and Illinois, which could deliver 5.5 GW of generation capacity.
Germany approves funding for three RWE hydrogen projects. In July 2024, we were 
awarded federal funding for three German hydrogen projects. Funds totalling €619 million 
were allocated to two endeavours, which we are developing independently: the construction 
of a 300 MW electrolyser in Lingen (Lower Saxony) belonging to the GET H2 Nukleus 
project, and of a hydrogen storage facility in Gronau-Epe (North Rhine-Westphalia). We 
report on both projects in more detail on pages 29 et seq. A third funding commitment  
for €199 million went to a consortium, of which RWE is a member, with plans to build a 
100 MW electrolyser as part of the HyTechHafen Rostock project (Mecklenburg-Western 
Pomerania). The government is providing 70 % of the funds for all three ventures, with 30 % 
being contributed by the federal states where the projects are located. In February, the EU 
confirmed that the projects were of mutual European interest, thus paving the way for 
funding at national level. 
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RWE launches €1.5 billion share buyback programme. In November 2024, the Executive 
Board of RWE AG decided on a share buyback with a volume of up to €1.5 billion. The 
decision was taken on the back of delays in investments related to US offshore wind power 
and the European hydrogen business, which freed up funds. The repurchased shares will 
be cancelled. We will implement the buyback programme in three tranches of €500 million 
each. The buyback of the first tranche began on 28 November 2024 and is slated to be 
completed by no later than 28 May 2025. The buyback of all three tranches is expected to 
take up to 18 months. The process is being carried out on the basis of and in accordance 
with the authorisation granted by the Annual General Meeting of RWE AG on 4 May 2023, 
permitting the buyback of shares representing up to 10 % of the company’s capital stock. 
However, the authorisation will expire on 3 May 2025. We will therefore propose that the 
Annual General Meeting on 30 April 2025 reauthorise the Executive Board to buy back 
RWE shares. The transactions are being conducted via the electronic trading system of  
the Frankfurt Stock Exchange (Xetra) and selected multilateral trading systems within the 
European Union. In fiscal 2024, 4,448,369 shares were already purchased as part of the 
programme.
Lignite phaseout: RWE shuts down six power plant units. In late March 2024, we 
decommissioned five lignite-fired power plant units in the Rhenish coal mining region.  
The units in question were Niederaussem E (295 MW) and F (299 MW), as well as 
Neurath C (292 MW), D (607 MW) and E (604 MW). On 1 January 2025, Unit F (321 MW) 
at our Weisweiler lignite-fired power station followed suit. The blocks have a combined 
capacity of 2.4 GW and were shut down as part of Germany’s coal phaseout. Our carbon 
dioxide emissions will decrease significantly as a result. Since 2020, we have shut down 14 
of 21 lignite-fired units, reducing our capacity from this technology to 5.8 GW. We have 
also stopped producing briquettes and plan to discontinue all lignite operations by the  
end of March 2030.
Structural change in the Rhenish region: RWE sells site to Microsoft. In April 2024, we 
sold land in the Rhenish lignite mining region to Microsoft. The site is located at Bergheim 
in the Rhine-Erft district. The software developer has announced plans to build a large 
data centre on it. A second plot of land in the vicinity, which Microsoft purchased from the 
City of Bedburg, is envisaged to serve the same purpose. In addition to developing data 
infrastructure to harness artificial intelligence and cloud technologies, the company also 
plans to launch a regional initiative focusing on training young adults for careers in IT.
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2.5 Business performance
RWE can look back on a successful 2024 fiscal year. We posted adjusted EBITDA  
of €5.7 billion. This is more than what we forecast at the beginning of the year. Our 
adjusted EBIT and adjusted net income also came in above plan. This was partially 
thanks to a strong performance in the Supply & Trading and Flexible Generation 
segments. However, as expected, they were unable to match the unusually strong 
earnings registered in the previous year. The continued expansion of renewable 
energy also had a positive impact. We increased our wind and solar capacity by 10 % 
last year. Gross capital expenditure totalled €11.2 billion, the highest level recorded 
in 15 years. 
Commentary on reporting
Group structure features five segments. In our financial reporting, we divide the 
RWE Group into the five following segments, the first four of which form our core business: 
(1) Offshore Wind, (2) Onshore Wind / Solar, (3) Flexible Generation, (4) Supply & Trading, 
and (5) Phaseout Technologies. More detailed information on the segments can be found 
on pages 21 et seq. We made several adjustments to our reporting, which became effective 
as of 1 January 2024. Segments (3) and (5) were renamed (from Hydro / Biomass / Gas 
and Coal / Nuclear). The assignment of our shareholdings in Dutch nuclear power plant 
operator EPZ (30 %) and Germany-based URANIT (50 %) also changed. They were 
previously allocated to Phaseout Technologies and are now included in the Flexible 
Generation segment (EPZ) and the ‘other, consolidation’ line item (URANIT). We have 
restated the figures for 2023 to ensure they are comparable.
New methodology for reporting earnings from Phaseout Technologies. In fiscal 2024, 
we stopped reporting adjusted EBITDA / EBIT for our German lignite and nuclear activities. 
We now recognise their operating gains and losses as part of the non-operating result.  
We adjusted the previous year’s figures accordingly. The change in reporting reflects the 
way we manage Phaseout Technologies, where we focus on adjusted cash flow. We have 
explained how we calculate this indicator on page 55. The commercial development of 
Phaseout Technologies is now portrayed using adjusted cash flow.
Modified recognition of variation margins. Credit rating agencies place great importance 
on funds from operations. To make this indicator more conclusive, they remove temporary 
effects from sureties for futures transactions (variation margins). Against this backdrop, 
we stopped recognising variation margins in funds from operations. Instead, we recognise 
them entirely in the cash flow statement under the ‘changes in working capital’ line item, 
which had already included some variation margins in the past. The previous year’s figures 
have been restated to reflect the new allocation. 
New accounting treatment for capacity reserve at Gersteinwerk site. Our F, G and K 1 
combined-cycle natural gas units at the Gersteinwerk location in Werne (Westphalia) 
became part of the German capacity reserve as of 1 October 2020 (F / G) and 1 October 
2024 (K 1). Transmission system operator Amprion is now responsible for deploying these 
assets. We initially accounted for the provision of this reserve capacity as a pending 
transaction. Since the beginning of 2024, we have been recognising this as a finance 
lease pursuant to IFRS 16. This was taken into account retroactively for the 2023 figures. 
On the balance sheet, we no longer report on the power stations (property, plant and 
equipment) and instead recognise receivables from finance leasing in the amount of the 
discounted future cash flows. This change in accounting treatment also has an effect on 
both the income statement and the cash flow statement, but not on adjusted EBITDA.
40
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Annual Report 2024
2
Combined  
management report
Business performance
4
Notes from the auditor
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information

business, plant closures due to Germany’s legally mandated coal phaseout led to a decline 
in generation. As set out on page 39, we shut down the Niederaussem E and F units as well 
as the Neurath C, D and E units in the Rhenish mining region at the end of March 2024, 
reducing total capacity by 2.1 GW. Further volume shortfalls were registered because the 
Emsland nuclear power station in Lingen was decommissioned on 15 April 2023: we 
stopped producing nuclear power in Germany on that date.
Electricity production down – renewables post strong gain. Last year, RWE generated 
117,801 GWh of electricity. Of this, 41 % was from renewables, clearly exceeding the 
share accounted for by coal (30 %). Our power production declined by 9 % compared to 
2023. This was primarily because our gas-fired power stations in the UK were deployed 
less than in the previous year: in addition to maintenance outages, less favourable market 
conditions came to bear. Market factors were also a major reason why we produced less 
electricity from hard coal in the Netherlands. In our German lignite-fired generation
Commentary on business performance 2024 
Power generation1
Renewables
Pumped storage, 
batteries
Gas
Lignite
Other2
Total
GWh
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Offshore Wind
10,996
10,963
—
—
—
—
—
—
—
—
10,996
10,963
Onshore Wind / Solar
32,387
28,460
—
—
—
—
—
—
—
—
32,387
28,460
Flexible Generation
5,413
5,818
158
158
32,170
42,061
—
—
4,860
5,513
42,601
53,550
of which:
Germany
2,055
1,719
158
158
4,540
5,340
—
—
146
198
6,899
7,415
United Kingdom
524
582
—
—
18,662
27,829
—
—
—
—
19,186
28,411
Netherlands
2,834
3,517
—
—
5,807
6,033
—
—
4,714
5,315
13,355
14,865
Türkiye
—
—
—
—
3,161
2,859
—
—
—
—
3,161
2,859
Phaseout Technologies
—
—
—
—
149
99
31,457
34,285
211
2,344
31,817
36,728
RWE Group
48,796
45,241
158
158
32,319
42,160
31,457
34,285
5,071
7,857
117,801
129,701
1  Figures reported in accordance with IFRS accounting, i. e. generation of fully consolidated companies is recognised in full, whereas activities in which we own minority shareholdings are generally not recognised.  
Changes in reporting triggered adjustments to prior-year figures; see commentary on page 40. 
2  Including generation volumes attributable to hard coal firing at the Dutch Amer and Eemshaven power stations as well as electricity volumes produced by the German Emsland nuclear power station in 2023 until it was decommissioned on 15 April.
41
RWE
Annual Report 2024
2
Combined  
management report
Business performance
4
Notes from the auditor
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information

In addition to our in-house generation, we procure electricity from suppliers outside of the 
Group, particularly in our key account supply business. In the period under review, these 
purchases totalled 49,467 GWh (previous year: 36,499 GWh).
Our electricity production from renewables was up 8 %. It increased above all in our 
photovoltaics business, where we posted a gain of 28 %. This was because we recently 
expanded our solar capacity substantially, above all in the USA. The acquisition of US 
energy firm Con Edison Clean Energy Businesses as of 1 March 2023 was a major step 
forward (see page 35 of the 2023 Annual Report). As part of the transaction, we received 
an extensive solar portfolio, which contributed to the Group’s power production for the 
entire reporting period for the first time in 2024. Furthermore, we have commissioned 
several large-scale solar farms since the acquisition. Our electricity generation from wind 
rose by 5 %. The main driver was the expansion of our onshore wind capacity.
Power generation from renewables1
Offshore Wind
Onshore Wind
Solar
Hydro
Biomass
Total
GWh
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Germany
2,152
1,968
1,314
1,316
93
49
2,055
1,719
—
—
5,614
5,052
United Kingdom
8,648
8,799
1,939
1,799
—
—
172
185
352
398
11,111
11,181
Netherlands
—
—
897
990
22
26
29
20
2,777
3,467
3,725
4,503
Poland
—
—
1,361
1,255
59
29
—
—
—
—
1,420
1,284
France
—
—
314
321
—
—
—
—
—
—
314
321
Spain
—
—
946
963
444
254
—
—
—
—
1,390
1,217
Italy
—
—
937
1,022
—
—
—
—
—
—
937
1,022
Sweden
196
196
298
290
—
—
—
—
—
—
494
486
USA
—
—
12,803
11,423
10,241
8,118
—
—
—
—
23,044
19,541
Australia
—
—
—
—
500
476
—
—
—
—
500
476
Rest of the world
—
—
21
28
226
130
—
—
—
—
247
158
RWE Group
10,996
10,963
20,830
19,407
11,585
9,082
2,256
1,924
3,129
3,865
48,796
45,241
1  Figures reported in accordance with IFRS accounting, i. e. generation of fully consolidated companies is recognised in full, whereas activities in which we own minority shareholdings are generally not recognised.
42
RWE
Annual Report 2024
2
Combined  
management report
Business performance
4
Notes from the auditor
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information

At 19.2 GW, renewable energy accounted for the single-largest portion (43 %) of our 
generation capacity by the end of 2024. Second place was taken by natural gas with 
16.0 GW (36 %). Our biggest source of renewable energy is wind (12.2 GW), followed by 
solar (5.7 GW), biomass (0.8 GW), and hydro (0.5 GW).
The geographic focus of our generation business is Germany, where 30 % of our installed 
capacity is located. The United Kingdom and the USA each account for 24 %. Based solely 
on renewable energy, the United States takes the lead, with a share of 50 %.
RWE’s generation capacity: share of renewables up to 43 %. As of 31 December 2024, 
we had an installed power production capacity of 44.1 GW. Despite the closure of lignite-
fired units totalling 2.4 GW, the figure only changed marginally compared to 2023 
(44.5 GW). This was because we commissioned new wind farms, solar farms and battery 
storage systems with a combined capacity of 2.1 GW. Amounting to 1.6 GW, the lion’s 
share was added in the USA, where we completed the Bright Arrow and Peregrine solar 
farms (300 MW each) as well as the Montgomery Ranch onshore windfarm (203 MW) in 
the year under review (see page 37).
Installed capacity1
Renewables
Pumped storage, 
 batteries
Gas
Lignite
Other2
Total
As of 31 December 2024, MW
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Offshore Wind
3,515
3,515
—
—
—
—
—
—
—
—
3,515
3,515
Onshore Wind / Solar
14,364
12,645
814
580
—
—
—
—
—
—
15,179
13,225
Flexible Generation
1,281
1,281
431
291
15,592
15,572
—
—
1,794
1,920
19,098
19,064
of which:
Germany
377
377
431
291
4,127
4,127
—
—
53
53
4,988
4,848
United Kingdom
133
133
—
—
6,969
6,949
—
—
253
253
7,355
7,335
Netherlands
771
771
—
—
3,709
3,709
—
—
1,489
1,615
5,968
6,094
Türkiye
—
—
—
—
787
787
—
—
—
—
787
787
Phaseout Technologies
—
—
—
—
400
400
5,8323
8,250
27
27
6,2593
8,677
RWE Group4
19,160
17,441
1,252
878
15,992
15,975
5,832
8,250
1,821
1,947
44,057
44,491
1  Figures reported in accordance with IFRS accounting, i. e. generation capacities of fully consolidated companies are recognised in full, whereas activities in which we own minority shareholdings are generally not recognised. 
On a pro-rata basis, RWE’s generation capacity at the end of 2024 amounted to 46.1 GW, of which 37.6 GW was attributable to renewable energy assets and flexible generation capacities (excluding coal-fired power plants). 
Changes in reporting (see page 40) and the method used to recognise capacity triggered adjustments to some prior-year figures. 
2  Including the share of production capacity of the Dutch Amer (only 2023) and Eemshaven power stations which is attributable to hard coal firing.
3  Figure no longer includes the Weisweiler F lignite unit. It was officially decommissioned as of 1 January 2025, but stopped producing electricity at the end of 2024.
4  Including insignificant capacity in the Supply & Trading segment.
43
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Annual Report 2024
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Combined  
management report
Business performance
4
Notes from the auditor
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information

CO2 emissions of our power stations 
Million metric tons
2024
2023
+ / –
Flexible Generation
14.7
18.9
– 4.2
of which:
Germany
1.9
2.2
– 0.3
United Kingdom
6.8
10.2
– 3.4
Netherlands
4.9
5.5
– 0.6
Türkiye
1.1
1.0
0.1
Phaseout Technologies
37.9
41.7
– 3.8
RWE Group
52.6
60.6
– 8.0
Carbon dioxide emissions down 13 %. Our carbon dioxide emissions from electricity 
generation declined by 13 % to 52.6 million metric tons compared to 2023. The reason  
for this was the drop in utilisation of the fossil fuels coal and gas. Specific emissions, i. e.  
the amount of carbon dioxide emitted per megawatt hour of power produced, totalled 
0.447 metric tons, slightly down compared to the previous year. In addition to lower 
generation volumes from coal, the increased deployment of climate-friendly production 
technologies, i. e. wind and solar, came to bear here. In contrast, the closure of the Emsland 
nuclear power station eliminated some of our zero-carbon generation.
Installed capacity based on renewables1
Offshore Wind
Onshore Wind
Solar
Hydro
Biomass
Total
As of 31 December 2024, MW
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Germany
940
940
803
750
90
44
376
376
1
1
2,209
2,110
United Kingdom
2,527
2,527
800
802
—
—
78
78
55
55
3,460
3,462
Netherlands
—
—
381
383
27
27
11
11
742
742
1,160
1,163
Poland
—
—
557
557
83
34
—
—
—
—
639
591
France
—
—
164
150
—
—
—
—
—
—
164
150
Spain
—
—
493
493
242
152
—
—
—
—
736
645
Italy
—
—
527
473
9
—
—
—
—
—
536
473
Sweden
48
48
124
124
—
—
—
—
—
—
172
172
USA
—
—
4,815
4,667
4,811
3,550
—
—
—
—
9,625
8,217
Australia
—
—
—
—
314
314
—
—
—
—
314
314
Rest of the world
—
—
10
10
135
135
—
—
—
—
145
145
RWE Group
3,515
3,515
8,673
8,408
5,709
4,255
465
465
798
798
19,160
17,441
1  Figures reported in accordance with IFRS accounting, i. e. fully consolidated activities are recognised in full, whereas activities in which we own minority shareholdings are generally not recognised. Commercial rounding can result in inaccurate sum totals.
	   Changes in the method used to recognise capacity triggered adjustments to some prior-year figures.
44
RWE
Annual Report 2024
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Combined  
management report
Business performance
4
Notes from the auditor
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information

External revenue1
€ million
2024
2023
+ / –
Offshore Wind
1,071
1,202
– 131
Onshore Wind / Solar
2,394
2,295
99
Flexible Generation
1,092
1,235
– 143
Supply & Trading
18,865
22,989
– 4,124
Other, consolidation
2
—
2
Core business
23,424
27,721
– 4,297
Phaseout Technologies
800
800
—
RWE Group
24,224
28,521
– 4,297
of which:
Electricity revenue
21,047
25,038
– 3,991
Gas revenue
1,805
1,750
55
1  Some prior-year figures restated; see page 40.
At €5.7 billion, adjusted EBITDA within top half of guided range. Our adjusted  
earnings before interest, taxes, depreciation and amortisation (adjusted EBITDA) totalled 
€5,680 million. This confirmed the forecast we published at our Capital Markets Day on 
28 November 2023, which envisaged a range of €5,200 million to €5,800 million. In our 
2023 Annual Report, which was published on 14 March 2024, we updated the earnings 
outlook taking particular account of the substantial drop in wholesale prices witnessed in  
the interim. We expected that adjusted EBITDA would come in at the lower end of the 
aforementioned range. In fact, we achieved a figure in the upper half of the range, which is  
in part attributable to our trading performance exceeding expectations.
Further drop in lignite production volume. We procure most of the fuel we need to 
generate electricity on international trading markets. However, lignite is sourced from 
proprietary opencast mines in the Rhenish mining area, where we produced an equivalent 
of 13.0 million metric tons of hard coal units (HCU). This was 1.3 million metric tons of 
HCU less than in 2023, owing to the decline in electricity generated by our lignite-fired 
power plants. We used the lion’s share of the mined lignite in these stations. The remainder 
went towards manufacturing refined products and, to a limited extent, to generating 
process steam and district heat.
Electricity sales slightly down, gas sales unchanged. In fiscal 2024, we sold 
155,903 GWh of electricity and 42,316 GWh of gas. These volumes are largely 
attributable to RWE Supply & Trading, which markets most of our electricity generation and 
is responsible for the gas business. Whereas gas sales were unchanged from 2023, 
electricity deliveries were down 2 %. The decline in our generation volumes came to bear 
here. As a result, we sold less electricity produced in-house on the wholesale market. This 
was partially offset by increased sales in the supply business with industrial customers, 
whom we also supply with purchased electricity.
Significant decline in electricity revenue. Our external revenue (excluding natural gas 
tax / electricity tax) amounted to €24,224 million, compared to €28,521 million the year 
prior. Electricity revenue dropped by 16 % to €21,047 million – largely due to a decrease in 
prices. Conversely, gas revenue recorded a slight uptick, advancing to €1,805 million. Price 
effects also came to bear here. When calculating revenue in gross terms, i. e. including 
income from the commercial optimisation of our generation assets, the figure would be 
€55,959 million.
At 15 %, the share of our coal-related revenues remained largely unchanged compared to 
the previous year, although we produced much less electricity from coal. This was because 
we realised higher prices from forward sales of electricity generated by our lignite-fired 
power stations, which offset the volume effect. We determine the share of coal based on 
gross revenue, which amounted to €55,959 million (€8,119 million of which from coal). 
When the share of coal is calculated based on our external revenue of €24,224 million 
(€5,156 million of which from coal) the figure is 21 %. 
45
RWE
Annual Report 2024
2
Combined  
management report
Business performance
4
Notes from the auditor
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information

•	 Onshore Wind / Solar: Here, we recorded adjusted EBITDA of €1,502 million. We had 
expected a figure in the lower half of the range of €1,500 million to €1,900 million. 
Although wind conditions were below average, we remained within the forecast range. 
Earnings were up significantly compared to the previous year (€1,248 million). The 
commissioning of new wind and solar farms came to bear. In addition, the activities  
of Con Edison Clean Energy Businesses, which we acquired as of 1 March 2023, 
contributed a full twelve months of earnings for the first time. We also benefited from 
price-induced margin improvements in the UK and the US, which overcompensated for 
opposing price effects in other markets. Unlike in 2023, we did not realise any notable 
capital gains on the sale of investments.
•	 Flexible Generation: In this segment, we registered adjusted EBITDA of €1,949 million. 
Our forecast had envisaged a figure at the lower end of the range of €1,800 million to 
€2,200 million, which we therefore successfully exceeded. Income from the commercial 
optimisation of our power plant dispatch surpassed expectations. Nevertheless, it was 
significantly below the exceptionally high level achieved in the prior year. The margins  
we realised on forward sales of our electricity generation also declined significantly. 
Adjusted EBITDA recorded by this segment was therefore much lower than in 2023 
(€3,217 million). 
•	 Supply & Trading: Adjusted EBITDA posted here totalled €679 million, well above the 
forecast range of €100 million to €500 million. However, we experienced a marked 
decline compared to the unusually strong earnings recorded in the previous year 
(€1,578 million), which were driven by very volatile energy prices. 
Adjusted EBITDA1
€ million
2024
2023
+ / –
Offshore Wind
1,559
1,664
– 105
Onshore Wind / Solar
1,502
1,248
254
Flexible Generation
1,949
3,217
– 1,268
Supply & Trading
679
1,578
– 899
Other, consolidation
– 9
42
– 51
Core business
5,680
7,749
– 2,069
1  Some prior-year figures restated; see page 40.
Despite the positive business performance, adjusted EBITDA fell far short of the 
exceptionally high year-earlier figure (€7,749 million). This was largely attributable to the 
fact that earnings contributed by the Flexible Generation and Supply & Trading segments 
could not match the unusually high levels seen in 2023, which was to be expected. This 
was contrasted by a significant improvement in earnings in the Onshore Wind / Solar 
segment, which was primarily driven by the commissioning of new generation capacity.
We had issued earnings forecasts for the Group’s business segments in November 2023  
and curbed these expectations in early 2024. The developments unfolded as follows:
•	 Offshore Wind: Totalling €1,559 million, as expected, adjusted EBITDA landed in the 
lower half of the forecast range of €1,450 million to €1,850 million. We were unable to 
match the preceding year’s level (€1,664 million). This was because some of our German 
wind farms are subsidised according to the compression model, which provides for  
higher initial payments that are gradually being phased out. Furthermore, compared  
to 2023, we achieved lower prices for forward sales of electricity which do not qualify  
for guaranteed remuneration. Increased asset repair and maintenance costs also 
contributed to the decline in adjusted EBITDA. By contrast, the appreciation of the British 
pound over the euro had a positive impact. As a result, earnings from the UK were higher 
after currency translation. 
46
RWE
Annual Report 2024
2
Combined  
management report
Business performance
4
Notes from the auditor
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information

Reconciliation to net income1
€ million
2024
2023
+ / –
Adjusted EBIT
3,561
5,802
– 2,241
Adjusted financial result
– 466
– 495
29
Non-operating result
3,248
– 1,308
4,556
Income before tax
6,343
3,999
2,344
Taxes on income
– 1,054
– 2,337
1,283
Income
5,289
1,662
3,627
of which:
Non-controlling interests
154
147
7
Net income / income attributable to  
RWE AG shareholders
5,135
1,515
3,620
1  Some prior-year figures restated; see page 40.
 
Reconciliation to net income dominated by positive exceptional effects. The 
reconciliation from adjusted EBIT to net income was characterised by special items  
not relating to operations, which had a strong positive impact in net terms. The most 
significant of these related to the non-operating result. We present the development  
of the reconciliation items hereinafter. 
Adjusted EBIT1
€ million
2024
2023
+ / –
Offshore Wind
895
1,010
– 115
Onshore Wind / Solar
559
535
24
Flexible Generation
1,464
2,695
– 1,231
Supply & Trading
653
1,520
– 867
Other, consolidation
– 10
42
– 52
Core business
3,561
5,802
– 2,241
1  Some prior-year figures restated; see page 40.
 
Adjusted EBIT declines to €3.6 billion. The RWE Group’s adjusted EBIT came to 
€3,561 million (previous year: €5,802 million). In our 2023 Annual Report, we had 
forecast a figure at the lower end of the range of €3,200 million to €3,800 million. Our 
outperformance here was due to the same factors that benefited adjusted EBITDA. The 
difference between these two key figures is that operating depreciation and amortisation, 
which totalled €2,119 million in 2024 (previous year: €1,947 million), is included in 
adjusted EBIT, but not in adjusted EBITDA.
47
RWE
Annual Report 2024
2
Combined  
management report
Business performance
4
Notes from the auditor
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information

Non-operating resul t1
€ million
2024
2023
+ / –
Adjustments to EBIT
2,768
– 1,360
4,128
of which:
Disposal result
– 3
121
– 124
Effects on income from the valuation of derivatives
2,070
1,395
675
EBIT from Phaseout Technologies
1,595
– 2,422
4,017
Other
– 894
– 454
– 440
Adjustments to the financial result
480
52
428
Non-operating result
3,248
– 1,308
4,556
1  Some prior-year figures restated; see page 40.
The non-operating result, in which we recognise material items which are not related  
to operations or the period being reviewed, amounted to €3,248 million (previous year: 
– €1,308 million). Its main components developed as follows: 
•	 Adjustments made to EBIT contributed €2,768 million in earnings (previous year: 
– €1,360 million). Temporary effects of the valuation of derivatives were the single-largest 
item, totalling €2,070 million (previous year: €1,395 million). Phaseout Technologies 
posted EBIT amounting to €1,595 million, which was significantly higher than in 2023 
(– €2,422 million). In 2024, the reversal of provisions for impending losses from long-term 
power purchase agreements played a part, whereas the preceding year was impacted 
by impairments recognised for lignite-fired power stations and opencast lignite mines. 
Furthermore, operational earnings in this segment improved. Income reported in the 
‘other’ line item dropped to – €894 million (previous year: – €454 million). One reason for 
this was that we recognised an impairment for our Dutch power plants due to a more 
conservative margin projection.
Adjusted financial result 
€ million
2024
2023
+ / –
Adjusted interest income
683
695
– 12
Adjusted interest expenses
– 847
– 998
151
Adjusted net interest
– 164
– 303
139
Adjusted interest accretion to non-current provisions
– 424
– 465
41
Adjusted other financial result
122
273
– 151
Adjusted financial result
– 466
– 495
29
The adjusted financial result improved by €29 million to – €466 million. The following 
items experienced noteworthy changes: 
•	 Net interest rose by €139 million to – €164 million. Our scaling back of short-term 
bridge financing that was no longer needed came to bear here. In addition, we capitalised 
more construction period interest accrued during the delivery of growth projects. Both 
of these factors reduced interest expenses, with the bond issuances in the two preceding 
years having a counteracting effect. Interest income benefited from the fact that, since 
2024, it has also included proceeds from the sale of shares in money market funds.  
For 2023, they are still stated as part of the other financial result. Despite this, interest 
income declined marginally, in part due to a decrease in the marketable securities on 
our books.
•	 The other financial result was down €151 million to €122 million. This was largely due to 
the aforementioned reclassification of profits from the divestment of fund shares.
48
RWE
Annual Report 2024
2
Combined  
management report
Business performance
4
Notes from the auditor
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information

Reconciliation to adjusted net income1
€ million
2024
2023
+ / –
Income before financial result and taxes
6,329
4,442
1,887
Adjustments to EBIT
– 2,768
1,360
– 4,128
Adjusted EBIT
3,561
5,802
– 2,241
Financial result
14
– 443
457
Adjustments to the financial result
– 480
– 52
– 428
Taxes on income
– 1,054
– 2,337
1,283
Adjustments to taxes on income to a tax rate of 20 %
435
1,275
– 840
Non-controlling interests
– 154
– 147
– 7
Adjusted net income
2,322
4,098
– 1,776
1  Some prior-year figures restated; see page 40.
Adjusted net income of €2.3 billion higher than expected. Coming in at 
€2,322 million, adjusted net income was much lower than the unusually high figure 
recorded in the preceding year (€4,098 million). To calculate this key figure, we deducted 
the non-operating result in the reconciliation and amended the tax rate, in order to align  
it with the aforementioned budgeted rate of 20 %. In our 2023 Annual Report, we had 
forecast a figure for adjusted net income at the lower end of the range of €1,900 million 
to €2,400 million. We clearly exceeded this guidance, above all thanks to the good 
operating business performance. In addition, the adjusted financial result was slightly 
better than expected.
Adjusted net income per share totalled €3.12, based on 743.6 million shares. The shares 
purchased up to the balance-sheet date as part of the current share buyback programme 
were included in this key figure only on a pro-rata basis.
•	 Adjustments to the financial result came to €480 million (previous year: €52 million). 
The fact that the discount rates used to calculate our non-current provisions rose had 	
a positive impact: the resulting reduction in the net present value of the obligations was 
recognised as a profit.
Income before tax amounted to €6,343 million (previous year: €3,999 million). Taxes on 
income totalled €1,054 million, which resulted in an effective tax rate of 17 %. This figure 
fell slightly short of the average of 20 %, which we established for the medium term  
taking account of projected income in our markets, local tax rates, and the use of loss 
carryforwards. The deviation is partially due to IFRS earnings contributions that are not 
tax-relevant. 
Non-controlling interests totalled €154 million, barely exceeding the year-earlier level 
(€147 million).
Our net income, which reflects income attributable to RWE shareholders, amounted to 
€5,135 million. The previous year’s figure was €1,515 million.
49
RWE
Annual Report 2024
2
Combined  
management report
Business performance
4
Notes from the auditor
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information

Investments focus on renewable energy expansion. In the financial year that just ended, 
capital expenditure amounted to €11,240 million (previous year: €9,979 million). This 
figure only includes cash transactions. The lion’s share of the funds was dedicated to the 
Offshore Wind (45 %) and Onshore Wind / Solar (44 %) segments. 
We spent €9,377 million on property, plant and equipment and intangible assets. As 
expected, this was much more than in the previous year (€5,146 million). A focal point of 
our investing activity was the construction of new solar and wind farms in the US. Our 
largest expenditure items in Europe included wind projects in the North Sea, notably the 
construction of the Sofia (UK, 1,400 MW) and Thor (Denmark, 1,080 MW) wind farms.
At €1,863 million, our spending on acquisitions and financial assets was significantly lower 
than the prior year’s corresponding figure (€4,833 million), which was unusually high due 
to the takeover of Con Edison Clean Energy Businesses. In the year under review, the 
majority of the funds was used to acquire three UK offshore wind projects from Swedish 
energy group Vattenfall. 
In the 2024 fiscal year, 94 % of our capital expenditure was taxonomy-aligned (previous 
year: 89 %), meaning that it was allocated to projects classified as sustainable according 
to the EU Taxonomy Regulation. This percentage is based on total investments of 
€12,017 million. The deviation from the aforementioned figure (€11,240 million) is due to 
the fact that non-cash transactions are also taxonomy-relevant and additions to assets 
resulting from associated acquisitions are considered rather than acquisition expenditure.
Capital expenditure on property, plant and equipment and on 
intangible assets1
€ million
2024
2023
+ / –
Offshore Wind
3,685
1,349
2,336
Onshore Wind / Solar
4,838
2,709
2,129
Flexible Generation
515
617
– 102
Supply & Trading
70
151
– 81
Other, consolidation
—
—
—
Core business
9,108
4,826
4,282
Phaseout Technologies
269
320
– 51
RWE Group
9,377
5,146
4,231
1  Some prior-year figures restated; see page 40.
Capital expenditure on financial assets and acquisitions 
€ million
2024
2023
+ / –
Offshore Wind
1,400
133
1,267
Onshore Wind / Solar
144
4,173
– 4,029
Flexible Generation
6
431
– 425
Supply & Trading
85
95
– 10
Other, consolidation
228
— 
228
Core business
1,863
4,832
– 2,969
Phaseout Technologies
— 
1
– 1
RWE Group
1,863
4,833
– 2,970
50
RWE
Annual Report 2024
2
Combined  
management report
Business performance
4
Notes from the auditor
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information

Workforce1
31 Dec 2024
31 Dec 2023
+ / –
Offshore Wind
2,733
2,388
345
Onshore Wind / Solar
3,806
3,392
414
Flexible Generation
3,437
3,196
241
Supply & Trading
2,239
1,971
268
Other2
594
544
50
Core business
12,809
11,491
1,318
Phaseout Technologies
8,176
8,644
– 468
RWE Group
20,985
20,135
850
1  Full-time equivalents.
2  This item only comprises employees of the holding company RWE AG. 
Headcount up thanks to renewable energy expansion. As of 31 December 2024, the 
RWE Group had 20,985 people on its payroll, of which 13,505 were based in Germany 
and 7,480 worked abroad. These figures are full-time equivalents (FTE), meaning that 
part-time positions are considered on a pro-rata basis. The RWE Group’s labour force grew 
compared to the end of 2023, rising by 850 FTE at the Group level. In the core business, 
we gained 1,318 FTE, mainly driven by growth in the renewables business. This was 
contrasted by a decline of 468 FTE in the Phaseout Technologies segment, which was 
attributable to the fact that some employees accepted partial and early retirement offers 
made, inter alia, within the context of the German coal and nuclear phaseouts. 
These figures do not include apprentices or trainees. At the end of 2024, a total of 707 
young people were learning a profession at RWE, just as many as in the previous year. 
51
RWE
Annual Report 2024
2
Combined  
management report
Business performance
4
Notes from the auditor
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information

2.6 Financial position and net worth
Companies with ambitious growth targets require a solid financial position. RWE 
meets this standard. Our financial needs are largely covered by cash flows from 
operating activities, which totalled €6.6 billion in 2024. Operational cash inflows 
ensured that debt was moderate, despite significant investments. Our leverage 
factor, i. e. the ratio of net debt to adjusted EBITDA, reached 2.0 in the year under 
review. This is well below the upper threshold of 3.0 we have established for this  
key figure.
How we procure funds. To implement our growth strategy, we require significant financial 
resources to be available long term. However at times, we also need liquidity at short 
notice, for example as collateral for commodity futures. RWE’s most important source of 
financing is our cash flows from operating activities. We are also financed by debt ­capital 
and rely on the following tools to this end:
•	 Long-term debt capital is raised through our Debt Issuance Programme (DIP), which 
gives us the option to issue bonds at short notice. To meet our rising need for funds to 
finance our growth, we expanded the DIP from €10 billion to €15 billion in April 2024. 
Just prior, in January 2024, we placed a €500 million green bond within the framework 
of the programme. By the balance-sheet date, we had used €6.6 billion of the financial 
headroom afforded to us by the DIP. 
We also issue bonds outside our DIP, such as the two US$1 billion bonds we issued in 
April 2024, which were the first green bonds we placed on the US market. The two 
subordinated debts (hybrid bonds) in the amount of €282 million and US$317 million, 
which were placed on the market in 2015, are not covered by the DIP either. A summary 
with more detailed information on RWE bonds outstanding can be found on the next 
page.
•	 We have two commercial paper programmes at our disposal for our short-term 
financing: a European one (ECP) and – since 2023 – an American one (USCP). The ECP 
allows us to raise up to €5 billion in funds on the European money market. The USCP 
enables us to source up to US$3 billion from investors in the USA. Last year, the 
maximum utilisation of our  ECP was €0.2 billion and we did not make any issuances 
under our USCP.
•	 To secure our liquidity, we can also access three syndicated credit lines totalling 
€10 billion which we did not utilise in 2024. They were extended by a consortium of  
35 international banks. The first two credit lines – one of €3 billion and the other of 
€2 billion – were secured in 2019 and 2022, respectively. They are due to expire in  
April 2026. The third line, totalling €5 billion, was granted to give us more financial 
leeway when collateralising commodity forward transactions. It was last renewed in 
June 2024 with a one-year expiry date. However, we have the right to extend its term 
twice by a year at a time. At our request, the conditions of all three credit lines are linked 
to sustainability criteria. Among other things, the conditions depend on the development 
of the following three indicators: the share of renewables in RWE’s generation portfolio, 
the CO2 intensity of our assets and the percentage of our capex that is classified as 
sustainable in accordance with the EU Taxonomy Regulation. We have set goals for all 
three of these criteria. If we do not achieve them, we would be required to pay higher 
interest and commitment fees. Half of the additional expenses would be donated to 
non-profit organisations.
52
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
2
Combined  
management report
Financial position  
and net worth

RWE bonds outstanding
Type of bond
Volume / Currency
Issue date
Maturity date
Coupon
German 
Securities Code
ISIN Code
Conventional bond
1,250 million €
24 Aug 2022
24 Aug 2025
2.500 %
A30VMU
XS2523390271
Green bond
1,000 million €
24 May 2022
24 May 2026
2.125 %
A30VJE
XS2482936247
Green bond
750 million €
26 Nov 2021
26 Nov 2028
0.500 %
A3MP70
XS2412044567
Green bond
500 million €
13 Feb 2023
13 Feb 2029
3.625 %
A30V83
XS2584685031
Green bond
1,000 million €
24 May 2022
24 May 2030
2.750 %
A30VJF
XS2482887879
Green bond
500 million €
11 Jun 2021
11 Jun 2031
0.625 %
A3E5VA
XS2351092478
Green bond
500 million €
10 Jan 2024
10 Jan 2032
3.625 %
A3826L
XS2743711298
Green bond
600 million €
26 Nov 2021
26 Nov 2033
1.000 %
A3MP71
XS2412044641
Green bond
1,000 million US$
16 Apr 2024
16 Apr 2034
5.875 %
—
US749983AA01
Green bond
500 million €
13 Feb 2023
13 Feb 2035
4.125 %
A30V84
XS2584685387
Conventional bond
12 million €
26 Oct 2012
26 Oct 2037
3.500 %
A1PGV8
XS0826313990
Green bond
1,000 million US$
16 Apr 2024
16 Apr 2054
6.250 %
—
US749983AB83
Hybrid bond
282 million €
21 Apr 2015
21 Apr 20751
3.500 %
A14KAB
XS1219499032
Hybrid bond
317 million US$
30 Jul 2015
30 Jul 20752
6.625 %
A13SHX
XS1254119750
1  RWE has announced that it will redeem the bond at the first call date on 21 April 2025.
2  First potential call date for RWE: 30 March 2026.
53
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
2
Combined  
management report
Financial position  
and net worth

On balance, investing activities resulted in cash outflows of €9,712 million, marking a 
significant rise compared to 2023 (€2,798 million). The jump was driven by a marked 
increase in capital expenditure on property, plant and equipment and intangible assets. 
Furthermore, the previous year’s figure had benefited from substantially higher inflows from 
the sale of marketable securities, but was burdened by the acquisition of US company  
Con Edison Clean Energy Businesses.
Cash flows from financing activities amounted to €1,116 million. Bond issuances between 
January and April 2024 played an important role in this regard. Additional funds were 
secured when Abu Dhabi-based energy firm Masdar acquired a 49 % shareholding in our 
two wind power projects which we plan to deliver on the southern Dogger Bank in the 
British North Sea. This was counteracted by dividend payments to RWE shareholders and 
minority shareholders totalling €1,006 million. In the previous year, financing activities had 
resulted in cash outflows of €1,557 million, which were largely attributable to our decision 
to settle bank debt and commercial paper. 
On balance, the aforementioned cash flows from operating, investing and financing 
activities decreased our cash and cash equivalents by €1,827 million.
Cash flows from operating activities, minus capital expenditure, plus proceeds from 
divestments and asset disposals, results in free cash flow. This indicator amounted to 
– €4,106 million in the year under review (previous year: – €4,594 million).
Cash flow statement1
€ million
2024
2023
+ / –
Funds from operations
3,209
7,891
– 4,682
Changes in working capital
3,411
– 3,668
7,079
Cash flows from operating activities
6,620
4,223
2,397
Cash flows from investing activities
– 9,712
– 2,798
– 6,914
Cash flows from financing activities
1,116
– 1,557
2,673
Effects of changes in foreign exchange rates and other changes  
in value on cash and cash equivalents
149
61
88
Total net changes in cash and cash equivalents
– 1,827
– 71
– 1,756
Cash flows from operating activities
6,620
4,223
2,397
Minus capital expenditure
– 11,240
– 9,979
– 1,261
Plus proceeds from divestitures and asset disposals
514
1,162
– 648
Free cash flow
– 4,106
– 4,594
488
1  Some prior-year figures restated; see page 40.
At €6.6 billion, operating cash flow significantly up year on year. In the year under 
review, cash flow from operating activities amounted to €6,620 million, which was notably 
higher than in 2023 (€4,223 million) despite lower operational earnings. Developments 
that effected a change in working capital played a pivotal role. In 2024, for example, we 
received a greater amount of variation margins relative to those we paid, whereas the 
opposite was the case in the previous year. Variation margins are sureties for futures 
contracts pledged during the term of the contracts. Further inflows were generated from 
the settlement of forward contracts, which we concluded to hedge price risks from 
electricity generation. 
54
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
2
Combined  
management report
Financial position  
and net worth

Net debt1
€ million
31 Dec 2024
31 Dec 2023
+ / –
Cash and cash equivalents
5,090
6,917
– 1,827
Marketable securities
7,241
8,114
– 873
Other financial assets
1,903
2,529
– 626
Financial assets
14,234
17,560
– 3,326
Bonds, other notes payable, bank debt, 
commercial paper
– 13,559
– 11,749
– 1,810
Hedging of bond currency risk
16
– 2
18
Other financial liabilities
– 5,110
– 5,278
168
Minus 50 % of the hybrid capital stated as debt
304
294
10
Financial liabilities
– 18,349
– 16,735
– 1,614
Net financial debt / net financial assets 
(incl. correction of hybrid capital)
– 4,115
825
– 4,940
Provisions from pensions and similar obligations
– 1,328
– 1,324
– 4
Surplus of plan assets over benefit obligations
613
509
104
Provisions for nuclear waste management
– 4,981
– 5,384
403
Provisions for dismantling wind and solar farms
– 1,366
– 1,213
– 153
Net debt
– 11,177
– 6,587
– 4,590
1  Mining provisions are not included in net debt. The same holds true for the assets which we attribute to them. At present, this 
includes our 15 % stake in E.ON and the outstanding portion of our claim for state compensation for the German lignite phaseout.
Leverage factor of 2.0 well below the cap we set ourselves. One of our key management 
parameters is the ratio of net debt to adjusted EBITDA (leverage factor). To secure our solid 
investment-grade rating, we defined an upper limit for this key figure, which currently stands 
at 3.0. Despite considerable investment activity, this indicator remained well below the 
ceiling in 2024, reaching 2.0 (previous year: 0.9).
Reconciliation to adjusted cash flow from Phaseout Technologies 
€ million
2024
2023
Cash flows from operating activities
6,620
4,223
Cash flows from operating activities of the core business
– 5,824
– 3,381
Cash flows from operating activities of Phaseout Technologies
796
842
Net investments of Phaseout Technologies
– 171
– 287
Use of provisions
3,328
3,074
Additions to / reversals of provisions
– 2,385
– 2,251
Other
– 984
– 1,261
Adjusted cash flow from Phaseout Technologies
584
117
Phaseout Technologies: adjusted cash flow much higher year on year. Our most 
important performance indicator for Phaseout Technologies is adjusted cash flow, which is 
calculated by subtracting net investments from cash flows from operating activities. In 
addition, we deduct non-recurrent effects from the (cash) utilisation of provisions and add 
(non-cash) effects from additions to or the release of provisions.
In 2024, the Phaseout Technologies segment posted adjusted cash flow of €584 million. 
This figure is at the upper end of the forecast range of €0.3 billion to €0.6 billion and 
significantly higher than the level posted in 2023 (€117 million). In the year under review, 
we achieved unusually high margins on electricity forward sales and the commercial 
optimisation of power plant dispatch. Proceeds from the sale of properties also had a 
positive impact. The decommissioning of our last German nuclear power station, Emsland, 
in April 2023 had a counteractive effect as it stopped contributing to power generation.
Net debt increases to €11.2 billion. As at 31 December 2024, the RWE Group’s net debt 
totalled €11,177 million. This was significantly more than the previous year’s figure 
(€6,587 million). The main reason for this development was the substantial investments 
we made. Operating cash flow and proceeds from the sale of a 49 % stake in the Dogger 
Bank South wind power project both had a debt-reducing effect.
55
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
2
Combined  
management report
Financial position  
and net worth

Significantly higher off-balance-sheet obligations from investment orders. Net debt 
does not include our off-balance-sheet obligations, which largely stem from long-term 
purchase agreements for commodities. As of the balance-sheet date, our payment 
obligations from major fuel procurement contracts amounted to €4,198 million (previous 
year: €3,913 million). In relation to electricity procurement, they totalled €5,698 million 
(previous year: €5,561 million). The figures are based on assumptions regarding the 
prospective development of commodity prices. Our contractual commitments for 
approved investment orders amounted to €12,150 million compared to €8,063 million in 
the preceding year. Further off-balance-sheet obligations result, inter alia, from liabilities 
for pension commitments that employees of our former subsidiary innogy had earned at 
RWE up to innogy’s IPO in 2016.
Equity ratio improves to 34 %. In the 2024 consolidated financial statements, our 
balance-sheet total was €98,440 million compared to €106,512 million at the close  
of 2023. This change was largely driven by a decline in commodity derivatives of 
€13,900 million on the assets side and €8,151 million on the equity and liabilities side  
of the balance sheet. In addition, our marketable securities portfolio decreased, shrinking 
by €1,217 million. Conversely, intangible assets and property, plant and equipment grew 
by €9,650 million, largely driven by our growth investments in renewable energy. Equity 
remained essentially unchanged, coming in at €33,623 million. Its share in the balance 
sheet total (equity ratio) increased by 2.7 percentage points to 34.2 %.
Group balance sheet (abridged)1
31 Dec 2024
31 Dec 2023
€ million
%
€ million
%
Assets
Non-current assets
63,418
64.4
55,881
52.5
of which:
Intangible assets
10,250
10.4
9,787
9.2
Property, plant and equipment
38,458
39.1
28,808
27.0
Current assets
35,022
35.6
50,631
47.5
of which:
Derivatives, other receivables and 
other assets
20,521
20.8
33,720
31.7
Marketable securities
6,851
7.0
7,724
7.3
Cash equivalents
5,090
5.2
6,917
6.5
Total
98,440
100.0
106,512
100.0
Equity and liabilities
Equity
33,623
34.2
33,604
31.5
Non-current liabilities
37,242
37.8
39,815
37.4
of which:
Provisions
15,690
15.9
17,431
16.4
Financial liabilities
14,772
15.0
14,064
13.2
Current liabilities
27,575
28.0
33,093
31.1
of which:
Provisions
6,047
6.1
6,815
6.4
Derivatives and other liabilities
21,528
21.9
26,278
24.7
Total
98,440
100.0
106,512
100.0
1  Some prior-year figures restated; see page 40.
56
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
3
Consolidated  
financial statements
5
Responsibility statement
6
Further information
2
Combined  
management report
Financial position  
and net worth

Income statement of RWE AG (abridged)  
€ million
2024
2023
+ / –
Income from financial assets
2,378
1,392
986
Net interest
– 95
– 356
261
Other income and expenses
– 126
– 3
– 123
Taxes on income
– 300
252
– 552
Net profit
1,857
1,285
572
Transfer to other retained earnings
– 928
– 541
– 387
Distributable profit
929
744
185
Financial statements in accordance with German commercial law. RWE AG prepares its 
financial statements in compliance with the rules set out in the German Commercial Code 
and the German Stock Corporation Act. The financial statements are submitted to 
Bundesanzeiger Verlag GmbH, located in Cologne, Germany, which publishes them in the 
Commercial Register. They can also be downloaded from www.rwe.com/financial-reports. 
RWE AG’s economic situation is largely shaped by its subordinate Group companies. As a 
result, the presentation of developments within the Group including risks and opportunities 
is also pertinent to the financial statements for the year under review. 
Net worth. As at 31 December 2024, RWE AG recorded €66,284 million in total assets. 
This is €2,458 million higher than the previous year’s figure. The increase is largely 
attributable to the rise in accounts receivable from affiliated companies resulting from  
an internal Group-wide liquidity balancing. A drop in marketable securities and cash and 
cash equivalents only partially counteracted this development. On the equity and liabilities 
side of the balance sheet, we recorded a modest increase in both accounts payable and 
equity. The latter amounted to €13,106 million, registering a rise of €973 million over  
the previous year’s figure. The equity ratio rose by 0.8 percent to 19.8 %. 
At €1.9 billion, RWE AG’s net profit for the past year rose significantly compared  
to 2023, having benefitted from notably higher earnings from our subsidiaries  
RWE Power and RWE Generation. Distributable profit amounted to €929 million, 
paving the way for the ­intended distribution among our shareholders: we plan  
to propose a dividend of €1.10 per share for fiscal 2024 to the Annual General 
Meeting that will take place in April 2025.
Balance sheet of RWE AG (abridged) 
€ million
31 Dec 2024
31 Dec 2023
+ / –
Assets
Financial assets
19,448
19,239
209
Accounts receivable from affiliated companies
37,475
32,143
5,332
Other accounts receivable and other assets
416
526
– 110
Marketable securities and cash and cash equivalents
8,945
11,918
– 2,973
Total assets
66,284
63,826
2,458
Equity and liabilities
Equity
13,106
12,133
973
Provisions
2,754
2,608
146
Accounts payable to affiliated companies
41,620
40,589
1,031
Other liabilities
8,804
8,496
308
Total equity and liabilities
66,284
63,826
2,458
2.7 Notes to the financial statements of RWE AG (holding company)
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(holding company)

•	 The presented earnings figures and tax expenditure of €300 million (previous year:  
tax income of €252 million) resulted in a net profit of €1,857 million. Compared to 
2023, this represents a gain of €572 million. 
•	 Distributable profit is the key performance indicator for RWE AG, as it provides the 
financial basis for determining the dividend proposed to the Annual General Meeting.  
As net profit increased significantly, distributable profit, which amounted to €929 million, 
was notably higher than the level achieved in 2023 (€744 million). This figure meets the 
requirements for us to propose a dividend of €1.10 per share to our shareholders at the 
Annual General Meeting on 30 April 2025. This is €0.10 more than last year.
Outlook for 2025. Our current assessment indicates that distributable profit in 2025  
will provide the necessary headroom for further dividend growth. However, the number of 
dividend-bearing shares will decrease due to the ongoing share buyback programme.  
We intend to propose a dividend payment of €1.20 per share to our shareholders at next 
year’s Annual General Meeting.
Corporate governance declaration in accordance with Sections 289f and 315d of 
the German Commercial Code. On 14 February 2025, the Executive Board and the 
Supervisory Board of RWE AG issued its Corporate Governance Declaration in accordance 
with Sections 289f and 315d of the German Commercial Code. The declaration has  
been published at www.rwe.com/corporate-governance-declaration and contains the 
Corporate Governance Report.
Financial position. RWE AG has a solid economic position with high levels of cash and 
cash equivalents and a number of financing tools at its disposal that it can use flexibly. Our 
long-term credit ratings from Moody’s (Baa2) and Fitch (BBB+) are classified as investment 
grade. Last year, both these rating agencies reaffirmed their positive assessments. Detailed 
information on RWE’s financial situation is available on pages 52 et seqq. 
Earnings position. RWE AG’s earnings position improved compared to 2023. The line 
items on the income statement developed as follows:
•	 Income from financial assets rose by €986 million to €2,378 million. The main 
contributing factor here was the exceptional performance of RWE Power. RWE Generation 
also contributed positively to earnings following a weak 2023. Conversely, an 
intermediate holding entity with stakes in renewable energy companies and other 
investments closed the year with a loss.
•	 Net interest improved by €261 million to – €95 million due to an increase in interest-
bearing receivables from affiliated companies, resulting in higher interest income for  
the parent company. A rise in interest rates also contributed to the improvement.
•	 Other income and expenses declined by €123 million to – €126 million, which was 
largely attributable to RWE AG having to recognise write-backs for financial receivables 
from a subsidiary.
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Forecast
€ million
2024 actual 
Outlook for 2025
Adjusted EBITDA
5,680
4,550 – 5,150
of which:
Offshore Wind
1,559
1,300 – 1,700
Onshore Wind / Solar
1,502
1,650 – 2,150
Flexible Generation
1,949
1,000 – 1,400
Supply & Trading
679
100 – 500
Adjusted EBIT
3,561
2,350 – 2,950
Adjusted net income
2,322
1,300 – 1,800
Outlook for 2025: operating result expected to fall below last year’s level. Our central 
operational earnings indicators for 2025 are projected to be lower than those achieved in 
2024. We forecast adjusted EBITDA for the Group to total between €4,550 million and 
€5,150 million (2024: €5,680 million). Adjusted EBIT should register within a range of 
€2,350 million to €2,950 million (2024: €3,561 million) with operating depreciation and 
amortisation at approximately €2,200 million. We expect adjusted net income of between 
€1,300 million and €1,800 million (2024: €2,322 million). This corresponds to about 
€2.10 per share, provided we reach the midpoint of the guidance and the share buyback 
programme progresses as planned. These forecasts are based on a normal trading 
performance. Margins on electricity sales and income from the commercial optimisation 
of our power plant dispatch should be lower than in 2024. However, the commissioning of 
new wind farms, solar farms and battery storage facilities is anticipated to have a positive 
impact. Our estimations are based on the assumption that wind speeds will be at normal 
levels for the remainder of the year. At our onshore sites, they would therefore be slightly 
higher than in 2024.
2.8 Outlook
For the current fiscal year, we forecast adjusted EBITDA of €4,550 million to 
€5,150 million and adjusted net income of €1,300 million to €1,800 million.  
Both performance indicators are therefore projected to be lower than last year.  
We expect to see a decline in margins on electricity forward sales and income  
from the commercial optimisation of our power plant dispatch. These projections  
are based on normalised earnings. The commissioning of new wind farms, solar 
farms and battery storage facilities will have a positive impact. Our net investments 
remain high, but are not expected to reach the figure seen in 2024. 
Measured economic prospects in RWE’s core European markets. Global gross domestic 
product (GDP) is projected to continue growing significantly this year. In its 2024 / 2025 
annual review, the German Council of Economic Experts forecast a 2.6 % boost. The 
expanding services sector is expected to play an important part, although geopolitical 
risks and new tariffs could have a negative impact. Growth rates in our core markets are 
anticipated to average below the global mean. In Germany, GDP might rise by just 0.4 % 
according to the Council of Economic Experts. Economic and structural pressures, such  
as energy costs, bureaucracy and infrastructure quality, will come to bear. In the UK, the 
experts forecast a GDP rise of 1.5 %. Growth in the USA is projected to reach 2.1 %.
Electricity demand forecast to rise. Our expectations regarding this year’s electricity 
consumption are based on the economic outlook set out above, among other things. 
Demand for electricity in our core markets is projected to increase on the back of the 
anticipated economic growth. In some countries, e. g. Germany, the boost may be  
more moderate, whereas other countries, such as the USA, may see a more dynamic 
development.
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Phaseout Technologies: margins on forward sales markedly down. Adjusted cash flow 
from phaseout technologies, calculated as outlined on page 55, is expected to decline to 
between – €650 million and – €350 million (2024: €584 million). Although margins on 
electricity forward sales and income from the commercial optimisation of our power plant 
dispatch will fall significantly short of the high level posted last year, we expect electricity 
generation to contribute positively. However, adjusted cash flow is burdened by significant 
costs from opencast mining.
Net investments likely to be down on 2024. Over the current fiscal year, we will continue 
to invest heavily in growth projects. However, on a net basis, i. e. less divestments, this 
capital expenditure is expected to fall short of the level reported in 2024 (€10 billion). Our 
spending will mainly centre on wind, solar and battery projects in Europe and the USA.
Leverage factor probably below the 3.0 cap. Due to our growth investments, our 
leverage factor, i. e. the ratio of net debt to adjusted EBITDA, is likely to continue to increase. 
We anticipate that the factor will rise significantly compared to 2024, when it was 2.0. 
However, we still expect to remain below the 3.0 cap we set ourselves for this indicator.
Dividend for fiscal 2025. The Executive Board of RWE AG envisages a dividend of €1.20 
per share for the 2025 fiscal year. This represents an increase of €0.10 compared to the 
dividend proposal for 2024.
Our outlook broken down by segment is as follows:
•	 Offshore Wind: Our guided range for adjusted EBITDA in this segment is between 
€1,300 million and €1,700 million (2024: €1,559 million). In the second half of the  
year, the first turbines of our offshore wind farm Sofia will go online and contribute to 
earnings. In addition, we are expecting lower expenditure on maintenance and repairs. 
However, 2025 will see earnings shortfalls as the increased feed-in tariffs granted under 
the German compression model are due to expire. Margins from electricity forward sales 
will be lower than in 2024 due to declining wholesale electricity prices over the last  
two years.
•	 Onshore Wind / Solar: We expect adjusted EBITDA in this segment to close the year 
between €1,650 million and €2,150 million. This would significantly exceed the figure 
achieved in 2024 (€1,502 million). We expect positive effects from the commissioning 
of new generation assets. Furthermore, we assume that weather conditions will be at 
normal levels over the remainder of the year, resulting in better utilisation of our assets 
compared to 2024.
•	 Flexible Generation: Here, we expect EBITDA to drop significantly (€1,949 million), 
landing between €1,000 million and €1,400 million. Margins on electricity forward  
sales are projected to be well below the high level achieved last year. This also applies  
to earnings from the commercial optimisation of power plant dispatch.
•	 Supply & Trading: Assuming a normal business trend, adjusted EBITDA should total 
between €100 million and €500 million, which would be below the high figure seen in 
2024 (€679 million).
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Outlook

Distribution of risk management tasks. Responsibility for risk and opportunity 
management within the Group lies with the parent company RWE AG. Its Executive Board 
monitors and manages the Group’s overall risk. In addition, it determines the general  
risk appetite of RWE and defines upper limits for single risk positions. At the level below  
the Executive Board, the Controlling & Risk Management department is in charge of 
implementing and constantly refining the risk management system. It derives detailed 
limits for the individual business fields and operating units from the risk thresholds set by 
the Executive Board. Its tasks also include checking that the risks have been identified  
in full and are plausible before aggregating them. In so doing, it receives support from  
the Risk Management Committee, which is composed of the heads of the five following 
RWE AG departments: (1) Controlling & Risk Management (Chair), (2) Finance & Credit Risk, 
(3) Accounting, (4) Legal, Compliance & Insurance, and (5) Strategy & Sustainability.  
The Controlling & Risk Management department provides the Executive Board and the 
Supervisory Board of RWE AG with regular reports on the company’s risk exposure.
A number of additional organisational units have been entrusted with risk management 
tasks: 
•	 The Group’s financial and credit risks are managed by the Finance & Credit Risk 
department of RWE AG.
•	 Accounting ensures that financial reporting is free of material misstatements. It uses  
the aforementioned ICS for this purpose. A panel consisting of officers from Accounting 
and other departments relevant to accounting (ICS Committee) assists in ensuring the 
quality of our financial reporting.
Investments in wind and solar farms, energy storage units and power plants are 
commitments made for decades. Companies like RWE are therefore particularly 
reliant on stable regulatory conditions. Forecasting how regulatory frameworks, 
interest rates and energy prices will develop over time is challenging. This is just 	
one of the many uncertainties that shape our business. It requires us to take an 
anticipatory approach, recognise opportunities, but also counteract risks as they 
arise. We do so with the help of a professional control and risk management system, 
on which we will elaborate in this chapter.
RWE’s control and risk management system. Our internal control and risk management 
system provides a solid methodological basis for the early detection, assessment and 
management of business-related risks. It also helps us identify and leverage opportunities. 
Our analyses and actions primarily relate to events that impact the success of our business, 
while also taking sustainability matters of relevance to us into consideration. To ensure our 
financial reporting is accurate and reliable, we use an accounting-related internal control 
system (ICS). We also rely on a compliance management system (CMS), designed to ensure 
adherence to the statutory regulations applicable to RWE and the standards we set for 
ourselves. More detailed information on the ICS and CMS is presented on pages 69 et seq.
Internal Audit regularly verifies the quality and functionality of our control and risk 
management system. Such assessments were again carried out in 2024 and gave 	
no reason to doubt the appropriateness and effectiveness of our control and risk 
management system. The Executive Board of RWE AG confirmed the Group’s risk  
bearing capacity by way of a resolution dated 27 November 2024.1
2.9 Development of risks and opportunities
1  The content of this sentence was not subjected to the legally mandated financial statements audit.
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and opportunities

Risk identification and assessment. Risks and opportunities are defined as negative or 
positive deviations from expected figures. Their management is an integral and continuous 
part of our operating processes. We assess risks every six months, using a bottom-up 
analysis. We also monitor risk exposure between the regular survey dates. The Executive 
Board of RWE AG and the Audit Committee of the Supervisory Board are updated on the 
Group’s risks once a quarter. RWE AG’s Chief Financial Officer is immediately notified of 
any material changes.  
Our risk analysis normally covers the three-year horizon of our medium-term plan, but  
can extend beyond that in individual cases. We measure the potential damage based on 
the possible effects on net income, liquidity, net debt and equity. The key indicator which  
is most impacted determines the risk classification, taking hedges into account. 
The material risks are presented in a matrix (see next page). They are categorised by 
potential damage and probability of occurrence. Where possible, we aggregate risks that 
share the same cause to one single risk. To clearly assign them to the matrix fields, we have 
established damage potential thresholds, which are oriented towards the RWE Group’s 
ability to bear risks. They are presented in the table below the matrix. Depending on their 
position in the matrix, we distinguish between low, medium and high risks. Through this 
systematic risk identification, we determine whether there is a need for action and – if so – 
initiate measures to mitigate the risks. 
•	 To prevent violations of laws and other norms, we have established a compliance 
management system, overseen by the Chief Compliance Officer. We also employ 	
Group compliance officers, who dedicate their time to ensuring Group-wide rules and 
regulations are implemented uniformly. 
•	 Risks from changes in commodity prices are monitored by RWE Supply & Trading. This 
task is performed by the company not only in relation to energy trading and the gas 
business, but also with regard to electricity generation.
•	 The Commodity Strategy Group is responsible for the strategic management of  
the commodity positions we take in relation to our power production activities.  
RWE AG is represented by the Chief Executive Officer, the Chief Financial Officer  
and the Head of the Controlling & Risk Management department. The Board of  
Directors of RWE Supply & Trading is also represented on the committee.
•	 The Commodity Management Committee is responsible for implementing the 		
risk management strategies developed by the Commodity Strategy Group. The 
committee consists of the Chief Financial Officer of RWE AG, the managing directors 	
of RWE Supply & Trading, and a representative of the Controlling & Risk Management 
department. 
•	 Risks relating to data confidentiality, integrity and availability (information security)  
and the security of IT systems are overseen by the Group Cyber Security department of 
RWE AG. It analyses risk exposure and ensures that our Group companies implement 
necessary safeguards.
Under the expert management of the aforementioned organisational units, RWE AG and 
its subsidiaries are responsible for identifying risks early, assessing them correctly, and 
managing them in accordance with corporate standards. 
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Risk classes
Classification of the highest single risk
 February 2025
 February 2024
Market risks
High
High
Regulatory and political risks
High
High
Legal risks
Low
Low
Operational risks
Medium
Medium
Financial risks
Medium
Medium
Creditworthiness of business partners
Medium
Medium
Other risks
Low
Low
Main risks for ­RWE. Depending on their causes, our risks can be divided into seven classes, 
which are shown in the table above. The highest individual risk determines the classification 
of the risk of the entire risk class. Our classification reflects the situation in February 2025. 
It is unchanged since last year (see pages 62 et seqq. of the 2023 Annual Report).
We have classified market risks along with regulatory and political risks as ‘high’, while  
the other risk classes have been categorised as ‘medium’ or ‘low’. We currently find 
ourselves exposed to regulatory uncertainties above all in the USA, where the framework 
for renewable energy may deteriorate (see page 31). Market risks are mainly fuelled by 
uncertainty over future wholesale electricity, fuel and emission allowance prices. For a 
large portion of our generation portfolio, realisable margins depend on the level of these 
quotations. 
RWE risk matrix
Potential damage1  
€ million
Earnings risks  
X = potential impact on 
net income
Indebtedness / equity risks 
Y = potential impact on liquidity, 
net debt and / or equity
Category V
8,000 ≤ X
8,000 ≤ Y
Category IV
1,500 ≤ X < 8,000
4,000 ≤ Y < 8,000
Category III
    600 ≤ X < 1,500
2,000 ≤ Y < 4,000
Category II
    300 ≤ X < 600
1,000 ≤ Y < 2,000
Category I
    150 ≤ X < 300
    150 ≤ Y < 1,000
1  Aggregated over the planning horizon.
1 % ≤ P ≤ 10 %
10 % < P ≤ 20 %
20 % < P ≤ 50 %
P > 50 % 
Probability of occurrence (P)
  Low Risk       
  Medium Risk       
  High Risk
Potential damage1
Category V
Category IV
Category III
Category II
Category I
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RWE Supply & Trading plays a central role when it comes to managing commodity price 
risks. It functions as the Group’s interface to the global wholesale markets for energy 
commodities. On behalf of our generation companies, RWE Supply & Trading markets 
large portions of our electricity output and purchases the necessary fuels and CO2 
certificates. To a limited extent, in compliance with risk thresholds, the company also 
takes commodity positions to achieve a trading profit. 
 
Our risk management system for energy trading is aligned with the best practice 
standards as applied to the trading businesses of banks. Accordingly, we only conclude 
transactions if the associated risks are within approved limits. Our commodity positions 
are constantly monitored. Risks from trades conducted by RWE Supply & Trading for its 
own account are monitored daily.  
 
The Value at Risk (VaR) is of central importance for risk measurement in trading. It 
specifies the potential loss from a risk position not exceeded with a given probability 
over a certain planning horizon. In energy trading, we generally base our VaR figures on 
a confidence interval of 95 % – with a holding period of one day. This means that, with a 
probability of 95 %, the daily loss will not exceed the VaR. The VaR for the price risks of 
commodity positions in proprietary trading must adhere to a €60 million ceiling. In the 
year under review, the actual daily figures were usually significantly lower. They averaged 
€13 million. The daily VaR cap for the management of our gas portfolio and LNG 
business, which are pooled in a dedicated organisational unit at RWE Supply & Trading,  
is set at €40 million. The actual VaRs for 2024 averaged €6 million. In addition, limits 
derived from the VaR thresholds have been set for each individual trading desk. 
Furthermore, we develop extreme scenarios and factor them into stress tests, determine 
their consequences for earnings, and take countermeasures if we deem the risks to be 
too high. 
In this section, we provide commentary on the main risks and opportunities we have 
identified for the current fiscal year and the following two years. We will also explain the 
measures we take to counter the threat of negative developments.
•	 Market risks. In most of the countries in which we are active, the energy sector is 
characterised by the free formation of prices. This gives rise to risks as well as 
opportunities. Falling wholesale electricity prices can impact the economic viability  
of generation assets. This not only affects power stations, but also impacts a portion  
of our renewable energy portfolio, where the electricity is not subject to fixed long- 
term remuneration granted by the government or private buyers. Negative market 
developments can trigger significant earnings losses and – if the outlook deteriorates 
over the long term – lead to impairments being recognised on generation assets. 
 
We assess the price risks to which we are exposed on the markets taking account of 
current forward prices and expected volatility. For our power plants and parts of our 
renewable energy portfolio, we limit the earnings risks by hedging their output. We also 
secure the prices of fuel and CO2 emission allowances needed to produce power. In the 
consolidated financial statements, we present necessary financial instruments, such  
as those that monitor interest and currency risks, inter alia, through the statement of  
on-balance-sheet hedges (see pages 206 et seq. and 262 et seqq. in the Notes). 
However, by selling electricity forward, we run the risk of having to make expensive 
purchases on the market to fulfil supply commitments in the event of production 
outages or non-delivery of fuel. In addition, collateralising forward contracts can lead  
to significant temporary cash outflows. We address these risks when deciding how  
much power to hedge.  
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A change in government can create new opportunities, as seen in the UK for example. 
The new Labour administration has set ambitious goals to expand renewables, upped 
the budgets for CfD auctions, and lifted the de facto ban on new onshore wind farms. 
With this and further measures, the government seeks to make UK power supply 
essentially carbon neutral as early as 2030. For RWE, these changes open up new 
avenues of investment. 
 
Our agreement with the federal government and the state of North Rhine-Westphalia  
to bring forward our exit from lignite has provided a stable regulatory framework. At  
the end of 2023, the European Commission approved €2.6 billion in compensation,  
to which we are legally and contractually entitled for the lignite phaseout. Since then  
we have already received payments totalling €1.0 billion. An action has been brought 
against the EU’s decision, though we believe it has little chance of succeeding. 
 
In a suit filed in the Netherlands, the Dutch government has resolved to pay us 
compensation. The total has been set at €332 million and will be recognised for a 
statutory limitation on electricity generation from hard coal in the first half of 2022, 
which was abolished early due to the Ukraine crisis. Brussels is yet to grant approval. The 
entitlement to compensation was recognised as a contingent receivable in the Group’s 
2023 financial statements and therefore has not yet had an impact on earnings. 
 
The possible introduction of a general tariff on electricity feed-ins into the public  
grid is another risk we are exposed to in the Netherlands. The consumer and market 
supervisory authority ACM is considering this move. It states the reason as being 
increased grid costs due to the expansion of renewables, which should also be borne  
by the generation companies. If the plans are put into action, this would result in an 
additional financial burden. 
 
•	 Regulatory and political risks. Energy supply is a long-term business, and companies in 
the sector are particularly dependent on reliable framework conditions. If the regulatory 
framework deteriorates, investments could become less attractive. We would then 
possibly have to cancel these projects and recognise impairment losses on the capitalised 
development costs. Regulatory changes could also impact the economic viability of 
existing generation assets, prompting impairments. 
 
The political framework in the energy sector has become less certain, especially in the 
USA. The new President, Donald Trump, mandated a comprehensive review of the 
approval processes for wind power projects, imposed a temporary ban on leasing sites 
for new offshore projects and introduced additional import duties (see pages 31 et seq.). 
We foresee a risk that additional measures may follow, preventing us from continuing 
our renewables expansion as planned. It is conceivable that federal approvals for new 
build projects could be denied or that tax incentives could deteriorate. Furthermore, 
additional duties could make importing components more expensive or impossible.  
In light of these developments, we have opted to significantly curtail expenditure on our 
offshore projects in the USA for the time being. If it became clear that delivering these 
projects was no longer feasible, we would have to recognise impairment losses on the 
capitalised development and investment costs. To limit our exposure to risks arising 
from tariffs and other trade barriers, we carefully evaluate the countries from which we 
procure supplies, while increasingly seeking local sources. 
 
In Germany, it remains to be seen what policy decisions the new government will reach in 
the energy sector.  As the election of the Lower House of Parliament was held just before 
this report was completed, we cannot make a reliable assessment of the situation at  
this time. We believe it is unlikely that Germany will steer its energy policy in an entirely 
new direction. We see an urgent need for action regarding the regulatory framework for 
investments in new gas-fired power plants. These are required to maintain security of 
supply in view of the planned coal phaseout. New support mechanisms may have a 
significant impact on our investing activity. 
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•	 Legal risks. Individual RWE Group companies are involved in litigation or arbitration 
proceedings due to their operations or M & A transactions. Out-of-court claims are 
sometimes asserted against them. Furthermore, Group companies are directly involved  
in various administrative proceedings and litigation or are at least affected by their 
outcomes. To the extent necessary, we have accrued provisions for possible losses 
resulting from pending proceedings before ordinary courts and arbitration courts. 
•	 Operational risks. RWE operates technologically complex, interconnected generation 
assets. Despite all the precautions taken, damage and outages cannot be entirely ruled 
out. Unplanned downtime can result in significant earnings losses. Conversely, there  
is also potential for additional earnings, if plant availability is better than expected. To 
mitigate risks, we ensure that our power supply commitments are not too high, as we 
may be forced to buy electricity at a high cost to meet these obligations in the event of 
production outages. Furthermore, we regularly maintain our facilities and take out 
insurance policies if economically viable.
Utilisation of our wind and solar farms depends on weather conditions. Longer periods 
of low wind, cloud cover or darkness can cause generation volumes and revenue in 
individual years to remain below estimates. We minimise the impact of weather conditions 
on Group earnings through the geographical diversification of our green assets. This 
increases the chance of less favourable developments at one location partially being 
offset by more favourable meteorological conditions at another. We also benefit from 
operating our flexible power plants, as market conditions for these assets tend to 
improve during periods when wind and solar power feed-ins are low. 
 
In the UK, there is a possibility that the renewables support scheme based on green 
electricity certificates could be adjusted. These Renewables Obligation Certificates 
(ROCs) are awarded to operators free of charge. The operators then sell them on to 
electricity suppliers, who have a legal requirement to present a certain number of ROCs 
to the market authority depending on their supply volumes. The British government is 
considering changing the ROC price formation mechanism, which could lead to earnings 
losses for us. However, operators of new plants have been supported by CfDs rather 
than ROCs since 2017, meaning that any potential changes would only impact older 
generation assets.  
 
In energy trading, we see a risk of stricter regulatory hurdles that limit the scope for 
transactions or give rise to additional costs. If economic sanctions are introduced, it may 
become impossible to continue fulfilling existing contracts. This can curtail earnings 
considerably, while increasing the risk of litigation.
Stricter legal or regulatory requirements regarding the dismantling of decommissioned 
nuclear power stations and recultivation of opencast mines can lead to higher 
expenditure. To a limited extent, there is also potential to make better progress than 
expected and to achieve cost savings as a result of new regulations.
There are risks within the present regulatory framework, for instance in relation to 
approvals for constructing and operating production facilities. The danger here is that 
approvals are granted late or not at all and that granted approvals are withdrawn  
temporarily or permanently. Furthermore, delays in the transfer of land that has been 
assigned to us for lignite mining are also possible.
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Changes in interest rates give rise to risks and opportunities in several respects. Market 
interest rates, for example, can impact our provisions, as they are the point of reference 
for the discount rates used for determining the net present values of obligations. This 
means that, all other things being equal, provisions decrease when market interest rates 
rise and increase when market interest rates fall. On pages 246 et seqq. of the Notes, we 
present the effects of changes in interest rates on the net present values of our pension 
obligations and on nuclear and mining provisions. 
 
Financing costs rise and fall in line with interest rates. We measure the possible impact 
using the Cash Flow at Risk (CFaR), applying a confidence level of 95 % and a holding 
period of one year. Our average CFaR in 2024 was €32 million. 
 
Rises in market interest rates can lead to reductions in the prices of the securities we 
hold and vice versa. This primarily relates to fixed-interest bonds. We measure this 
interdependency using sensitivity analyses. As of the balance-sheet date, an increase  
in market interest rates of 100 basis points would have lowered the value of the bonds 
on our books by €20 million.  
 
Price fluctuations in share portfolios also present both risks and opportunities. This 
largely relates to our 15 % stake in E.ON, which had a fair value of €4.5 billion at the  
end of 2024. 
 
Security price fluctuations not only have an impact on RWE’s financial assets, but also 
on our pension funds. In the event of unfavourable capital market developments, we 
might have to increase our pension provisions in order to compensate for our fund assets 
losing value. Conversely, favourable developments would allow us to reduce these 
provisions. 
When making investment decisions, we take care to ensure that our return requirements 
are satisfied. However, there is a chance that actual project earnings deviate from our 
forecasts, for instance if component prices and interest rates rise. Additional costs can 
also result from withdrawals of project partners and delays, for example due to lengthy 
approval procedures, logistical bottlenecks, delayed or inadequate supplier performance, 
and supply chain interruptions caused by international trade conflicts. On the revenue 
side, there is a risk that actual electricity market prices or state-guaranteed payments 
may fall short of expectations. We prepare our investment decisions diligently. We lean on 
comprehensive analyses to portray the financial impact of these projects as realistically 
as possible, whilst also taking alternative scenarios and their consequences into account. 
RWE has differentiated responsibility regulations and approval channels, which must 
be observed when preparing and actioning investment decisions. Furthermore, when 
implementing projects, we see to it that envisaged timelines and budgets are adhered to. 
 
Our business processes are supported by secure data processing systems. However, 
cyber attacks are always possible. If these attacks prove successful, they can curtail the 
functioning of our systems and jeopardise confidentiality, integrity and availability of 
data. We limit this risk with high security standards and obligatory Group-wide cyber 
security training programmes. In addition, we regularly invest in hardware and software 
upgrades as well as the optimisation of our processes.
•	 Financial risks. Interest rates, foreign exchange rates, securities prices and rates of 
inflation are subject to fluctuations, which can be difficult to predict and can have a 
major impact on our net worth, financial position and earnings.  
 
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The conditions at which we finance our debt capital are in part reliant on the credit  
ratings we receive from independent rating agencies. Moody’s and Fitch classify our 
creditworthiness in the investment grade category. If our rating deteriorates, raising 
debt capital could become more expensive. The liquidity requirement when pledging 
collateral for forward transactions would also increase.
Rating agencies, banks and capital investors base their assessment of our 
creditworthiness on the ratio of net debt to adjusted EBITDA (leverage factor), among 
other things. We capped the leverage factor at 3.0 and are optimistic that we will be  
able to adhere to this limit. However, we cannot rule out the possibility that we may 
temporarily exceed it, for example if significant collateral is needed for derivative 
contracts. 
•	 Creditworthiness of business partners. Our business relations with key accounts, 
suppliers, trading partners and financial institutions expose us to credit risks. Therefore, 
we track the creditworthiness of our partners closely and assess their credit standing 
based on internal and external ratings, both before and during the business relationship. 
We determine credit limits prior to concluding transactions above a certain size and all 
trading transactions. These thresholds are adjusted if necessary, for instance in the 
event of a change in the business partner’s creditworthiness. At times, we request cash 
collateral or bank guarantees. 
 
In the trading and financing business, credit risks and limit utilisation are measured daily. 
Most of our over-the-counter trading transactions are subject to industry-standard 
framework agreements, with sureties specified as an appendix to the contract.
•	 Other risks. This risk class includes matters which are not covered by the other risk 
classes, such as non-compliance with company guidelines, legal violations, and criminal 
offences. Compliance violations by our employees can have significant negative 
consequences for RWE – not only from a financial perspective, but also with regard to 
our reputation. To counteract the above, we have introduced a Group-wide compliance 
management system, which is outlined in greater detail on page 70.
We control risks and opportunities from changes in the price of securities with a 
professional fund management system. When concluding financial transactions, range 
of action, responsibilities and controls are set out in internal guidelines which the Group 
companies are obliged to adhere to. All financial transactions are recorded using special 
software and are monitored by RWE AG. 
 
Foreign exchange risks are also centrally managed by RWE AG. We aggregate foreign 
currency payments made and received across all Group companies to net financial 
positions for each currency and hedge the latter largely using derivatives. 
 
General price fluctuations also pose risks. Operating costs can rise unexpectedly during 
times of high inflation and rapidly increasing salaries. We would then have to consider an 
upward adjustment to provisions for pensions, recultivating opencast mines, dismantling 
generation assets, or other commitments. We are also exposed to inflationary risks due 
to our investment activities. If project costs increase without a corresponding rise in 
revenue, a loss of margins can occur. Conversely, there is a chance that investments 
could become more attractive if inflation falls.
Sureties pledged for forward transactions also harbour a risk. Their value depends on 
the extent to which the contractually agreed prices deviate from market quotations as 
of the respective cut-off date. Substantial differences in collateral may weigh heavily on 
our liquidity. Thanks to our robust financial position and use of financing instruments at 
our disposal, we have always been able to provide the required funds so far.
Failure to implement or delays in planned divestments, along with sales proceeds  
falling short of expectations, represent an additional financial risk. Our growth strategy 
envisages that we partially finance investments through proceeds from divestments. 
Without sufficient funds, we may be forced to abandon promising projects due to 
financial constraints.
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Accounting-related internal control system – statements in accordance with Sec. 289, 
Para. 4, and Sec. 315, Para. 4 of the German Commercial Code. Financial reporting is 
exposed to the risk of misrepresentations that could have a significant influence on the 
decisions made by their addressees. This may cause capital investors to invest in a 
company based on incorrect assumptions. Capital market regulations and RWE’s Code  
of Conduct require that we inform the public of our business performance and important 
company-specific events completely, objectively, accurately, clearly and in a timely 
manner. We use a series of tools to meet this ambition. Examples of this are our IFRS 
accounting policies and the high minimum standards for the IT systems used to record 
and process accounting-related data. Furthermore, we use an accounting-related internal 
control system (ICS) for quality assurance purposes. The ICS aims to prevent potential 
errors and misrepresentations that result from non-compliance with accounting 
standards. 
The Accounting department of RWE AG is responsible for designing the ICS and reviewing  
its effectiveness. In doing so, it applies Group-wide rules. In addition, it receives assistance 
from the ICS Committee, which ensures that the internal control system is applied 
throughout the Group following uniform principles and meets high ambitions in terms of 
correctness and transparency. The Committee consists of representatives from the 
Accounting, Controlling & Risk Management and Internal Audit & Security departments, 
along with officers from functions which are closely related to accounting: human 
resources, procurement, trading, finance, tax and IT.
RWE’s risks and opportunities – general assessment by management. We consider 
changes to the regulatory context and market conditions to harbour our greatest risks 
and opportunities. As previously explained, individual core markets could see changes to 
energy and climate policy, which could positively or negatively impact our investment 
activities. In the USA, there is an imminent risk that the regulatory environment for wind 
power may worsen. Continued weak economic growth in Europe, a drop in fuel prices and a 
corresponding decline in wholesale electricity prices continue to be RWE’s greatest market 
risk. This would weigh on the margins of a portion of our generation portfolio. However,  
the economy could also recover and drive up wholesale electricity prices. 
 
By continuing to expand renewables, we aim to make our business more sustainable  
and robust. However, our growth investments are by nature associated with risks and 
opportunities. Project costs could rise or revenue could fall short of expectations at the 
time the investment decision is made. Positive deviations from forecasts are also possible. 
A key condition for the expansion of renewables is functional international supply chains.  
If cross-border trade is limited, it may prove impossible to deliver certain projects. There  
is also a risk that divestments, which are intended to help finance our growth, may not 
materialise or may fail to generate the anticipated funds. As a result, we may be forced  
to delay or cancel lucrative projects.
Despite the risks highlighted in the present report, there are no identifiable developments 
that jeopardise the continued operation of RWE AG or the RWE Group. Thanks to the 
measures we take to safeguard our financial and earning power over the long term and 
our comprehensive controlling and risk management system, we are confident that we 
can manage all emerging risks. At the same time, we are establishing the prerequisites  
for ensuring this remains the case in the future.
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Notes on the compliance management system. The RWE Group operates a compliance 
management system (CMS), which is designed to ensure observance of legal provisions 
and compliance with company-specific guidelines and requirements. The purpose of the 
CMS is to enshrine compliance as a core value, ingraining it in the mindset and actions 
of our staff and thereby avoiding potential misconduct. We pay particular attention to 
identifying and avoiding the risk of corruption. Our catalogue of measures comprises 
consultations on individual cases and training courses. We regularly carry out compliance-
related risk analyses. Our employees can also use a whistleblower system – where they  
can choose to remain anonymous – to notify compliance officers if they witness violations 
or activity that could damage the business. More information on the CMS is available on 
page 155.
We subject the ICS to a comprehensive review every year. First, we examine whether the  
risk situation is presented appropriately and whether suitable controls are in place for the 
­identified risks. Then, we test the effectiveness of the controls. ICS reviews that pertain  
to accounting-related processes, for example to the preparation of financial statements 
or to consolidation matters, are conducted by the Accounting department. When it 
comes to processes handled by service centres on our behalf, for example invoice 
­processing, an auditor certifies the appropriateness and effectiveness of the controls. 
The representatives of the finance, human resources, procurement, trading and IT functions 
document whether the agreed ICS quality standards are adhered to by their respective 
areas. Our Internal Audit & Security department provides assistance for the ICS reviews. 
The results of the reviews are documented in a report to the Executive Board of RWE AG. 
The most recent review was conducted in 2024 and found no issues that would lead us  
to question the efficacy of the ICS.1
Within the scope of external reporting, the members of the Executive Board of RWE AG 
take an oath for the first-half-year and full-year balance-sheet, confirming that the 
prescribed accounting standards have been adhered to and that the financial statements 
give a true and fair view of the net worth, financial position and earnings. When in session, 
the ­Supervisory Board’s Audit Committee regularly concerns itself with the effectiveness  
of the ICS. Once a year, the Executive Board of RWE AG submits a report on this to the 
Committee.
1  The content of this paragraph was not subjected to the legally mandated financial statements audit.
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Appointment and dismissal of Executive Board members / amendments to the Articles 
of Incorporation. Members of the Executive Board are appointed and dismissed in 
accordance with Sections 84 et seq. of the German Stock Corporation Act in conjunction 
with Section 31 of the German Co-Determination Act. Amendments to the Articles of 
Incorporation are made pursuant to Sections 179 et seqq. of the German Stock 
Corporation Act in conjunction with Article 16, Paragraph 5 of the Articles of Incorporation 
of RWE AG. According to the aforementioned provision in the Articles of Incorporation, 
unless otherwise required by law or the Articles of Incorporation, the Annual General 
Meeting shall adopt all resolutions by a simple majority of the votes cast or – if a capital 
majority is required – by the simple majority of the capital stock represented when the 
resolution is passed. Pursuant to Article 10, Paragraph 9 of the Articles of Incorporation, 
the Supervisory Board is authorised to pass resolutions in favour of amendments to the 
Articles of Incorporation that only concern formal matters, without having a material 
impact on the content. 
Executive Board authorisation to implement issuances and buybacks of RWE shares. 
The Annual General Meeting on 4 May 2023 authorised the Executive Board until  
3 May 2028, subject to Supervisory Board approval, to issue bearer or registered 
convertible and / or option bonds in a total nominal amount of up to €5.5 billion with or 
without a limited tenor and to grant the creditors or holders of such bonds convertible or 
option rights to shares in the company. The Annual General Meeting conditionally 
increased the capital stock by up to €190,423,349.76 (conditional capital), divided into 
up to 74,384,121 bearer shares, in order for the holders of convertible or option rights to 
be issued shares in the company.
The following disclosures are in accordance with sections 315a and 289a of the 
German Commercial Code as well as with Section 176, Paragraph 1, Sentence 1 of 
the German Stock Corporation Act. They relate to company-specific regulations, for 
example regarding adjustments to the capital structure by the Executive Board or a 
change of control of the company. At RWE, these provisions are in line with the 
standards of German listed companies.
Subscribed capital. On 31 December 2024, RWE AG’s capital stock amounted to 
€1,904,233,515.52, divided among 743,841,217 no-par-value bearer shares. 
Limitation of voting rights and of share transfers by executives and employees. One 
share grants one vote at the Annual General Meeting and determines the proportion of 
the company’s profit to which the shareholder is entitled. This does not apply to RWE AG’s 
treasury stock, which does not confer any rights to the company. Voting rights are 
excluded by law in cases where Section 136 of the German Stock Corporation Act applies.
Shares that the company issues within the scope of an employee share plan are generally 
subject to a restriction on disposal. Usually, the shares may only be sold after a set period. 
RWE shares that are acquired by Executive Board members as part of their contractual 
investment obligation are also subject to minimum holding periods.
Shares in capital accounting for more than 10 % of voting rights and special rights 
with control powers. As of 31 December 2024, no holding in RWE AG exceeded 10 % of 
the voting rights. There are no RWE shares with special rights that confer control powers. 
2.10 Disclosure relating to German takeover law
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purchase can be made on the stock exchange or via a public offer. Shares acquired in this 
manner may be used for all purposes described in the authorisation. Shareholder 
subscription rights may be waived depending on the purpose for which the shares are 
used. The authorisation expires on 3 May 2025.
Effects of a change of control on financing instruments. Our debt financing instruments 
often contain clauses that take effect in the event of a change of control. Such provisions 
are in place, for example for our €10 billion in syndicated credit lines, requiring drawings 	
to be suspended until further notice in the event of a change of control or majority 
shareholding in RWE AG. The lenders shall enter into negotiations with us on a continuation 
of the respective credit line. The time limit for doing this is 30 days from the notification of 
the change of control. On expiry of the time limit, lenders who are not satisfied with the 
outcome of the negotiations may revoke their loan commitment or cancel the loan if it has 
already been paid out, and request immediate repayment. 
The RWE bonds that we have placed publicly since 2021 are also subject to change-of-
control clauses. In the event that a change of control is announced or implemented, 
­investors may request that their bonds be redeemed by a certain deadline, if RWE’s ­ 
long-term credit rating falls below investment grade due to the change of control or if the 
rating agencies stop issuing us a credit rating. A similar rule applies to a senior bond which 
matures in 2037: it could not be fully transferred to our subsidiary innogy in 2016, and 
this company was subsequently acquired by E.ON. A small portion of the bond therefore 
remains on our books.
In the event of a change of control, we can redeem our two subordinated hybrid bonds 
with volumes of €282 million and US$317 million within the determined change-of-
control period. If they are not redeemed and our long-term credit rating falls below 
investment grade or credit ratings are no longer issued, their annual yield rises by 
500 basis points.
The Executive Board was also authorised by the Annual General Meeting of 4 May 2023 
to increase the company’s capital stock, subject to the approval of the Supervisory Board, 
by up to €380,846,702.08 through the issuance of up to 148,768,243 shares 
(authorised capital). The authorisation is effective until 3 May 2028.
New shares from authorised capital and the aforementioned bonds may be issued in 
exchange for contributions in cash or in kind. These shares or bonds must generally be 
tendered to the shareholders for subscription. However, the Executive Board is authorised, 
subject to Supervisory Board approval, to waive subscription rights in the following cases:
•	 to avoid fractions of shares resulting from the subscription rate;
•	 if the issuance of shares is conducted in exchange for contributions in kind;
•	 to provide protection from dilution in connection with convertible and / or option bonds 
that have already been issued;
•	 if the issue price of the new shares or bonds is not significantly below their quotation or 
their theoretical fair value calculated by generally accepted methods of quantitative 
finance and if waived subscription rights are limited to no more than 10 % of the capital 
stock.
In sum, shares issued with a waiver of subscription rights from authorised capital or in 
connection with convertible or option bonds may not exceed 10 % of the capital stock. The 
aforementioned upper limit is defined by the amount of capital stock at the time the 
­resolution providing the authorisation was adopted or when the authorisation is exercised,  
if the capital stock is lower at that time. Other measures taken waiving subscription rights 
count towards the upper limit.
The Annual General Meeting of 4 May 2023 also authorised the Executive Board of 
RWE AG, subject to Supervisory Board approval, to purchase shares in the company 
accounting for up to 10 % of the capital stock when the resolution was passed or when the 
authorisation is exercised, if the latter is lower. At the Executive Board’s discretion, the 
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Compensation agreement with the Executive Board and employees in the event of a 
takeover offer. The current version of the German Corporate Governance Code dated 
28 April 2022 recommends that no commitments to additional benefits be made in the 
event that Executive Board members terminate their employment contract early due to 	
a change of control. We fully adhere to this principle, meaning that we have not included 
clauses envisaging a special right of termination or rights to severance subject to a 
change of control in any of the current employment contracts of the members of the 
Executive Board of RWE AG.
Share-based compensation for Executive Board members and executives according to 
the company’s Long Term Incentive Plan is subject to the following provisions: in the event 
of a change of control, RWE will pay out all the performance shares that have been finally 
granted, but have not been paid out yet on expiry of the holding period. Performance 
shares that have been granted on a preliminary basis at the time of a change of control 
are valued based on the degree to which the targets have been achieved up to that point 
in time. Performance shares granted on a preliminary basis in the year of the change of 
control lapse. They are replaced by a new plan of equal value for the Executive Board 
members and executives for the fiscal year in which the change of control occurs and the 
following years.
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Aspects required by currently applicable statutory regulations are listed in the following 
table.
For improved legibility, mandatory tables that are not conducive to reading flow and are 
not helpful when it comes to putting the information into context can be found at the end 
of the Group Sustainability Statement. When describing our business model and the value 
chain with regard to sustainability, we do not consider energy trading as a separate 
segment, as is the case elsewhere in the Annual Report. Instead, we assess it within the 
context of the upstream and downstream value chain. This applies for each of our 
operating business activities in the Offshore and Onshore Wind / Solar (jointly referred to 
as Renewables), Flexible Generation and Phaseout Technologies segments.
All our operating and affiliated companies comply with the legal systems in which they are 
active, applicable laws, regulations and mandatory industry standards.
First-time application of ESRS
This Sustainability Statement for the fiscal year from 1 January 2024 to 31 December 
2024 is the first sustainability statement published by RWE that has been prepared in 
accordance with ESRS. To ease the first-time application of ESRS, RWE has used the 
transitional provision option under Section 7.1 ‘Presenting comparative information’ in  
the first year of preparation of the statement in compliance with ESRS and presents 
comparative information in this first year only where required.
Reporting scope and boundaries
This Sustainability Statement has been prepared on a consolidated basis and includes all 
consolidated companies of the RWE Group in line with the scope of the consolidated 
financial statements. Unless otherwise indicated, quantitative disclosures pertain to this 
basis of consolidation.
As evidenced by our contribution to the energy transition and our pursuit of carbon-
neutral power production, sustainability is a key element of our strategy. True to our 
purpose ‘Our energy for a sustainable life’, we seek to create added value for society, 
municipalities, employees, shareholders and other stakeholders. 
1. General basis of preparation
This combined non-financial statement for the RWE Group and RWE AG is prepared in 
accordance with Section 315c in conjunction with Sections 289c to 289e of the German 
Commercial Code (HGB) and the European Sustainability Reporting Standards (ESRS) 
issued by the European Commission to implement the Corporate Sustainability Reporting 
Directive (EU) 2022 / 2464 (CSRD) and is referred to hereinafter as the Group Sustainability 
Statement.
The Group Sustainability Statement was prepared under full application of ESRS. It includes 
the required disclosures pursuant to Sections 289b to 289e of the German Commercial 
Code (HGB) for RWE AG as the parent company. This Group Sustainability Statement 
contains mandatory disclosures and information classified as material based on the 
results of the double materiality assessment (DMA).
The concepts and approaches considered in this Group Sustainability Statement apply 
equally to RWE AG, which is obligated to prepare a separate report.
2.11 Group Sustainability Statement
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Required aspects under Sections 289 and 315 of 
the German Commercial Code
Assignment to ESRS topics
Environmental matters
E1 Climate change, E4 Biodiversity,  
E5 Circular economy
Employee matters
S1 Own workforce
Social matters
See ‘Social matters’, not identified as a material topic, 
concept in place
Respect for human rights
S1 Own workforce and  
S2 Workers in the value chain
Combatting corruption and bribery
 See ‘Combating corruption and bribery’; due to 
implemented management systems not identified  
as a material topic, concept in place
Social matters
Social matters were not identified as a material topic in our double materiality assessment. 
Nevertheless, RWE is dedicated to the local communities in which we operate. RWE has 
published a policy statement on community engagement. We place great importance on 
open dialogue and thus interact with numerous stakeholders on a daily basis. We consider 
their interests to ensure that their views can be factored into our goals and plans – from 
project planning and execution through to operation. Operating companies manage their 
own contacts with local municipalities and communities, paying due regard to national 
regulations and local requirements. This allows us to cater to local needs and expectations. 
For certain environmental matters (E1 Climate change, E4 Biodiversity and ecosystems), 
ESRS refer to the concept of ‘operational control’. Accordingly, locations, plants or units 
outside of the financial control scope are also included. In these cases, according to the 
impacts, risks and opportunities (IRO), RWE must consider the entire activity as an ‘own 
activity’ and account for the associated emissions under E1 or sites under E4. 
RWE has screened all non-consolidated subsidiaries, joint ventures, joint operations, 
associates and contractual instruments such as leasing contracts and power purchase 
agreements with regard to operational control by RWE. If relevant, we considered non-
consolidated subsidiaries as well as sites and assets from contractual arrangements 
under the operational control of RWE in the two covered topics and in particular in the 
corresponding key figures (see E1 Climate change – greenhouse gas (GHG) emissions  
and E4 Biodiversity and ecosystems). 
Upstream and downstream aspects of the value chain are primarily included in E1 Climate 
change, E4 Biodiversity and ecosystems, E5 Resource use and circular economy, and  
S2 Workers in the value chain, and are mainly considered in these sections.
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Time horizons
The following definitions of time horizons were used when preparing the Sustainability 
Statement:
•	 Short-term: 	
up to 1 year
•	 Medium-term: 	 1 – 3 years
•	 Long-term: 	
3 – 10 years (and beyond) 
These time horizons for sustainability reporting intentionally deviate from ESRS 1 80 for 
the purpose of alignment with the definitions in RWE’s financial reporting and planning 
processes for the short-, medium-, and long-term.
Value chain estimations
RWE uses estimates, assumptions and judgements for the reporting of certain data  
points where, despite reasonable efforts, reliable data cannot be obtained or cannot be 
obtained with reasonable effort or in a timely manner. RWE regularly reassesses the 
estimates used.  
RWE uses specific factors derived from exemplary primary data relating mainly to large-
scale renewable energy assets for Scope 3.1 and 3.2 emissions arising from purchased 
goods and services as well as capital goods. For general procured goods and services, 
RWE still uses average factors as specific consumption-based or supplier specific data is 
not available and there are no applicable statutory regulations or standards for the supply 
chain. Due to the use of primary data on the one hand and average data on the other, we 
classify the total degree of uncertainty as ‘medium’. 
There is no general indicator that makes it possible to measure progress in local 
engagement. We also ensure that we involve local residents early on and, if possible, we 
enable them to participate in the value created by our assets in a range of ways, for 
example by providing funding to support local projects in the respective communities. 
Combatting corruption and bribery
Compliance and ethics are core principles that guide our business activities. They help us 
prevent corruption and bribery and serve as the foundation for our collaborations with 
suppliers and partners.
All of our business activities and decisions meet pre-established compliance requirements. 
We do not tolerate compliance infractions of any kind. To avoid bribery and corruption, we 
established a Compliance Management System (CMS) for the RWE Group.
The main objective of the CMS is to permanently ingrain compliant behaviour in the 
mindset and actions of all staff members and to consistently strengthen compliance 
culture within the Group. In our Code of Conduct, which is binding for all employees, we 
have also listed overarching targets and principles on integrity and observing the law.
Reporting period
The reporting period extends from 1 January 2024 to 31 December 2024, in line with the 
financial reporting period. Some indicators (e. g. headcount) relate to a specific day and 
thus refer to 31 December 2024. In certain cases (e. g. employee fluctuation), the average 
of the figures for each quarterly cut-off date is used.
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2. RWE’s strategy, business model and value chain
RWE is a driver of the energy transition and has aligned its business model accordingly. 
With our Growing Green growth and investment strategy, we are investing in renewable 
energy, storage solutions, hydrogen technology and flexible generation. RWE’s purpose 
‘Our energy for a sustainable life’ underlines our commitment to sustainability as a 
guiding principle of our actions. 
2.1	
Sustainability at the core of our strategy
The energy transition is paving the way to a climate-friendly, reliable and affordable energy 
supply. RWE is making an important contribution to this cause (see pages 21 et seqq.). In the 
coming years, RWE plans to invest billions in wind energy, photovoltaics, battery storage, 
hydrogen-capable gas power stations and electrolysis facilities. Concurrently, RWE intends 
to phase out coal-fired power production in a socially acceptable manner by 2030. The 
lion’s share of the capital expenditure is earmarked for sustainable measures. RWE has 
committed to bringing 95 % of its capital expenditure in line with the Taxonomy Regulation 
(EU) 2020 / 852 and to making a major contribution to achieving the climate goals by 
2030 (see page 101). 
We are advancing the energy transition. At the same time, we want to keep making 
progress and improvements on sustainability topics such as biodiversity, the circular 
economy, and occupational health and safety. This applies equally to the employees  
of partner companies at our locations.
For Scope 3.7 – Employee commuting, RWE uses statistical averages per country and an 
average remote working rate due to the unreasonable effort involved in collecting actual 
data and the lack of materiality for this category compared to total greenhouse gas 
emissions. We classify the overall uncertainty level for this category as ‘low’. 
Due to the unavailability of specific consumption and supplier data regarding purchased 
goods, our metrics for material resource inflows (E5 – Circular economy) are also subject 
to measurement uncertainty. To estimate material resource inflows, i.e. for components  
of assets in the Renewables and Flexible Generation business areas, we use exemplary 
primary data. For all other material resource inflows, we base our estimates on averages. 
Accordingly, we classify the total degree of uncertainty as ‘medium’. Transnational statistical 
averages for the three to four relevant materials were used to estimate recycling ratios. 
Accordingly, we classify the overall measurement uncertainty as ‘high’.
Estimates and assumptions 
We have not identified any categories with a high measurement uncertainty – and thus 
earnings uncertainty – for our own operations.
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RWE’s core competency in energy trading is the proprietary trading of electricity, fuel and 
other energy-related commodities. Above and beyond this, it also covers marketing the 
Group’s electricity generation and procuring the fuel and CO2 certificates required to do 
so on wholesale energy markets. In addition, RWE operates an active risk management 
system for commodity price risks within its asset and investment portfolio on global 
commodity markets. In addition, RWE supplies electricity, gas and other energy services 
to a limited number of key accounts in industry while doubling as a provider of system 
services such as balancing and reactive power for transmission system operators. When 
describing our business model and the value chain in relation to sustainability, we do not 
consider energy trading as an isolated segment as we do in the other parts of the Annual 
Report, but instead as an element of the upstream and downstream value chain for 
each of our operating business activities in the Offshore Wind and Onshore Wind / Solar 
segments (jointly referred to as Renewables) and the Flexible Generation and Phaseout 
Technologies segments.
Renewables (Offshore Wind, Onshore Wind / Solar)
We develop and build offshore and onshore wind farms as well as solar farms to generate 
electricity from renewable energy. Added to these are battery storage systems. We operate 
these assets, which also involves maintenance and repair work. Our key markets are in 
Europe – primarily Germany and the United Kingdom – as well as the USA. Our focus in the 
Asia-Pacific region rests on Australia, Japan and South Korea. On reaching the end of their 
service life, the assets are dismantled and their surroundings are restored.
These measures make an important contribution to achieving our net-zero goal by no 
later than 2040. To supplement them, we are stepping up our efforts to research and 
measure biodiversity and want our new assets to have a positive net effect on biodiversity 
from 2030 onwards. We will continue to leverage our substantial expertise and excellent 
best practices in the field of recultivation. Resource and material availability is a 
fundamental prerequisite for our ongoing business and the implementation of our 
strategy. This is why the circular economy is of strategic importance to us.
Our employees are essential to our entrepreneurial success. Our principle ‘Every accident 
is one too many’ reflects the priority we give occupational health and safety in general and 
accident prevention in particular in this context – for the benefit of our own workforce and 
the employees of our partner companies.
2.2	
Our business model and value chain
RWE’s main product is electricity. We generate electricity from various energy sources. Our 
activities primarily encompass the generation and storage of electricity and the operation 
of associated assets. We distinguish between the business areas Renewables, Flexible 
Generation and Phaseout Technologies. Together with the associated upstream and 
downstream areas, they form our major value chains, which are described in the following.
RWE’s activities in all three areas principally consist of producing electricity as well as 
developing, building, operating and maintaining the required assets and facilities. Its own 
operations also include extracting lignite and refining lignite (to marketable products  
such as briquettes and lignite dust).
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A large number of components and a substantial amount of material is required to 
construct assets to generate electricity from renewable energy. Therefore, our upstream 
value chain encompasses the mining, extraction and processing of commodities as well as 
the manufacture of components such as wind turbines, solar modules and battery storage 
units. This is handled by partner companies and suppliers. Above and beyond this, our 
renewable energy value chain also includes services related to planning, building and 
repowering assets. Partner companies are involved in dismantling assets and restoring 
used land.
More information on securing the renewable energy supply chain can be found on 
page 161.
Flexible Generation
The object of RWE’s flexible electricity generation is to supplement power production from 
renewable energy with flexible generation and secured capacity. The key markets are 
Europe – primarily Germany, the United Kingdom and the Netherlands. The activities in 
this area encompass electricity generation from renewables such as hydro and biomass, 
energy storage in battery storage systems and pumped-storage power stations as well as 
hydrogen production in the first electrolysers – mainly in Germany and the Netherlands. 
Power production from gas and biomass and, to a smaller and declining extent, from hard 
coal in the Netherlands is also part of our scope of activity in this area. In the long run,  
RWE plans to gradually replace gas and coal-fired stations or retrofit them to run based 
on low-emissions technologies, for example by replacing gas with hydrogen or through 
carbon capture and storage.
In addition to operation and maintenance, we develop and build power plants, electrolysers 
and battery storage systems.
On reaching the end of their service life, assets are dismantled and landscapes are 
restored.
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Suppliers must gain access to the necessary commodities in the upstream value chain. 
Partner companies and suppliers deliver components for power stations and opencast 
mines or provide assistance in the dismantling of nuclear power plants. Contractors provide 
services and assist RWE with operations and maintenance during the use of the assets. 
This is followed by the decommissioning of sites and recultivation of former opencast mine 
premises.
Revenue from activities involving fossil fuel
Revenue from activities involving fossil fuel includes electricity production from lignite and 
hard coal and lignite refining in the amount of €5.156 billion and electricity generation 
from and trading in gas in the amount of €8.538 billion. For 2024, the total amount is 
€13.694 billion (see page 106). RWE did not recognise any taxonomy-aligned revenue 
from activities in connection with fossil gas for 2024.
In the upstream value chain, suppliers must gain access to the necessary commodities. 
These efforts encompass the exploration and production, for example of gas, biomass 
and hard coal. Manufacturing components for the maintenance and construction of 
hydrogen facilities, power stations and storage units also require commodities. Partner 
companies and suppliers manufacture components, for example for new electrolysers  
and battery storage systems, and support RWE during the construction and conversion of 
power plants. Contractors – mainly from Germany, the United Kingdom, the Netherlands 
and other EU member states – provide construction, operation and maintenance services. 
Other partner companies are involved in dismantling assets and restoring reclaimed land.
Phaseout Technologies
RWE pools electricity generation from lignite and the dismantling of nuclear power stations 
in Germany in its phaseout technologies business.
Here, our own operations include the operation of opencast mines for extracting lignite, 
the transportation of lignite to power plants and refining facilities, the operation of power 
stations to generate electricity, and the refinement of lignite. Maintenance activities in 
power plants, opencast mines and assets required to perform this work are also subsumed 
under this business area. Upon conclusion of operations, the power plants, factories and 
opencast mines are decommissioned, and the utilised land is restored and recultivated.
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2.3	
Interests and views of our stakeholders
RWE interacts with a wide range of stakeholders on a regular basis: investors, suppliers, 
local communities, shareholders, creditors and RWE’s own workforce, the last of which is 
often represented by trade unions or other bodies. The list is supplemented by political 
decision-makers and non-governmental organisations. Suitable dialogue formats are  
lso available for partner companies and major industrial customers.
RWE uses the feedback of these stakeholders and insights from interacting with them to 
review its strategic priorities and planning, as well as to hone its expertise in topics and 
issues that are important to the company. For instance, RWE organises an employee 
survey once a year for its own workforce. Regular dialogue with the workforce often takes 
place via the employee representatives and our networks. RWE’s own workforce and 
workers in our direct value chain can also make use of grievance mechanisms provided  
by the proactive approaches of the human rights management system.
Maintaining regular dialogue with various stakeholders is a factor that is key to the success 
of our long-term business and an indispensable element of the RWE organisation in various 
functions, at various levels, and across all business areas and countries.
Findings from these continuous dialogues are also factored into our due diligence 
processes and the double materiality assessment.
Business relationships – suppliers
Our partner companies and indirect suppliers are an important component of our 
business model. We work closely together with our suppliers and have introduced 
standards that also relate to sustainability. Good collaboration and supplier input are 
factors that are decisive for our business activities and achieving our sustainability goals. 
Besides quality and price, additional criteria are becoming increasingly important as 
regards procuring goods and services. Therefore, RWE continuously reviews its processes – 
particularly in relation to purchasing – with a view to satisfying the various requirements. 
In its relentless pursuit of improvement, RWE ensures compliance with its sustainability 
standards by adapting relevant processes both in-house and in the supply chain. RWE 
expects its business partners to adhere to the principles of the RWE Code of Conduct.  
A dedicated process helps us meet our due diligence obligation. We employ this procedure 
to check whether our business partners and suppliers comply with supply chain standards 
by performing regular risk assessments, among other things. We collaborate closely with 
select partner companies and develop joint topic-centric approaches with them, e. g.  
for the innovative continued development of components for our assets.
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RWE’s stakeholder engagement
 How engagement is organised
 Purpose of engagement
Investors
•	 Quarterly reporting on business development and strategy, 
regular capital market days
•	 Annual general meeting
•	 Participation in investor conferences, organisation of investor roadshows
•	 Verbal and written dialogue at the request of investors and analysts
•	 Create transparency about sustainability and economic development
•	 Expand the shareholder base and thus increase the RWE share price
Public / society  
•	 Provision of information on the internet and on social media platforms,  
transparent reporting
•	 Personal exchange and answering of enquiries
•	 Provision of feedback channels
•	 Reporting on the social commitment of the RWE Foundation
•	 Promote acceptance of RWE’s business activities
•	 Safeguard the company’s reputation
•	 Provide information on topics from (granted) licences
Local communities  
(residents)
•	 Provision of information and personal exchange
•	 Transparent reporting and responding to enquiries
•	 Partnership-based commitment in the regions and sponsoring
•	 Information and dialogue formats for projects
•	 Promote acceptance of RWE’s business activities in general and  
individual projects in particular
Employees
•	 Daily collaboration based on corporate values
•	 Provision of information, dialogue formats, transparent reporting and  
provision of feedback channels
•	 Working in partnership with the co-determination bodies
•	 Carrying out employee surveys
•	 Increase employer attractiveness
•	 Promote #TeamRWE and living the corporate values
•	 Improve employee satisfaction and loyalty
Suppliers
•	 Regular dialogue (e. g. annual supplier day)
•	 Due diligence and periodic / ad hoc analyses of human rights risks
•	 Anonymous whistleblowing system and investigation of substantiated reports of 
human rights violations
•	 Media screening for human rights risks
•	 Foster trusting relationships and sustainable procurement in accordance with  
RWE’s Code of Conduct
•	 Decarbonise the supply chain and protect human rights
Politicians
•	 Provision of information and exchange within the framework of own / external events 
and conferences
•	 Interaction with political decision-makers within the framework of legal provisions and 
specific requirements from lobby registers
•	 Supporting the energy policy opinion-forming process by submitting positions via 
associations; participation in consultations
•	 Contribute energy industry expertise to support the  
energy policy opinion-forming process
•	 Anticipate energy policy developments that are relevant to  
RWE’s business activities
NGOs
•	 Provision of information and personal exchange
•	 Transparent reporting and answering enquiries 
•	 Exchange experience and promotion of acceptance
•	 Take social concerns into consideration
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2.4	
Material impacts and risks in the context of our strategy
We subjected the material impacts, risks and opportunities of our business activities to an 
extensive evaluation in preparing our sustainability reporting. This involved identifying the 
material impacts on people and the environment (impact materiality) as well as assessing 
the risks and opportunities that materially effect RWE’s financial situation and development 
(financial materiality). Furthermore, we described the effects of our material impacts, risks 
and opportunities (IROs) on our strategy and business model. In the reporting year, neither 
the identified impacts, risks and opportunities, nor the measures taken or planned resulted 
in a change to the strategy or the business model. Furthermore, in the year under review, 
material risks and opportunities did not have a significant financial effect on our financial 
or earnings position or on our cash flows.
Based on RWE’s double materiality assessment (DMA) we identified the following topics as 
material:
•	 Climate change (E1) with the sub-topics climate change mitigation (E1.2),  
climate change adaptation (E1.1) and energy (E1.3), 
•	 Biodiversity and ecosystems (E4), 
•	 Resource use and circular economy  (E5), 
•	 Own workforce (S1), and 
•	 Workers in the value chain (S2) with other work-related rights. 
The energy transition, and in turn the transition to carbon-neutral electricity generation, 
are making a significant contribution to mitigating climate change. We developed our 
Growing Green business strategy to identify and seize associated opportunities (see 
pages 22 et seqq.).
RWE is exposed to climate-induced transition risks due to its business model and strategy, 
which are caused by the transition to a low-carbon economy. This depends to a great 
extent on the establishment and continued development of suitable framework conditions 
in politics, legislation, markets and technologies. In addition, our increasing orientation 
towards renewable energy and the substantial investments this requires exposes us to new 
transition risks, which were caused in particular by political and market risks and identified 
as Group risks (see pages 61 et seqq.).
RWE’s risk management includes systematic scenario analyses for specific risks for the 
medium to long-term time horizon (> 1 to 10 years). Our business model and technologies 
are continuously subjected to impact analyses based on various parameters, which form 
an integral part of our strategic work. When planning major investments, acquisitions and 
other relevant transactions, we carefully assess all risks arising from climate-related 
factors. We improve our approach to performing systematic scenario analyses on an 
ongoing basis.
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So far, our analysis of various climate change scenarios has not revealed any material 
foreseeable impacts on our assets which could significantly curtail our business activities 
through to 2039. The systematic integration of these analyses in our plant engineering 
processes enables us to constantly monitor the foreseeable risks to which our assets are 
exposed due to climate change. This approach informs RWE’s strategic orientation and 
investment decisions while ensuring the resilience and sustainability of our business. 
3. RWE’s material sustainability topics
The comprehensive double materiality assessment (DMA) for the identification and 
assessment of impacts, risks and opportunities (IROs) and for the identification of material 
non-financial topics continues to form the analytical foundation for determining the scope 
of RWE’s sustainability reporting. Besides statutory requirements and disclosure obligations, 
the material disclosure duties specified by ESRS were taken into account in particular for 
the aforementioned material topics and represent the contents of our sustainability 
reporting.
The DMA is reviewed and updated once a year. It may also be re-evaluated if occasioned 
by external events, such as changes in legal frameworks or standards, shifts in business 
activities or the expansion into new business areas.
All identified material impacts, risks and opportunities are covered by ESRS disclosure 
requirements. Further details from the resulting material topics (see pages 83 et seqq.),  
as well as RWE’s material IROs are disclosed in the table below.  
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3.1.	
Double materiality assessment – results
Material IRO
 Type
 Time horizon
 IRO description
E1.1 Climate change mitigation
Power generation from Phaseout Technologies
Actual  
negative impact –  
own operations 
Short-term
The extraction and burning of lignite results in greenhouse gas emissions, which are gradually 
being reduced due to the lignite phaseout.
Power generation from flexible technologies – gas and hard coal
Actual  
negative impact –  
own operations and 
upstream processes 
Short-term
Electricity generation from gas and hard coal results in greenhouse gas emissions.  
Gas exploration in the upstream value chain produces emissions indirectly.
Energy production from renewable sources and use of  
new technologies 
Actual  
positive impact –  
own operations 
Long-term
The expansion and transition to renewable energy production (e. g. offshore/onshore wind and 
solar energy) contributes to reducing greenhouse gas emissions.  
E1.2 Climate change adaptation 
 
 
Policy and legal implications of phaseouts 
Transition risk –  
own operations 
Medium-term
Potential insufficient regulatory and political support for hard coal and lignite phaseout 
Market developments around renewables 
Transition risk –  
own operations 
Medium-term
Market uncertainty regarding developments in the price of electricity from renewables or in 
relation to remuneration, costs and apportionments
Adverse regulatory changes in the USA
Transition risk –  
own operations
Long-term
Potential adverse regulatory changes in approval procedures and subsidy mechanisms for 
renewable energy, e. g. in the USA 
E1.3 Energy
 
 
Energy consumption and mix
Actual  
negative impact –  
own operations 
Short-term
Conventional power generation requires fossil fuels.
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Material IRO
 Type
 Time horizon
 IRO description
E4 Biodiversity and ecosystems  
Temporary local habitat loss due to land-use change –  
Phaseout Technologies  
Potential  
negative impact –  
own operations 
Medium-term
Lignite mining leads to land-use change, which in turn leads to intermittent habitat losses in 
certain areas, which are offset.
Temporary freshwater-use change –  
Phaseout Technologies 
Potential  
negative impact –  
own operations 
Medium-term
The necessity to keep lignite mines dry requires groundwater extraction in the Rhenish lignite area. 
An undisturbed water balance should be restored in the long run. 
Temporary habitat disruption and displacement of species –  
Renewables 
Actual  
negative impact –  
own operations 
Medium-term
Constructing onshore wind and solar farms and in particular offshore wind farms can lead to 
habitat disruptions and displacement of species.
Natural resource use and land-use change –  
Renewables
Actual  
negative impact –  
value chain 
Medium-term
Building out renewable energy and storage assets requires raw materials such as steel, copper, 
lithium, nickel and cobalt. RWE needs such commodities for components and therefore has an 
indirect impact on local ecosystems in mining regions.
Material IRO
 Type
 Time horizon
 IRO description
E5 Resource use and circular economy  
Resource use for the construction of assets  
Actual  
negative impact –  
own operations and  
value chain 
Medium-term
Resource demand for the construction of offshore wind, onshore wind, solar and battery storage 
assets in RWE’s Renewables business and of electrolysers and (hydrogen-capable) gas-fired power 
stations in the Flexible Generation segment
Waste management mainly in combustion power plants –  
Phaseout Technologies and Flexible Generation – lignite, hard coal 
and gas 
Actual  
negative impact –  
own operations and  
value chain 
Short-term
Waste outflows during the operation and dismantling of lignite and hard coal assets in RWE’s 
phaseout business and of gas assets in RWE’s flexible generation business 
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Material IRO
 Type
 Time horizon
 IRO description
S1 Own workforce – working conditions 
Secure employment – renewables  
Actual  
positive impact –  
own operations  
Short-term
RWE develops and expands power generation assets, creating new job opportunities  
and possibilities for current and future RWE employees. Job security can lead to increased 
employee satisfaction.
Working time 
Actual  
positive impact –  
own operations  
Short-term
RWE offers flexible working hours and has overtime regulations in place. 
Adequate wages 
Actual  
positive impact –  
own operations  
Short-term
Wages at RWE are often above market.
Social dialogue 
Actual  
positive impact –  
own operations  
Short-term
RWE affords employees the possibility to voice their concerns and provide feedback to  
management. Open communication and collaboration can increase employee satisfaction  
and improve problem-solving.
Freedom of association, the existence of works councils and the 
information, consultation and participation rights of employees 
Actual  
positive impact –  
own operations  
Short-term
RWE recognises the right to freedom of association. At RWE, employees are represented by very well 
organised works councils.
Collective bargaining, including share of workers covered by  
collective agreements   
Actual  
positive impact –  
own operations 
Short-term
RWE recognises the right to collective bargaining.
Work-life balance 
Actual  
positive impact –  
own operations  
Short-term
RWE is committed to enhancing the work-life balance of its workforce through social policies.  
The company recognises the importance of family-related leave, ensuring that employees can  
take necessary time off for family matters without compromising their career progression. 
S1.14 Own workforce – health and safety 
Physical work in the field of wind and solar farms, power plants  
and opencast mining
Potential  
negative impact –  
own operations
Short-term
Physical work in the field of wind and solar farms, power plants and opencast mining:  
RWE employees working in wind and solar farms, power plants and opencast mines are exposed  
to the risk of accidents and health hazards. Despite comprehensive and constantly improving 
occupational safety measures, for example in relation to work done high off the ground, involving 
heavy loads and moving asset and component parts, residual risks of accidents happening 
cannot be ruled out entirely.  
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Material IRO
 Type
 Time horizon
 IRO description
S2 Workers in the value chain  
Working conditions – health and safety 
Potential  
negative impact –  
value chain 
Short-term
Employees of partner companies undertaking physical work in and around power plants can be 
exposed to the risk of accidents and health hazards especially when it comes to construction, 
repowering or demolition activities. Certain risks of accidents and health hazards also exist outside 
of RWE sites during mining, refining and processing of fuels as well as manufacturing, transportation 
and the end-of-life treatment of asset components. 
Forced labour and modern slavery
Actual  
negative impact –  
value chain 
Short-term
Workers, especially those employed by indirect suppliers, often work in production or construction. 
They can be exposed to risks while mining, transporting and processing fuels for the conventional 
business. This also applies to the manufacture, transportation and disposal of asset components.
3.2	
Double materiality assessment – methodology
RWE has developed its methodology to perform the DMA in line with ESRS. The materiality 
assessment is aligned with the overarching process for determining material impacts, 
risks, and opportunities (IRO). The following five steps were taken from the start of the DMA 
process to the sign-off of material topics: 
1.	 Determination of DMA scope and boundaries  
The first step entailed gaining a contextual overview of RWE’s activities, business 
relationships, key affected stakeholders, value chain (upstream and downstream) and  
the time horizon (short-, medium-, and long-term) in which IROs are expected to 
materialise. The relevance of the aspects mentioned for the IROs determined the next 
steps, e. g. determining the time horizons that could have a material impact on each  
of the activities. 
RWE’s own operations comprise all fully consolidated subsidiaries pursuant to ESRS 1.62 
as well as all countries and regions (mainly Europe, the Americas, and the Asia-Pacific 
region) in which RWE is active. These include RWE’s Renewables, Flexible Generation, 
Supply & Trading and Phaseout Technologies businesses. Non-consolidated subsidiaries, 
joint operations, joint ventures, associated companies and contractual arrangements 
were reviewed and considered. This involved assessing the value of some small companies 
and contractual arrangements managed under RWE’s operating control. Since the type  
of business is in line with RWE’s own operations, no specific additional IROs were identified 
in this context.
Stakeholder groups affected by RWE’s operations or interested in using RWE’s external 
reporting were identified and prioritised. We selected suitable proxies who regularly interact 
with these stakeholder groups. The proxies thus represent stakeholder perspectives on 
relevant ESG topics. The primary purpose of our stakeholder engagement is to understand 
stakeholder perspectives and thus identify further impacts, risks and opportunities. These 
perspectives also validate the impact evaluation of the DMA.  
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b)	 Financial materiality assessment
Quantitative assessment criteria were applied to assess the materiality of anticipated 
financial effects in terms of business performance, financial situation and cash flows  
as well as access to finance or cost of capital over short, medium or long term. For 
consistency, the criteria and thresholds are aligned with the existing methodology and 
approach of RWE’s risk management process. Risks and opportunities were rated based 
on the magnitude of actual and anticipated financial effects as well as the likelihood of 
occurrence as per the assessment from risk management. Environmental risks arising from 
RWE’s own business activities and along its value chain were assessed in consideration  
of already implemented measures but before planned future action to mitigate the risk, 
especially transition risks. Dependencies on natural and social resources were considered  
as a source of financial risk or opportunity. For most impacts, the corresponding risks or 
opportunities were assessed and evaluated. However, the scoring was generally below the 
lowest score, since they represent risks below the Group threshold. 
So far, physical risk assessments have not revealed that RWE assets and technologies  
are exposed to any significant physical risks or, in turn, any significant physical risks when 
adapting to climate change. RWE will constantly monitor its assets’ exposure to climate 
risks in order to underpin its strategy and business model as well as individual financial 
investment decisions. For a consistent reflection of impacts in the risk management 
process, RWE will continue to ensure the comprehensive, systematic consideration of 
impacts in the operational risk assessment processes in its business areas as the basis 
and source for the Group risk management process. Additional details are provided in the 
section headed ‘Risk management and internal controls in sustainability reporting’.
2.	 Identification of material sustainability matters and IROs
RWE has based the process of identifying actual and potential impacts, risks and 
opportunities related to sustainability matters on a ‘top-down’ approach, using the list of 
topics in ESRS 1, AR 16. This list was complemented by a sector assessment, an earlier 
materiality assessment performed by RWE, and a review of existing processes including 
strategy planning and employee surveys as well as various due diligence mechanisms 
such as risk management, grievance mechanisms, incident management, supplier  
audits, as well as financial and non-financial reporting. 
In addition, discussions and validations took place with relevant experts in the Group, 
management and works councils. When compiling the list of IROs, a distinction was made 
whether the impacts, risks, or opportunities apply to Phaseout Technologies (coal and 
nuclear), Flexible Generation (e. g. gas and biomass) or to the Renewables business (see 
Table 1, List of material topics).
3.	 Assessment of impacts, risks and opportunities
Identified impacts, risks and opportunities were assessed by experts and validated by 
several internal stakeholders with quantitative and qualitative assessment criteria. 
a)	 Impact materiality assessment
A series of criteria were applied to assess the materiality of actual and potential as well  
as positive and negative impacts based on severity and likelihood. Severity was further 
broken down into scale, scope and remediability (only for negative impacts). Probability  
of occurrence was only considered for potential impacts. Actual negative environmental 
impacts stemming directly or indirectly from RWE’s business activity include measures 
that have already been implemented, but do not include planned future action to 
remediate or offset the impact. Unlike for financial materiality, we lack a reference 
parameter for assessing impact materiality, rendering a Group-wide comparison 
impossible.
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Physical risks
In 2022, RWE started systematically assessing climate-related physical risks in 
consideration of the Shared Socioeconomic Pathway (SSPs) scenarios as defined in the 
Intergovernmental Panel on Climate Change (IPCC) Sixth Assessment Report. It does so  
by focusing on the assessment of the climate projection scenario “SSP2-4.5” and the high 
emission scenario “SSP3-7.0”. For assets in development, we consider the scenarios in  
the 2040 to 2059 timeframe, while for all other assets we mainly assessed the scenarios  
in the 2020 to 2039 timeframe. Our analysis is based on experience gained in almost  
all technologies. Uncertainties arise with emerging technologies owing to our limited 
experience, e. g. for impacts of droughts on hydrogen production. To perform the analysis, 
we used site-specific coordinates and broke project data down by technical area, assigning 
these areas to the corresponding regions and sites. 
A full list of chronic and acute physical risks considered in RWE’s climate risk assessment is 
provided in the table below. Hazards, for which the IPCC scenarios contain no or insufficient 
information and their projections are marked as not available (n / a).
The risk assessments conducted did not reveal that RWE’s assets or technologies were 
exposed to any significant physical risks.
4.	 Identification  of material sustainable matters
On completion of the IRO assessment, a previously identified quantitative threshold was 
applied to identify material reportable sustainability matters.  An impact, risk or opportunity 
classified as ‘significant’ or ‘critical’ is defined as material. Impacts, risks and opportunities 
classified as material based on the double materiality assessment are also considered in 
RWE’s strategic evaluations and discussions. The identified sustainability risks are identical 
to the ESG-relevant risks identified at Group level (see pages 61 et seqq.).
5. Management review, recency and relevance of IROs
The material sustainable topics applied for RWE’s sustainability reporting for 2024 were 
approved by the Executive Board of RWE AG in July 2024 and were shared with the Audit 
Committee of the Supervisory Board in August 2024. 
Material impacts, risks and opportunities are reviewed at least once a year for periodic 
reporting or as needed, e. g. when situations change due to outcomes of risks or events.
3.3	
Climate scenario analysis
As part of the DMA process, we subjected the impacts, risks and opportunities of all 
relevant matters to a systematic evaluation. It is decisive that certain requirements be 
satisfied when it comes to sustainability matters, in particular climate-related risks and 
opportunities. The approaches and requirements pertaining to physical and transition 
risks are presented in the following.
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RWE concentrates on two of the global climate pathways developed by the IPCC, which are 
in line with the Sixth IPCC Assessment Report.
(3)	 SSP2 – 4.5: compatible with an intermediate scenario (‘Middle of the Road’)  
that calls for an average temperature increase of about 1.8 to 3.0 ºC by 2100  
from pre-industrial levels. We consider this scenario as the one that is most 
representative of the world’s current climate and regulatory environment. 
(4)	 SSP3 – 7.0: corresponds to a scenario where measures to combat climate change  
are weak and implemented with little coordination. Consequently, this pathway is 
characterised by higher emissions that lead to a temperature increase of about  
3.0 to 4.6 ºC from pre-industrial levels by 2100.
The resilience analysis for these physical scenarios considers both chronic and acute 
phenomena. In assessing our sites, we differentiate between specific technological risks 
and generic infrastructure-related risks. Together with technology experts within RWE, we 
developed thresholds for specific climate risks in relation to our technologies to consider 
the specific vulnerability of each technology that we deploy. Technology-related risks were 
mainly identified for wind assets due to changing wind patterns. Other technological  
risks such as temperature rises for solar panels or increasing airflow for water cooling or 
hydroelectric power plants proved to be negligible or sufficiently mitigated. 
Significant 
physical risks
Chronic
 Included  
in risk 
assessment
 Acute
 Included  
in risk 
assessment
Temperature- 
related 
Changing temperature 
(air, freshwater, marine 
water)
Yes
Heat wave
Yes
Heat stress
Yes
Cold wave / frost
No
Temperature variability
Yes
Wildfire
Yes
Permafrost thawing
n / a
Water-related
Changing precipitation 
patterns and types (rain, 
hail, snow / ice)
Yes
Drought
Yes
Precipitation or 
hydrological variability
No
Heavy precipitation  
(rain, hail, snow /ice)
No
Ocean acidification
No
Flood (coastal, fluvial, 
pluvial, groundwater)
Yes
Saline intrusion
n / a
Glacial lake outburst
n / a
Sea level rise
Yes
Water stress
Yes
Wind-related
Changing wind patterns
Yes
Cyclone, hurricane, 
typhoon
Yes
Storm (including 
blizzards, dust and 
sandstorms)
Yes
Tornado
Yes
Solid  
mass-related
Coastal erosion
n / a
Avalanche
n / a
Soil degradation
n / a
Landslide
n / a
Soil erosion
n / a
Subsidence
n / a
Solifluction
n / a
n / a = not available
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RWE’s existing risk management system covers all types of risks with financial impacts  
and thus transition risks as well. Based on the classification system of the Task Force on 
Climate-Related Disclosures (TCFD), currently identified transition risks are mainly risks 
associated with energy policy. A broad range of transition risks are already being considered 
due to the relevance and exposure of RWE’s business model. Moreover, we are in the process 
of considering relevant aspects of various transition scenarios more systematically. RWE 
has started to use the SSP1-1.9 and SSP1-2.6 transition scenarios of the IPCC CMIP 6 
Shared Socioeconomic Pathway (SSP) which include a more ambitious climate policy and, 
in turn, a stronger reduction effort. These scenarios are referenced in the SBTi guidance 
for the energy sector and the integrated assessment models. Other sources of country-
specific information on these aspects are being evaluated and will gradually be included in 
a more systematic analysis. We have begun to use available information on transition risks 
in the aforementioned SSP scenarios for the assumptions made in our annual financial 
statements. So far, this general information has only had a few effects on the assumptions 
made in the annual financial statements. Country-specific (usually policy-related) transition 
risks identified by our own sources remain the predominant information reflected in these 
assumptions.
In our view, the analysis of relevant risks with significant damage potential for infrastructure 
is relevant for all assets, with the focus resting on assets with a remaining service life of at 
least 15 years. This infrastructure-based site analysis has become a standard tool in the 
early exploration and development of new sites. So far, we have assessed over 350 sites 
based on modelled probabilities of extreme weather events (precipitation / floods, wind 
speeds / storms, temperatures / heat stress and forest fires). This primarily related to sites 
being developed or operated for offshore wind, onshore wind and solar farms as well as 
hydroelectric, hydrogen and gas power plants.
Based on the ongoing analysis, to date, we have not identified any significant foreseeable 
risks in terms of likelihood, scope, or duration caused by physical climate-related hazards, 
which could have material impacts on our operations through to 2039. 
Transition risks
Climate-related transition risks and opportunities are an integral aspect of our strategic 
analysis and of the Group’s risks (see pages 61 et seqq.). Therefore, we constantly monitor 
political, technological, market and reputational developments in the countries in which 
RWE is active. 
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Transitional matters are usually taken into account when performing strategic market 
analyses and in the development of Group-wide planning assumptions, e. g. also when 
performing goodwill impairment tests. This also includes an analysis of climate-driven 
effects on energy prices in various countries. The process envisages a regular review. 
However, no significant impacts on the most important planning data (medium- to long-
term) have been identified to date.
3.4	
Biodiversity and risk impact assessment
RWE has sites located in proximity to biodiversity-sensitive areas, which can have a high 
density of species as well as unique species or ecosystems. Business activities conducted 
at these sites may affect these natural habitats. To mitigate its impacts, RWE has 
measures in place which are described in more detail under ‘E4-4 Actions’ in the chapter 
on biodiversity and ecosystems.
RWE identified and assessed its impacts on biodiversity and ecosystems in its own 
operations and upstream value chain with regard to terrestrial ecosystems, freshwater 
use, and marine ecosystems following the SBTN (Science Based Targets for Nature) 
guidance and the LEAP (Locate, Evaluate, Assess, Prepare) approach. Similarly, to identify 
and assess risks, dependencies and opportunities, RWE followed the LEAP approach and 
considered four risk classes: operational risks, financial risks, regulatory and political risks, 
and other risks. We used tools suggested by the TNFD (Taskforce on Nature-related 
Financial Disclosures) guidance, e. g. quantitative tools such as the World Wide Fund for 
Nature’s Biodiversity Risk Filter and qualitative inputs such as expert opinions and desk 
research. Based on this analysis, RWE created a long list of potential physical (acute and 
chronic), transitional (policy and law, technology, market, reputation), and systemic risks 
and opportunities in relation to biodiversity. These were then assessed based on their 
financial scale and probability of occurrence. In addition, RWE identified and assessed key 
dependencies on ecosystem services, namely disruption protection (for example, climate 
regulation as well as flood and storm protection), physical inputs (e. g. surface and ground
The transition risks identified by Group Risk are stated as financial risks in accordance with 
the TCFD categories in the double materiality assessment and in the following table:
Transition risks (according to TCFD classification)
Policy and legal 
We are potentially exposed to regulatory risks despite the growing share of our 
generation portfolio accounted for by zero- and low-emissions technologies. 
Changes in legal requirements can have an effect, for example, on the profitability of 
existing or planned assets. Approvals could be issued late or not at all, granted 
approvals could be withdrawn temporarily or permanently, and stricter statutory or 
official requirements could result in additional costs. Committed compensatory 
payments could be challenged. The risk of non-existent or unfavourable regulatory 
frameworks and interventions in renewable energy subsidy mechanisms has risen 
recently. For instance, the regulatory environment for renewable energy in the US 
could change, potentially curtailing planned income in the long run. In Germany, it is 
currently impossible to predict to what extent the expansion of renewable energy will 
be spurred under the new government. The legal framework for investments in 
German (hydrogen-capable) gas-fired power stations is also uncertain.
The British government is considering adjusting renewable energy subsidies via 
green electricity certificates in the UK from 2027 onwards, which might lead to 
earnings shortfalls.
Market
In most of the countries in which RWE is active, the energy sector is characterised by 
the free formation of prices. Declines in quotations on wholesale electricity markets 
can cause power generation assets to become less profitable. This also applies to 
renewable energy assets that do not receive fixed feed-in payments via secured 
contracts. Negative developments in prices or even remuneration, costs and 
apportionments can cause RWE to recognise impairments.
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Most of the waste is produced in large-scale power plants that are still being operated  
or are being dismantled and are assigned to the Phaseout Technologies and Flexible 
Generation segments.
The result of the assessment indicates that, for the foreseeable future, there are no  
further risks or opportunities or dependencies arising from RWE’s strategy and business 
model with a material financial significance going above and beyond what we have 
recognised on the balance sheet. This assessment is regularly updated and adapted to 
changes in the external framework.
Additional information on the circular economy can be found in the chapter ‘E5 Resource 
use and circular economy’.
3.6	
Impact and risk assessment for other topics
To assess the IROs relating to pollution (E2) as well as water and marine resources (E3),  
we reviewed our activities across all technologies and business areas – primarily electricity 
generation from fossil fuel and biomass. RWE complies with strict environmental standards 
imposed by law and with legally mandated pollutant limits.
RWE pumps large amounts of water – particularly as part of its opencast lignite mining 
operations – to the surface, but feeds the vast majority of this back into surface waters. 
Water used, for example to cool power stations, accounts for a fairly small share of the 
total volume of water withdrawn and thus only has insignificant effects. Therefore, we do not 
classify this as a material topic. This also applies to the use of hydrogen capacity and the 
associated need for water. Most of RWE’s power plants and activities are monitored by the 
authorities using online monitoring systems, which have not identifed any material limit 
transgressions. By consequence, RWE’s impact in this regard is classified as not material. 
 water) and production enablers (e. g., water flow maintenance). Potential negative impacts 
on communities were also considered in regard to risks to which new asset construction 
and habitats are potentially exposed due to pollutants, which can curtail biodiversity. 
Direct stakeholder consultations were not conducted as part of this assessment due to  
the processes and findings of the previous year. The results of the analysis indicate that 
the financial materiality of the risks and opportunities and of the dependency of RWE’s 
business model on biodiversity and ecosystem services does not extend beyond the 
provisions that have already been accrued. This assessment is regularly reviewed and 
updated.
3.5	
Impact and risk assessment for the circular economy
The general double materiality assessment process combined with the assessment of the 
most recent project pertaining to the circular strategy resulted in the identification of 
sustainability matters that correspond to resource inflows and waste outflows and relate 
to the segments and underlying technologies.
RWE’s transformation and above all the construction of new assets require large amounts 
of materials and components that can have an effect on the environment in the supply 
chain, depending on their origin and manufacturing process. As we are a responsible 
company, it is paramount to us that we understand these effects and manage these 
actively in order to mitigate and, ideally, avoid adverse consequences. Within the scope of 
our procurement activities, we have started to focus on more environmentally compatible 
materials and increasingly refurbish and reuse components. In many cases, being more 
circular translates to lower emissions.
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4. Governance framework for sustainability
4.1	
The role of RWE’s management and supervisory bodies
RWE has set up departments dedicated to sustainability matters at Group level and the 
level of its major operating companies. The Group-level sustainability department assists 
the Executive Board in ensuring compliance with regulatory requirements and progress in 
material topics. RWE’s strategy relating to environmental, social and governance (ESG) 
matters is established by the Executive Board of RWE AG, which is responsible for 
determining and achieving the Group’s goals. The Supervisory Board is accountable for 
reviewing the Sustainability Statement and directly involved in the design of the corporate 
and sustainability strategy, for example, via the Strategy and Sustainability Committee or – 
for reporting duties – via the Audit Committee. RWE distributes responsibility for its 
prioritised sustainability topics among the members of the Executive Board of RWE AG. 
The CEO is in charge of sustainability and environmental protection, while the CHO oversees 
social matters and the workforce. The CFO is entrusted with all reporting.
RWE AG’s Strategy & Sustainability department is responsible for the Group-wide 
development and management of major sustainability topics. It works closely with the 
Group’s specialist departments to align ambitions, targets and actions. It regularly reports  
to the Executive Board on progress made in achieving prioritised sustainability objectives 
and provides updates on important matters. In turn, the Executive Board keeps the 
Supervisory Board informed. The Head of the Strategy & Sustainability department  
reports directly to the CEO of RWE AG. The coordination of targets and actions regarding 
sustainability matters between RWE AG and the operating companies is mainly handled 
by the sustainability offices and management boards.
Sector-specific aspects, applicable regulations, business unit activities and reported 
compliance incidents were considered with respect to governance (G 1). RWE has extensive 
management systems in place, e. g. for compliance, corruption and bribery, taxes, human 
rights and the environment. These management systems meet the respective standards 
and are largely audited by third parties. Due to the advanced degree of implementation 
and maturity, we have not identified any material impacts or risks in relation to these 
matters. Governance was thus not classified as a material topic.
RWE performed the double materiality assessment with the assistance of experts who  
are regularly in contact with all of the stakeholders. Press and media coverage on the one 
hand as well as the operating business units on the other served to represent society’s 
perspective in general and the perspectives of affected communities in particular. 
This finding was confirmed in talks with the most important stakeholder groups at RWE.
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RWE’s sustainability organisation is anchored in RWE AG and coordinates the provision  
of information of relevance to sustainability by other specialist functions such as  
human resources, accounting, controlling, occupational safety, etc. at Group level. 
Communication and reporting with regard to sustainability matters also follow the 
cascaded approach into the operating companies, either via the corporate sustainability 
team directly and / or via the specialist functions.
The Supervisory Board adopted a skills matrix for the members of the Executive Board, 
which identifies key suitability criteria. The criteria include the specialist qualifications for 
the vacant board office, leadership skills, track record and sector knowledge. Thanks to 
their experience and expertise, RWE Executive Board members Markus Krebber, Michael 
Müller and Katja van Doren possess outstanding insights, enabling them to assess the 
influence of sustainability matters and take well-founded decisions for RWE.
Information on the composition of RWE’s Executive Board and Supervisory Board,  
which monitors topics of relevance to sustainability is presented in the following table.  
In accordance with the German Co-determination Act, the Supervisory Board of RWE AG is 
equally staffed by shareholder and employee representatives and consists of 20 members. 
The independence of the Supervisory Board members is assessed based on the criteria 
established in the German Corporate Governance Code.
The Supervisory Board is composed such that its members collectively possess the 
knowledge, skills and professional experience required to properly perform their duties  
in relation to material sustainability matters and to satisfy the requirements set forth  
in the skills matrix for the Supervisory Board.
Composition and diversity of administrative, management and 
supervisory bodies
Unit
2024
Executive Board members 
number
3
Non-executive Supervisory Board members1 
number
20
Women on Supervisory Board of RWE AG 
number
7
Women on Supervisory Board of RWE AG 
%
35.0
Women on Executive Board of RWE AG 
number
1
Women on Executive Board of RWE AG 
%
33.3
Women on Executive Boards of our operating companies 
%
19.0
Women in management positions,  
one level below the Executive Boards, Group 
%
19.7
Women in management positions,  
two levels below the Executive Boards, Group 
%
19.6
Women in management positions, core business 
%
24.9
Independent Supervisory Board members2 
%
100
1  RWE considers all Supervisory Board members to be non-executive.
2  The Supervisory Board assesses independence based on the criteria established by the German Corporate Governance Code 
(GCGC). According to the GCGC, these criteria may only be applied to shareholder representatives.
4.2	
Information and interaction
The Executive Board of RWE AG was informed of the current quantitative and qualitative 
sustainability developments in March and September of 2024. In addition, it regularly 
discusses specific sustainability topics and makes all the information available to the 
Supervisory Board’s committees.
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The Strategy and Sustainability Committee of the Supervisory Board convenes once a 
year. The Committee is comprised of eight Supervisory Board members. The Executive 
Board informs the Committee as to the degree of implementation of RWE’s sustainability 
strategy along with various other topics and provides an outlook on the biodiversity 
strategy including a rollout plan.
Updates on sustainability reporting were provided to the Supervisory Board’s Audit 
Committee in July and November and to the Strategy and Sustainability Committee in 
December.
4.3	
Sustainability-linked Executive Board remuneration
RWE’s remuneration system for Executive Board members consists of a fixed remuneration 
component and a variable remuneration component. The Executive Board remuneration 
system is aligned with our purpose ‘Our energy for a sustainable life’ and the strategy of the 
RWE Group. The Supervisory Board determines the structure and level of Executive Board 
remuneration and reviews it for appropriateness and market conformity both regularly 
and when occasioned in accordance with the German Stock Corporation Act. ESG factors 
affect the level of the Executive Board’s short-term incentive (STI, short-term variable 
remuneration) and of the long-term incentive (LTI, long-term variable remuneration). 
ESG factors affect the level of the Executive Board’s short-term variable remuneration 
(STI, short-term incentive). The Supervisory Board gave the achievement of ESG / CSR and 
employee motivation targets a weighting of 35 % for fiscal 2024. ESG factors thus affect 
35 % of the individual performance factor in the STI. The long-term incentive (LTI, long-
term variable remuneration) also contains an ESG component, namely carbon intensity. 
This has a weighting of 33 % and thus affects the target achievement of the respective 
tranche to this extent.
It is measured as the average carbon intensity of the Group’s power stations over the last 
three years in metric tons of carbon dioxide per megawatt of installed capacity per full-load 
hour (metric ton / MW / full-load hour). This key figure enables carbon dioxide emissions to 
be measured independent of weather- and market-induced load fluctuations. To improve 
the informational value of carbon intensity in respect of the ordinary course of business, the 
Supervisory Board can make limited adjustments and establish an adjusted actual figure 
for average carbon intensity if exceptional cases have not been sufficiently considered in 
the established goals. For instance, this allows for the consideration of effects of acquisitions 
and sales of generation assets that deviate from forecasts, changes in investment plans 
as well as regulatory and political changes leading to deviations from the planned 
renewable energy expansion roadmap and from the coal phaseout roadmap. A carbon 
intensity of 0.332 metric tons of carbon dioxide per installed megawatt was established 
as a target for 2024 in the three-year tranche.
 
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RWE aims to avoid all environmental incidents – particularly serious environmental 
incidents with substantial and supraregional effects that compromise the ecosystem for 
months, clearly violate environmental standards and are of significant supraregional 
interest. 
RWE intends to be a good employer and measures the commitment of its employees 
annually with this in mind. The engagement index calculated in this manner measures the 
degree of engagement of the RWE workforce by indicating the percentage of employees 
responding to questions about their motivation with “I fully agree” and “I agree”. Our 
objective for 2024 was to achieve a rate of at least 80 % (see page 151). In addition, we 
want to prevent RWE employees and partner company personnel from having work-related 
accidents and fatal work-related accidents. The number of work-related accidents is 
calculated based on the Lost Time Injury Frequency (LTIF) indicator. It reflects the frequency 
of work-related accidents leading to days of absence. Our LTIF target for 2024 was 1.8. 
We are committed to ensuring zeo fatalities. For both targets, see page 151.
Moreover, RWE ensures that contracts with suppliers contain the RWE Code of Conduct  
as well as human rights clauses. Vendors supplying RWE power plants with fuel must 
obtain the required qualification by going through an ESG process. We strive for 100 % 
coverage for both these goals, see page 162. 
The response rate of the management survey on compliance is an indicator of how well the 
compliance basics are communicated to the employees. Here, too, we aim for a response 
rate of 100 %; see page 152. 
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The following sustainability KPIs are factored into the Executive Board’s remuneration alongside other financial KPIs.
Executive Board remuneration KPIs
Unit
2024
Long-term variable 
incentive or 
Short-term 
variable incentive 
Reference to 
chapter
Average carbon intensity of the Group’s power plant portfolio 
metric tons CO2 / MW 
per full-load hour 
0.334
Long-term 
variable incentive
E1 – Climate 
change
Serious environmental incidents 
number
0
Short-term 
variable incentive
E4 – Biodiversity 
and ecosystems
Engagement index 
% 
87
Short-term 
variable incentive 
S1 – Own 
 workforce
Lost Time Injury Frequency (LTIF) – RWE Group including workers 
from partner companies working on our sites1, 2
number
1.6
Short-term 
variable incentive 
S1 – Own 
workforce, 
S2 – Workers in the 
value chain
Fatal work-related accidents – RWE Group including workers 
from partner companies working on our sites1, 2 
number
0
Short-term 
 variable incentive 
S1 – Own 
workforce, 
S2 – Workers in the 
value chain
Contracts with suppliers which include the Code of Conduct 
and human rights clauses
%
100
Short-term 
variable incentive 
S2 – Workers in the 
value chain
ESG assessment of business partners involved in fuel procurement 
for electricity generation at RWE power plants
%
100
Short-term 
variable incentive 
S2 – Workers in the 
value chain
Feedback rate of the executives’ compliance survey3
% 
100
Short-term 
variable incentive 
S2 – Workers in the 
value chain
1  RWE employees are individuals with RWE Group employment contracts. This definition is in line with national legislation (German Commercial Code) and the definition used throughout the Annual Report, in accordance with ESRS Annex 2. 
2  Includes workers from partner companies, contractors and subcontractors working on RWE sites. 
3  The executive survey includes all employees classified as executives as of 31 October 2024. The survey was completed as of 7 January 2025 for the fiscal year that had just ended.
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4.4	
Statement on due diligence
The following table shows the core elements of due diligence included in the sections  
of the Group Sustainability Statement. 
Core elements of due diligence
Paragraphs in the 
Group Sustainability 
Statement
a) Embedding due diligence in governance, strategy and business model 
GOV-1, GOV-2, GOV-3
b) Involving affected stakeholder groups in all key steps of the  
due diligence process 
SBM-2, IRO-1
c) Identifying and assessing negative impacts 
IRO-1, SBM-3
d) Taking action to remediate these adverse impacts
S1-4, S2-4, 
E1-3, E4-3, E5-2
e) Tracking the effectiveness of these efforts and  communicating the results
S1-5, S2-5, 
E1-4, E4-4, E5-3
4.5	
Internal control system for sustainability
RWE has established an Internal Control System (ICS) for sustainability in order to ensure 
accurate sustainability reporting. The main risks identified in connection with the processes 
of sustainability reporting relate to the completeness and integrity of the quantitative 
data points and in turn the accuracy of estimation and approximations results, the 
availability of upstream and / or downstream value chain data, the timing of the availability 
of the information, the person- or system-based interfaces, and the calculation of the  
data flows. 
RWE’s sustainability control system was set up in 2024 taking account of all best practices 
and platforms of existing, refined internal control systems. It thus provides a robust 
methodological basis for assessing and avoiding risks pertaining to sustainability-related 
data.
The Sustainability Department is responsible for the design of the Sustainability ICS and 
for reviewing its effectiveness. It applies Group-wide rules in doing so. The Accounting 
Department provides the coordination expertise in order to ensure that all internal 
controlling systems apply the same principles. We plan to subject the Sustainability ICS to 
an extensive review every year. This will involve RWE regularly reviewing the risk exposure  
of the sustainability reporting process, in order to determine whether suitable controls are 
in place for the identified risks. The effectiveness of the controls must be tested annually.
The first comprehensive review of the Sustainability ICS is planned for the 2025 fiscal year. 
The results of this annual review will be documented in a report to the Executive Board of 
RWE AG.
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EU taxonomy
The European Union has set itself the goal of making its economy sustainable. This 
calls for investment in sustainable technologies. Taxonomy is a classification system 
in the European Union used to identify current and future sustainable economic 
activities. In the following, RWE reports on its activities in accordance with the EU 
taxonomy.
The EU taxonomy is a classification system that establishes clear definitions of what 
constitutes an environmentally sustainable economic activity. The European Commission 
is currently reviewing how the taxonomy can be simplified. On the basis of the currently 
valid taxonomy, economic activities are analysed in terms of their contribution to six 
defined environmental objectives. These objectives are climate change mitigation (CCM), 
climate change adaptation (CCA), sustainable use and protection of water and marine 
resources (WTR), transition to a circular economy (CE), pollution prevention and control 
(PPC) and protection and restoration of biodiversity and ecosystems (BIO). All of RWE’s 
activities contribute exclusively to the first environmental objective, namely ‘climate change 
mitigation’. As an energy company, our main economic activities continue to be electricity 
production from renewable energy and energy storage. As we are gradually phasing out 
electricity generation from fossil fuels, we are also reducing our CO2 emissions. This is  
how RWE is making a substantial contribution to the environmental objective of climate 
change mitigation. RWE has also set a target to achieve 95 % taxonomy-aligned CapEx  
by 2030.
We apply the requirements of Delegated Regulation (EU) 2022 / 1214 of the European 
Parliament and of the Council dated 9 March 2022 to economic activities in certain 
energy sectors. Additionally, we comply with Delegated Regulation (EU) 2021 / 2178, 
which stipulates special disclosure duties for these economic activities. This is an 
amendment to the EU Taxonomy Climate Act to include activities relating to nuclear 
energy and natural gas.
We have introduced evaluation procedures and reviewed whether our activities are 
fundamentally covered by the EU taxonomy (taxonomy eligibility) and whether they comply 
with the criteria set out under the EU taxonomy (taxonomy alignment). The requirements 
for taxonomy alignment are met if all of the following criteria are fulfilled:
a) the economic activity makes a substantial contribution to at least one environmental 
objective;
b) it does not significantly harm (DNSH) any of the other environmental objectives;
c) it complies with minimum safeguards.
Our main taxonomy-aligned economic activities are electricity generation from wind, 
photovoltaics and hydropower. We also report electricity storage, hydrogen production 
and storage among our taxonomy-aligned activities.
Our natural gas-fired power generation activities do not yet comply with the criteria set 
out under the EU taxonomy, although we are actively investigating ways to achieve 
alignment. We therefore report these activities as taxonomy-eligible (CCM 4.29 and CCM 
4.30), but not as taxonomy-aligned. The majority of our bioenergy activities do not yet 
comply with all criteria and are thus not reported as taxonomy-aligned, either (CCM 4.20 
and CCM 4.8). At present, individual offshore wind farms are not yet taxonomy-aligned 
due to pending evidence or due to supplementary measures that are still being clarified in 
relation to existing authorisations. The farms are, however, reported as taxonomy-eligible 
(CCM 4.3).
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2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

The climate risk analysis considers both climate projection scenarios that best align with 
the lifetimes of our newest assets, as well as long-term outlooks. All established and 
evaluable climate risks referenced in the delegated legal act were also referenced. The 
climate projection models do not include forecasting data relating to climate risks due to 
solid matter or certain serious events such as hailstorms. Projected changes to climate 
variables were identified based on a group of global climate models.
Although we take a range of measure to mitigate different sources of uncertainty, for 
example through the inclusion of different driver scenarios, the analysis continues to be 
most relevant to planned assets, assets under construction and recently commissioned 
assets. This is because projections often forecast that climate change will intensify over 
the longer term. Past analyses had already considered material environmental risks based 
on historical data. Changes, some of which are comprehensive, were implemented to 
address the findings. Noteworthy examples include flood protection for run-of-river power 
stations and retaining basins for plants with water-based cooling systems. The first step in 
these vulnerability assessments revealed, among other things, changes in wind, sunshine, 
precipitation and drought duration as being technology-specific climate risks. We are 
currently considering specific supplementary data such as the age and service life of 
individual assets to ascertain vulnerability. To date, we have not uncovered any significant 
foreseeable risks which could have a material impact on our portfolio.
Annex 1 to the first Delegated Legal Act specifies that construction and operational 
activities that impact existing bodies of water must meet certain criteria in order to 
contribute to objective 3, ‘sustainable use and protection of water and marine resources’. 
These criteria apply to our offshore wind, hydropower and hydrogen production activities. 
The criteria that must be met are evidenced at project and asset level by means of permit 
applications, environmental impact assessments, surveys and permit requirements in 
relation to bodies of water, in coordination with the relevant authorities.
Group economic activities that are not taxonomy-eligible include electricity generation 
from coal and electricity generation from nuclear energy. We continue to report the latter 
as not taxonomy-eligible, as we are no longer investing in the expansion of this technology. 
Consequently, we do not fully meet the requirements of activity 4.28 under the 
Complementary Delegated Act for gas and nuclear energy.
Taxonomy alignment was assessed in a multi-stage process. First, we divided our asset 
portfolio by economic activity in accordance with the EU taxonomy and by region, for 
example the USA, the European Union and the UK. Differentiating by region allows 
screening criteria to be considered appropriately through similarities in regional legislation. 
Next, we assessed the substantial contribution of the economic activity to climate change 
mitigation, as this is the EU taxonomy objective that all of our taxonomy-eligible activities 
contribute to. For most of our activities, no additional technical screening criteria have been 
defined to prove that they make a significant contribution to climate change mitigation. 
Hydrogen production, electricity generation from hydropower, gaseous fossil fuels and 
bioenergy are the only activities for which the delegated legal acts define specific screening 
criteria with definitive thresholds. With the exception of our natural gas activities and the 
majority of our power generation from bioenergy, we comply with these technical screening 
criteria. The aforementioned activities do not meet the criteria for alignment. After 
considering the technical screening criteria for determining whether an economic activity 
contributes substantially to climate change mitigation (1), we analysed whether any of the 
other five environmental objectives were significantly harmed and whether the minimum 
safeguards were complied with.
In 2022, we developed a systematic approach at Group level for the criteria under 
objective 2, ‘climate change adaptation,’ which apply to all of our activities. We also 
conducted a cross-portfolio climate risk analysis for our taxonomy-aligned economic 
activities, taking further steps to integrate the aforementioned criteria into our  
operational processes.  
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Notes from the auditor
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Responsibility statement
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Further information

Corresponding principles are set out in a policy statement, the RWE Code of Conduct, 
which is based on the Universal Declaration of Human Rights and the International Labour 
Organization’s main labour standards. All employees are bound by this Code of Conduct, 
which also constitutes an integral part of all contractual purchasing relationships.
In the context of corruption and bribery, RWE’s compliance management system, 
formalised through several Group regulations, is designed to prevent and detect corrupt 
practices. The management system is regularly reviewed for effectiveness by an external 
auditing firm. Our staff members can submit reports of suspected or confirmed violations 
using an online whistleblower system and also have access to external liaisons (see 
page 70).
RWE implemented a tax compliance management system based on German audit 
standards in 2019. Its suitability and effectiveness are monitored internally. We track the 
compliance risks of major foreign companies of the RWE Group through the international 
management system by reviewing tax declarations, tax payments and tax risks on a 
quarterly basis. Similar measures have been taken in the remaining compliance areas  
with a view to ensuring minimum safeguards at all times.
Our reporting on the three key performance indicators (KPIs) – revenue, capital expenditure 
(CapEx) and operating expenditure (OpEx) – complies with the EU taxonomy. These metrics 
are calculated using the EU taxonomy definitions: revenue is defined as the portion of 
revenue from products and services related to taxonomy-aligned economic activities 
(numerator), divided by total Group revenue (denominator). CapEx is defined as the 
proportion of additions to property, plant and equipment and intangible assets during  
the fiscal year before depreciation, amortisation and re-evaluations related to taxonomy-
aligned economic activities (numerator), divided by total CapEx (denominator). More 
information can be found on page 109. 
Objective 4 ‘transition to a circular economy’ is pursued systematically in that RWE views 
progress towards a circular economy as an integral part of its sustainability strategy and 
has identified the objective as a material topic in its materiality assessment (see E5).
Associated processes are implemented Group-wide, e.g. in waste concepts. We demonstrate 
compliance with the requirements using specific circular economy measures at both 
project and plant levels.
The only requirements defined for objective 5, ‘pollution prevention and control’ apply to 
the activity ‘hydrogen production’, and essentially relate to the use of chemicals. Due to the 
technology used, we can demonstrate that emissions fall within the referenced ranges 
based on the expert opinions and surveys compiled for permitting processes.
The delegated legal act defines criteria for objective 6, ‘protection and restoration of 
biodiversity and ecosystems’ that relate to all of our activities. Here, taxonomy alignment is 
achieved through compliance with requirements under approval procedures and is proven 
at plant level, for example by providing evidence of environmental impact assessments 
and studies.
As regards compliance with ‘minimum safeguards’, we draw on the Platform on Sustainable 
Finance reporting for minimum safeguards as well as the FAQ document on minimum 
safeguards published by the EU Commission in 2023 (2023 / C 211 / 01). Our compliance 
review and supporting evidence focus on key topics where meeting minimum guarantees 
at company level is deemed relevant under EU and international standards. These topics 
are human rights, corruption and bribery, taxes, competition and anti-competition law and 
data privacy. Overall, we comply with all requirements defined as minimum safeguards 
and see this as the minimum socially responsible corporate action. With regard to human 
rights, we have established a human rights management system for our own activities and 
supply chain. 
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Group Sustainability 
Statement
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Consolidated  
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4
Notes from the auditor
5
Responsibility statement
6
Further information

When determining the KPIs, we first analysed our economic activities. This involved directly 
assigning individual business units and associated revenues, CapEx and OpEx to an 
economic activity under climate and environmental legislation. This was followed by a 
review of each economic activity to establish its taxonomy alignment. If direct assignment 
to an economic activity was not possible, we allocated the KPIs to an activity using suitable 
allocation procedures. To calculate revenue, the allocation to our economic activities was 
essentially based on internal revenue from the Supply & Trading segment. The reason for 
this is that power generation is carried out at the level of the individual economic activities, 
whereas the sale of electricity generally takes place via the Supply & Trading segment. Each 
individual revenue, CapEx, and OpEx is assigned to a single business activity, ensuring that 
there is no double counting. Furthermore, we verify these figures by comparing the revenue, 
CapEx, and OpEx of individual business activities against the overall totals.
We calculated the following data for the RWE Group’s taxonomy-aligned activities for the 
year under review.
OpEx represents the proportion of direct, non-capitalised expenditure for research and 
development, building refurbishment, short-term leasing, maintenance and repairs, and 
other direct expenditure arising from the ongoing upkeep of assets recorded under 
property, plant and equipment associated with taxonomy-aligned economic activities 
(numerator) divided by total OpEx (denominator).
Expenditure associated with the daily upkeep of our property, plant and equipment 
primarily relates to maintenance of wind and solar farms as well as our conventional 
power plants. This takes account of outsourced and in-house repair measures. Directly 
attributable material costs, personnel costs and other operating expenses are included  
in addition to the cost of the service.
104
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2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Proportion of revenue from goods or services related to taxonomy-aligned economic activities – disclosure for 2024
Fiscal 2024
2024
Substantial contribution criteria
DNSH criteria (‘Does not significantly harm’)
Codes
Absolute revenue
Proportion of revenue
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity and ecosystems
Minimum safeguards
Proportion of taxonomy-aligned 
(A.1) or taxonomy-eligible (A.2) 
revenue, year 2023
Category 
enabling activity
Category 
transitional activity
Economic activities (1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
€ million
%
Y; N; 
N / EL
Y; N; 
N / EL
Y; N; 
N / EL
Y; N; 
N / EL
Y; N; 
N / EL
Y; N; 
N / EL
Y; N
Y; N
Y; N
Y; N
Y; N
Y; N
Y; N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1	 Environmentally sustainable  
	
activities (taxonomy-aligned)
Electricity generation from 
PV technology 
CCM 4.1
637
3
Y
N / EL
N / EL
N / EL
N / EL
N / EL
Y
Y
Y
Y
Y
Y
Y
2
Electricity generation 
from wind energy
CCM 4.3
3,780
16
Y
N / EL
N / EL
N / EL
N / EL
N / EL
Y
Y
Y
Y
Y
Y
Y
13
Electricity generation 
from hydropower
CCM 4.5
699
3
Y
N / EL
N / EL
N / EL
N / EL
N / EL
Y
Y
Y
Y
Y
Y
Y
3
Electricity generation from bioenergy
CCM 4.8
0.4
0
Y
N / EL
N / EL
N / EL
N / EL
N / EL
Y
Y
Y
Y
Y
Y
Y
0
Electricity storage
CCM 4.10
52
0
Y
N / EL
N / EL
N / EL
N / EL
N / EL
Y
Y
Y
Y
Y
Y
Y
0
E
Revenue of environmentally 
sustainable activities 
(taxonomy-aligned) (A.1)
5,167
21
21 %
—
—
—
—
—
Y
Y
Y
Y
Y
Y
Y
17
of which: enabling activities
52
0
0 %
—
—
—
—
—
Y
Y
Y
Y
Y
Y
Y
0
E
of which: transitional activities
—
—
—
0
—
Y 	
– Yes, a taxonomy-aligned activity.
N 	
– No, taxonomy-eligible, but not a taxonomy-aligned activity.
N / EL	– ‘Not eligible’, not a taxonomy-eligible activity.
105
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Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Fiscal 2024
2024
Substantial contribution criteria
DNSH criteria (‘Does not significantly harm’)
Codes
Absolute revenue
Proportion of revenue
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity and ecosystems
Minimum safeguards
Proportion of taxonomy-aligned 
(A.1) or taxonomy-eligible (A.2) 
revenue, year 2023
Category 
enabling activity
Category 
transitional activity
Economic activities (1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
€ million
%
EL; 
N / EL
EL; 
N / EL
EL; 
N / EL
EL; 
N / EL
EL; 
N / EL
EL; 
N / EL
Y; N
Y; N
Y; N
Y; N
Y; N
Y; N
Y; N
%
E
T
A.2	 Taxonomy-eligible but not  
	
environmentally sustainable 
	
activities (not taxonomy-aligned)
Electricity generation from wind energy
CCM 4.3
77
0
EL
N / EL
N / EL
N / EL
N / EL
N / EL
1
Electricity generation from bioenergy
CCM 4.8
0
0
EL
N / EL
N / EL
N / EL
N / EL
N / EL
0
Manufacture of natural gas and liquid 
biofuels
CCM 4.13
1
0
EL
N / EL
N / EL
N / EL
N / EL
N / EL
0
CHP with fossil gaseous fuels
CCM 4.30
145
1
EL
N / EL
N / EL
N / EL
N / EL
N / EL
0
CHP / CCP with bioenergy
CCM 4.20
43
0
EL
N / EL
N / EL
N / EL
N / EL
N / EL
0
Electricity from natural gas
CCM 4.29
6,919
29
EL
N / EL
N / EL
N / EL
N / EL
N / EL
28
Production of technologies for 
renewable energy
CCM 3.1
0
0
EL
N / EL
N / EL
N / EL
N / EL
N / EL
0
Revenue of taxonomy-eligible but not 
environmentally sustainable activities 
(not taxonomy-aligned) (A.2)
7,185
30
30 %
—
—
—
—
—
30
Revenue of taxonomy-eligible 
activities (A.1 + A.2)
12,353
51
51 %
—
—
—
—
—
47
B.	
NOT TAXONOMY- 
	
ELIGIBLE ACTIVITIES
Revenue of not taxonomy-eligible 
activities (B)
11,872
49
53
Total (A + B)
24,224
100
100
Y 	
– Yes, a taxonomy-aligned activity.
EL 	
– ‘Eligible’, taxonomy-eligible, but not a taxonomy-aligned activity.
N / EL	– ‘Not eligible’, not a taxonomy-eligible activity.
106
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Group Sustainability 
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Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Taxonomy-aligned revenue represents 21 % of total revenue (previous year: 17 %) and was 
largely attributable to renewable energy production, mainly wind power production. The 
increase over the past year was driven by elevated power generation from wind and 
photovoltaics, with wind increasing by 3 % and photovoltaics by 1 % compared to the 
previous year. We expect to be able to further increase the share of taxonomy-aligned 
revenue through the strategic expansion of electricity production from these sources. 
More detailed information on the Group’s total revenue can be found on page 45 of this 
Annual Report.
Proportion of revenue / total revenue 
in %
Taxonomy- 
aligned per 
objective
Taxonomy- 
eligible per 
objective
CCM
21
51
CCA
—
—
WTR
—
—
CE
—
—
PPC
—
—
BIO
—
—
107
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Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Proportion of CapEx from goods or services related to taxonomy-aligned economic activities – disclosure for 2024
Fiscal 2024
2024
Substantial contribution criteria
DNSH criteria (‘Does not significantly harm’)
Codes
Absolute CapEx
Proportion of CapEx
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity and ecosystems
Minimum safeguards
Proportion of taxonomy-aligned 
(A.1) or taxonomy-eligible (A.2) 
revenue, year 2023
Category 
enabling activity
Category transitional activity
Economic activities (1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
€ million
%
Y; N; 
N / EL
Y; N; 
N / EL
Y; N; 
N / EL
Y; N; 
N / EL
Y; N; 
N / EL
Y; N; 
N / EL
Y; N
Y; N
Y; N
Y; N
Y; N
Y; N
Y; N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1	 Environmentally sustainable 
	
activities (taxonomy-aligned)
Electricity generation from  
PV technology 
CCM 4.1
2,454
20
Y
N
N / EL
N / EL
N / EL
N / EL
Y
Y
Y
Y
Y
Y
Y
63
Electricity generation 
from wind energy
CCM 4.3
7,695
64
Y
N
N / EL
N / EL
N / EL
N / EL
Y
Y
Y
Y
Y
Y
Y
22
Electricity generation 
from hydropower
CCM 4.5
6
0
Y
N
N / EL
N / EL
N / EL
N / EL
Y
Y
Y
Y
Y
Y
Y
0
Electricity generation from bioenergy
CCM 4.8
1
0
Y
N
N / EL
N / EL
N / EL
N / EL
Y
Y
Y
Y
Y
Y
Y
0
Electricity storage
CCM 4.10
743
6
Y
N
N / EL
N / EL
N / EL
N / EL
Y
Y
Y
Y
Y
Y
Y
2
E
Hydrogen production
CCM 3.10
256
2
Y
N
N / EL
N / EL
N / EL
N / EL
Y
Y
Y
Y
Y
Y
Y
1
Hydrogen storage
CCM 4.12
83
1
Y
N
N / EL
N / EL
N / EL
N / EL
Y
Y
Y
Y
Y
Y
Y
0
E
CapEx of environmentally sustainable 
activities (taxonomy-aligned) (A.1)
11,238
94
94 %
—
—
—
—
—
Y
Y
Y
Y
Y
Y
Y
89
of which: enabling activities
826
7
—
—
—
—
—
—
Y
Y
Y
Y
Y
Y
Y
3
E
of which: transitional activities
—
—
—
0
—
Y 	
– Yes, a taxonomy-aligned activity.
N 	
– No, taxonomy-eligible, but not a taxonomy-aligned activity.
N / EL	– ‘Not eligible’, not a taxonomy-eligible activity.
108
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Group Sustainability 
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Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Fiscal 2024
2024
Substantial contribution criteria
DNSH criteria (‘Does not significantly harm’)
Codes
Absolute CapEx
Proportion of CapEx
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity and ecosystems
Minimum safeguards
Proportion of taxonomy-aligned 
(A.1) or taxonomy-eligible (A.2) 
revenue, year 2023
Category 
enabling activity
Category transitional activity
Economic activities (1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
€ million
%
EL; 
N / EL
EL; 
N / EL
EL; 
N / EL
EL; 
N / EL
EL; 
N / EL
EL; 
N / EL
Y; N
Y; N
Y; N
Y; N
Y; N
Y; N
Y; N
%
E
T
A.2	 Taxonomy-eligible but not  
	
environmentally sustainable 
	
activities (not taxonomy-aligned)
Electricity generation from wind energy
CCM 4.3
59
0
EL
EL
N / EL
N / EL
N / EL
N / EL
0
CHP with fossil gaseous fuels
CCM 4.30
28
0
EL
EL
N / EL
N / EL
N / EL
N / EL
0
CHP / CCP with bioenergy
CCM 4.20
6
0
EL
EL
N / EL
N / EL
N / EL
N / EL
0
Electricity generation from natural gas
CCM 4.29
180
2
EL
EL
N / EL
N / EL
N / EL
N / EL
6
CapEx of taxonomy-eligible but not 
environmentally sustainable 
activities (not taxonomy-aligned) 
(A.2)
274
2
2 %
2 %
—
—
—
—
6
CapEx of taxonomy-eligible activities 
(A.1 + A.2)
11,512
96
96 %
96 %
—
—
—
—
95
B.	
NOT TAXONOMY- 
	
ELIGIBLE ACTIVITIES
CapEx of not taxonomy-eligible 
activities (B)
505
4
5
Total (A + B)
12,017
100
100
Y 	
– Yes, a taxonomy-aligned activity.
EL 	
– ‘Eligible’, taxonomy-eligible, but not a taxonomy-aligned activity.
N / EL	– ‘Not eligible’, not a taxonomy-eligible activity.
109
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Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Therefore, we state these activities as CapEx in accordance with item 1.2.2.2. a) of the 
Taxonomy Regulation. We invested €854 million (CapEx B) in wind and solar power 
generation, hydrogen production and hydrogen as well as energy storage projects in the 
year under review. The projects reported last year for CapEx B (investments of €502 million 
in 2023) were largely continued. Some onshore wind and solar projects were not pursued 
further. In the medium term, i. e. over the next three years, we plan to invest up to €2.7 billion 
in wind (CCM 4.3), up to €411 million in solar (CCM 4.1), up to €35 million in hydrogen 
production (CCM 3.10), up to €1.5 million in hydrogen storage (CCM 4.12) and €64 million 
in electricity storage (CCM 4.10) projects. We thus state these activities as CapEx pursuant 
to item 1.1.2.2 b) of the Taxonomy Regulation. The following summary shows taxonomy-
aligned CapEx broken down by the individual component according to the CapEx 
definition. Additions essentially relate to additions to property, plant and equipment in  
the Renewables business.
Composition of taxonomy-aligned CapEx 
€ million
2024
2023
Additions to intangible assets
13
12
Additions to property, plant and equipment
9,827
4,543
Additions to property, plant and equipment and  
intangible assets from business combinations
1,338
5,863
Additions to property, plant and equipment and intangible  
assets from initial consolidations (no business combinations)
60
235
Total taxonomy-aligned CapEx
11,238
10,653
Proportion of CapEx / total CapEx 
in %
Taxonomy- 
aligned per 
objective
Taxonomy- 
eligible per 
objective
CCM
94
96
CCA
—
96
WTR
—
—
CE
—
—
PPC
—
—
BIO
—
—
Our taxonomy-aligned CapEx increased to 94 % (previous year: 89 %), largely driven by 
investments in wind power. We aim to expand our green generation portfolio and to make 
the Group net zero by 2040 at the latest. Aligned with these ambitions, our Group-wide 
investments target is to achieve 95 % taxonomy-aligned CapEx by 2030. Total CapEx 
includes, among other things, of additions to the schedule of fixed assets plus additions to 
property, plant and equipment and intangible assets from changes of control (see page 50). 
We also invested in renewable energy projects, predominantly wind and solar farms, which 
will be commissioned in the coming years. All assets under construction or in operation met 
the criteria for taxonomy alignment at the time the properties and land are secured.
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Further information

Proportion of OpEx from goods or services related to taxonomy-aligned economic activities – disclosure for 2024
Fiscal 2024
2024
Substantial contribution criteria
DNSH criteria (‘Does not significantly harm’)
Codes
Absolute CapEx
Proportion of CapEx
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity and ecosystems
Minimum safeguards
Proportion of taxonomy-aligned 
(A.1) or taxonomy-eligible (A.2) 
revenue, year 2023
Category enabling activity
Category transitional activity
Economic activities (1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
€ million
%
Y; N; 
N / EL
Y; N; 
N / EL
Y; N; 
N / EL
Y; N; 
N / EL
Y; N; 
N / EL
Y; N; 
N / EL
Y; N
Y; N
Y; N
Y; N
Y; N
Y; N
Y; N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1	 Environmentally sustainable 
	
activities (taxonomy-aligned)
Electricity generation 
from PV technology 
CCM 4.1
25
1
Y
N
N / EL
N / EL
N / EL
N / EL
Y
Y
Y
Y
Y
Y
Y
2
Electricity generation 
from wind energy
CCM 4.3
472
23
Y
N
N / EL
N / EL
N / EL
N / EL
Y
Y
Y
Y
Y
Y
Y
18
Electricity generation 
from hydropower
CCM 4.5
30
1
Y
N
N / EL
N / EL
N / EL
N / EL
Y
Y
Y
Y
Y
Y
Y
2
Electricity storage
CCM 4.10
38
2
Y
N
N / EL
N / EL
N / EL
N / EL
Y
Y
Y
Y
Y
Y
Y
2
E
Hydrogen production
CCM 3.10
0
0
Y
N
N / EL
N / EL
N / EL
N / EL
Y
Y
Y
Y
Y
Y
Y
0
OpEx of environmentally sustainable 
activities (taxonomy-aligned) (A.1)
564
28
28 %
—
—
—
—
—
Y
Y
Y
Y
Y
Y
Y
24
of which: enabling activities
38
2
—
—
—
—
—
—
Y
Y
Y
Y
Y
Y
Y
2
E
of which: transitional activities
—
—
—
—
0
—
Y 	
– Yes, a taxonomy-aligned activity.
N 	
– No, taxonomy-eligible , but not a taxonomy-aligned activity.
N / EL	– ‘Not eligible’, not a taxonomy-eligible activity.
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Fiscal 2024
2024
Substantial contribution criteria
DNSH criteria (‘Does not significantly harm’)
Codes
Absolute CapEx
Proportion of CapEx
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity and ecosystems
Minimum safeguards
Proportion of taxonomy-aligned 
(A.1) or taxonomy-eligible (A.2) 
revenue, year 2023
Category enabling activity
Category transitional activity
Economic activities (1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
€ million
%
EL; 
N / EL
EL; 
N / EL
EL; 
N / EL
EL; 
N / EL
EL; 
N / EL
EL; 
N / EL
Y; N
Y; N
Y; N
Y; N
Y; N
Y; N
Y; N
%
E
T
A.2	 Taxonomy-eligible but not  
	
environmentally sustainable 
	
activities (not taxonomy-aligned)
Electricity generation from wind energy
CCM 4.3
79
4
EL
EL
N; 
N / EL
N; 
N / EL
N; 
N / EL
N; 
N / EL
2
Manufacture of natural gas and liquid 
biofuels
CCM 4.13
1
0
EL
EL
N; 
N / EL
N; 
N / EL
N; 
N / EL
N; 
N / EL
0
CHP with fossil gaseous fuels
CCM 4.30
23
1
EL
EL
N; 
N / EL
N; 
N / EL
N; 
N / EL
N; 
N / EL
2
CHP / CCP with bioenergy
CCM 4.20
14
1
EL
EL
N; 
N / EL
N; 
N / EL
N; 
N / EL
N; 
N / EL
1
Electricity generation from natural gas
CCM 4.29
197
10
EL
EL
N; 
N / EL
N; 
N / EL
N; 
N / EL
N; 
N / EL
10
OpEx of taxonomy-eligible but not 
environmentally sustainable 
activities (not taxonomy-aligned) 
(A.2)
315
16
16 %
16 %
—
—
—
—
15
OpEx of taxonomy-eligible activities 
(A.1 + A.2)
879
43
43 %
43 %
—
—
—
—
39
B.	
NOT TAXONOMY- 
	
ELIGIBLE ACTIVITIES
OpEx of not taxonomy-eligible 
activities (B)
1,148
57
61
Total (A + B)
2,026
100
100
Y 	
– Yes, a taxonomy-aligned activity.
EL 	
– ‘Eligible’, taxonomy-eligible , but not a taxonomy-aligned activity.
N / EL	– ‘Not eligible’, not a taxonomy-eligible activity.
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6
Further information

Furthermore, we issued green bonds with a total volume of €0.5 billion and US$2 billion  
in the year under review. In the previous year, we issued green bonds with a total volume  
of €1 billion. Proceeds from the green bonds are being used to expand our Renewables 
business as part of our Growing Green strategy. The bonds were met with keen interest 
from investors and were therefore placed at attractive conditions.
Adjusted CapEx is included in our reporting solely to satisfy disclosure requirements of 
financial enterprises, such as asset management firms, banks, securities companies and 
insurance companies, to prevent the double counting of revenue and CapEx from green 
bonds within these institutions. Adjusted CapEx differs from normal CapEx in that the 
numerator is reduced by the amount of investments financed with proceeds from green 
bonds during the reporting period. This figure totalled €2.3 billion in fiscal 2024. These 
adjustments explicitly do not represent modifications from a management perspective. 
Adjusted CapEx calculated for financial enterprises in the fiscal year amounted to 
€8.9 billion.
More detailed information on the taxonomy eligibility of our natural gas and nuclear 
activities can be found on the next page.
Proportion of OpEx / total OpEx 
in %
Taxonomy- 
aligned per 
objective
Taxonomy- 
eligible per 
objective
CCM
28
43
CCA
—
43
WTR
—
—
CE
—
—
PPC
—
—
BIO
—
—
The proportion of taxonomy-aligned OpEx is 28 % (previous year: 24 %). This increase mainly 
stems from operating expenditure in wind power. Renewable generation technologies 
have lower operating expenditures compared to non-taxonomy-eligible activities, 
particularly the lignite business. The following summary shows taxonomy-aligned OpEx 
broken down by cost category according to the OpEx definition. Maintenance costs were 
our greatest relevant expense.
Composition of taxonomy-aligned OpEx 
€ million
2024
2023
Research and development costs
8
1
Short-term leasing
1
1
Maintenance costs
554
478
Total taxonomy-aligned OpEx
564
480
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Row
Nuclear energy-related activities 
1
The undertaking carries out, funds or has exposure to research, development, 
demonstration and deployment of innovative electricity generation facilities that 
produce energy from nuclear processes with minimal waste from the fuel cycle.
No
2
The undertaking carries out, funds or has exposure to construction and safe 
operation of new nuclear installations to produce electricity or process heat, 
including for the purposes of district heating or industrial processes such as 
hydrogen production, as well as their safety upgrades, using best available  
technologies.
No
3
The undertaking carries out, funds or has exposure to safe operation of existing 
nuclear installations that produce electricity or process heat, including for the 
purposes of district heating or industrial processes such as hydrogen production 
from nuclear energy, as well as their safety upgrades.
Yes
Fossil gas-related activities
4
The undertaking carries out, funds or has exposures to construction or operation of 
electricity generation facilities that produce electricity using fossil gaseous fuels.
Yes
5
The undertaking carries out, funds or has exposures to construction, refurbishment 
and operation of combined heat / cool and power generation facilities using fossil 
gaseous fuels.
Yes
6
The undertaking carries out, funds or has exposures to construction, refurbishment 
and operation of heat generation facilities that produce heat / cool using fossil 
gaseous fuels.
No
As previously explained, we do not meet the criteria for taxonomy alignment for the 
activities listed above that are relevant to our business. Therefore, none of these activities 
may be stated as being taxonomy aligned.
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Further information

1. Material impacts, risks and opportunities
The most recent double materiality assessment confirmed the importance of the 
overarching topic of climate change and identified three material sustainability matters: 
climate change mitigation (E1.1), climate change adaptation (E1.2) and energy (E1.3). 
Please see pages 90 et seqq. for additional information on the procedures used to  
identify and assess material climate-related impacts, risks and opportunities.
Climate change mitigation refers to efforts taken to limit the rise in global temperatures. 
Our approach and actions in this domain underscore our commitment to environmental 
stewardship and serve to align our operational goals with global climate objectives such 
as the Paris Climate Agreement. 
Climate change adaptation involves preparing for anticipated climate shifts, particularly 
addressing climate-related transition risks arising from the complex and multifaceted 
process of achieving a net-zero future. We have made this forward-thinking approach an 
integral part of our strategy, enabling RWE to effectively mitigate potential climate change-
related risks to our business and assets while capitalising on opportunities presented by 
climate-related changes, in order to maintain our resilience and competitiveness in a 
dynamic environment. 
The ESRS topic ‘energy’ is also deemed to be material. It provides additional quantitative 
insights into RWE’s energy consumption and mix, complementing the greenhouse gas 
emission metrics. This helps to clarify the extent to which RWE utilises various energy 
sources and fuels.
E1 Climate change
Climate change is RWE’s most relevant sustainability related topic. Efforts to limit global 
warming are a key driver of our transformation and strategy. With 2024 marking the 
warmest year on record, the global implications of this trend are escalating. Concurrently, 
the deployment of renewables has reached unprecedented levels, highlighting their pivotal 
role in the global fight against climate change. RWE is committed to advancing the energy 
transition with ambitious emissions reduction targets that align with the Paris Agreement’s 
1.5º C trajectory, certified by the Science Based Targets initiative (SBTi). Our Growing Green 
strategy outlines our journey towards a net-zero energy system by 2040 with a focus on 
significant investments in renewable energy assets and decarbonised flexible generation. 
The following section presents our transition plan for climate protection. It covers RWE’s 
strategy, business model and operations, outlining the targets, main decarbonisation 
levers and actions aimed at achieving net-zero emissions. We also address the risks and 
challenges associated with the transition to a low-carbon economy.
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3
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4
Notes from the auditor
5
Responsibility statement
6
Further information

2. Targets
RWE has set near-term and long-term emissions reduction targets for Scope 1, Scope 2, 
and Scope 3 emissions that conform with the Science Based Targets initiative (SBTi) 
criteria and recommendations. These science-based targets were validated by the SBTi  
in December 2024 and are in line with a 1.5 ºC global trajectory. Our near-term and long-
term intensity targets align with the SBTi Sectoral Decarbonization Approach (SDA) for the 
power sector. All absolute near-term and long-term targets were modelled according to 
the SBTi Absolute Contraction Approach. 
In the near term, specifically by 2030, RWE aims to reduce its Scope 1 and 2 GHG emissions 
from power generation by 71.1 % per MWh, relative to the 2022 baseline. RWE AG also 
commits to reducing Scope 1 and Scope 3 GHG emissions from all electricity sales by 
71.1 % per MWh within the same time frame. Additionally, RWE commits to reducing all 
remaining absolute Scope 3 GHG emissions by 42 % by 2030. 
In the long term, specifically by 2040, RWE aims to reduce its Scope 1 and 2 GHG emissions 
from power generation by 98.3 % per MWh, relative to the 2022 baseline. RWE AG also 
commits to reducing Scope 1 and Scope 3 GHG emissions from all electricity sales by 
98.3 % per MWh within the same timeframe. RWE AG further commits to reducing all 
remaining absolute scope 3 GHG emissions by 90 %. RWE will procure carbon credits for 
remaining residual emissions, in order to become net zero across the entire value chain  
by 2040.
The table below provides an overview of RWE’s material positive and negative climate-
related impacts on people and the environment stemming from our operations, as well as 
the transition risks with a potential material influence on RWE’s financial position.
Material IROs
E1.1 Climate change mitigation 
Power generation from lignite – Phaseout Technologies  
(actual negative impact, own operations)
Power generation from flexible technologies – gas and hard coal  
(actual negative impact, own operations and upstream value chain) 
Renewable energy production and use of new technologies  
(actual positive impact, own operations)
E1.2 Climate change adaptation
Policy and legal implications of phaseouts (transition risk, own operations)
Market developments in renewable energy (transition risk, own operations)
Unfavourable regulatory developments (transition risk, own operations)
E1.3 Energy
Energy consumption and mix (actual negative impact, own operations)
Please see pages 83 et seqq. for more information on how material climate-related 
impacts, risk and opportunities interact with RWE’s strategy and business model.
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RWE’s decarbonisation strategy focuses on reducing direct and indirect emissions. 
Currently, we do not purchase or retire carbon credits for our own decarbonisation. With 
the exception of the net-zero target, RWE plans to achieve the targets set for 2030 and 
2040 exclusively through emissions reduction. To achieve net-zero emissions, RWE will 
explore the development of proprietary GHG removal projects and the potential use of 
carbon credits. 
RWE’s path to net zero by 2040 is illustrated below.
 
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The table below shows the GHG emissions achieved and expected in relation to  
our decarbonisation targets: 
Absolute GHG emissions 
Unit
Baseline  value 
(2022)
Long-term 
target (2040) 
Near-term 
target (2030) 
Expected GHG 
reduction 
(2040) 
in %
Expected GHG 
reduction 
(2030) 
in %
Absolute GHG 
emissions per 
fiscal year 
in %
Achieved GHG 
reduction per 
fiscal year 
in %
Achieved GHG 
reduction 
(cumulative in 
comparison 
to baseline) 
in %
Target 1 (Scope 3)1
million metric 
tons CO2e
22.2
2.2
12.8
– 90.0
– 42.0
21.8
8.1
– 1.7
Intensity value
Unit
Baseline  value 
(2022)
Long-term 
target (2040) 
Near-term 
target (2030) 
Expected GHG 
reduction 
(2040) 
in %
Expected GHG 
reduction 
(2030) 
in %
Intensity value in 
fiscal year 
in %
Achieved GHG 
reduction in 
fiscal year 
in %
Achieved GHG 
reduction 
(cumulative in 
comparison 
to baseline) 
in %
Target 1 (Scope 1 and 2)2
metric tons 
CO2e  / MWh
0.55
0.01
0.16
– 98.3
– 71.1
0.46
– 5.0
– 16.9
Target 2 (Scope 1 and 3.3d)3
metric tons 
CO2e  / MWh
0.55
0.01
0.16
– 98.3
– 71.1
0.45
– 5.3
– 17.3
1  Contains total Scope 3 emissions excluding Scope 3.3d emissions from the generation of purchased electricity sold to  
end customers.
2  Scope 2 emission targets are location-based.
3  In accordance with the ESRS approach for operational control, the share of Scope 3.3d (emissions from the generation  
of purchased electricity sold to end customers) was completely reduced (methodological change). In line with the ESRS,  
emissions from non-consolidated companies and contractual agreements over which RWE has operational control are  
assigned to Scope 1 and 2 as a separate business activity.
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3. Policies and approach
Climate change mitigation is an essential part of RWE’s business strategy. The use of fossil 
fuels is a considerable source of emissions. At the same time, the emissions trading scheme 
that has been in place since 2005 provides economic incentives to reduce emissions. 
Technological advancements have opened up new opportunities and made electricity 
from renewable sources one of the main solutions for reducing the global carbon 
footprint. Through its strategy, RWE strives to be a part of these solutions and leverage the 
opportunities of an energy system with the least possible negative impact on the climate. 
The Executive Board of RWE AG is responsible for our strategy and our approach to climate 
matters. RWE AG’s strategy and business development are regularly reviewed by the 
Executive Board with vital support from the Strategy & Sustainability team, which operates 
under the CEO’s oversight. These reviews draw on internal and external scenarios related to 
energy market performance, reference detailed analyses from expert teams across the 
organisation and consider the financial situation of the company in order to evaluate the 
strategic direction and future capital expenditures. In this context, RWE assesses potential 
developments of carbon prices within relevant compliance systems as part of broader 
energy market modelling, primarily within the EU ETS and UK ETS. RWE does not use an 
overarching systematic carbon pricing scheme. Price assumptions are applied across the 
company to support decision-making e.g. when compiling valuations for future projects, 
particularly for business activities that require the purchase of certificates. Our processes 
ensure that changes in our portfolio due to capital allocation measures or potential 
acquisitions are assessed to ascertain the impact on our climate targets.
If the reporting company has set GHG intensity targets, ESRS require disclosure of the 
associated absolute emission values. Our intensity targets are based on the total absolute 
Scope 1 and Scope 2 emissions and the corresponding amount of electricity produced  
per fiscal year. With absolute Scope 1 and Scope 2 emissions of 85.9 million metric tons  
of CO2e in the base year, and constant electricity production until 2030 and 2040,  
this equates to an estimated absolute  Scope 1 and Scope 2 emissions reduction of 
approximately 61 million metric tons of CO2e by 2030 and around 84 million metric tons 
of CO2e by 2040. These reductions are calculated relative to the base year and the 
reference values for our intensity targets.
RWE’s decarbonisation roadmap considers both technological and regulatory factors. 
Achievement of the science-based targets is contingent on ongoing technological 
progress and government support, particularly for emerging technologies not yet 
available at competitive prices, such as carbon capture and storage (CCS), green hydrogen 
combustion and electrolysers for the production of green hydrogen. When setting climate 
targets, RWE also considered future growth in operations, the planned portfolio shift from 
conventional to renewable energy generation, the adoption of new technologies (e. g. 
hydrogen) and regulatory requirements, such as coal phaseout agreements in certain 
countries, as well as planned new investments. 
To monitor progress towards these targets, RWE regularly reviews actual GHG emissions 
against target trajectories. The Executive Board of RWE AG receives reports on this data, 
which is collected by the Sustainability department. The department also regularly evaluates 
the effectiveness and feasibility of the climate targets and actions, ensuring they remain 
achievable. Furthermore, the baseline and targets are periodically reviewed in light of 
changes within the Group (e. g. acquisitions or divestments). 
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Further information

The EU has regulations in place that aim to help identify sustainable business practices. 
The minimum standards for EU benchmarks set by ESMA (European Securities and 
Markets Authority), which are in line with the objectives of the Paris Agreement, are 
designed to help investors support the transition to a low-carbon economy and define 
certain exclusion criteria for sustainable financing as outlined in Articles 12.1 (d) to (g) and 
12.2 of Commission Delegated Regulation (EU) 2020 / 1818 (Climate Benchmark 
Standards Regulation). RWE meets all requirements for non-exclusion except for criterion 
(d), which mandates the exclusion of companies which derive 1 % or more of their revenues 
from exploration, mining, extraction, distribution or refining of hard coal and lignite. We 
deviate slightly from criterion (d) as a portion of our earnings is still derived from activities 
related to refining hard coal and lignite. Based on our revenues, this share amounts to 
1.86 %. The corresponding share based on gross revenues is 0.80 %, which is below 1 %.
4. Actions
Our Growing Green strategy, first introduced in 2021 and updated in 2023 to support 
RWE’s decarbonisation goals, includes planned net investments of billion euros between 
2024 and 2030. These investments focus on wind power, photovoltaics, battery storage, 
hydrogen-capable gas-fired power plants and electrolysers. We are currently planning to 
make net investments of €35 billion between 2025 to 2030 to expand the company’s 
generation portfolio.
In addition to reducing our generation-related emissions by decommissioning and 
retrofitting existing assets as well as expanding renewables as outlined in our strategy, our 
targets foresee a reduction of indirect value chain emissions (Scope 3). Group 
Strategy & Sustainability steers the calculation of our emissions, ensuring a high degree of 
transparency on current and future emissions. In alignment with the Executive Board, this 
department coordinates initiatives related to these emissions sources. Within the Group, 
the operating companies are responsible for progressing activities and processes that 
contribute to achieving our overarching climate targets. This encompasses the 
expansion of renewable generation and the reduction of both direct and indirect emissions. 
The Supervisory Board regularly updates the Executive Board and is closely involved in the 
development of our corporate and sustainability strategy. The Supervisory Board is also 
responsible for determining the remuneration of the Executive Board, which is in part 
linked to climate considerations and the success of our strategy. Please see pages 97 et 
seqq. for more information. 
As part its strategy, RWE actively engages with stakeholders. We champion ambitious 
climate targets and market mechanisms that support a reliable, efficient deployment of 
renewable energy. When engaging with associations, we have expectations on climate-
related topics that we see as material, e. g. support for the targets of the Paris Climate 
Agreement and for advancing renewable energy deployment. We regularly report on the 
alignment of our industry associations.
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financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Current and planned future actions and decarbonisation levers
The main climate protection measures and decarbonisation levers used to realise RWE’s 
strategic and GHG reduction targets are the ongoing transition to a sustainable business 
model by gradually phasing out fossil fuels and the simultaneous expansion of renewable 
energy sources.
Scope 1 and 2 (own operations)
Please see pages 21 et seqq. for an overview of the advancements made and initiatives 
undertaken for renewables in the year under review. This summary encompasses detailed 
insights into our activities for offshore and onshore wind, solar, and battery storage, 
including the installed capacity at year end and capacity currently under construction.
Decarbonisation levers related to our near-term Scope 1 and 2 targets primarily include 
the phaseout of lignite in Germany by 2030 and the transition to biomass at our last 
remaining Dutch hard coal facilities in Amer and Eemshaven. In 2024, we took further 
steps to phase out coal by permanently shutting down six power plant units in the Rhenish 
mining area. The affected units were at the Neurath, Niederaussem and Weisweiler sites 
and had a total generation capacity of 2.4 GW. Another significant milestone was reached 
when Amer power plant completed its transition to 100 % biomass as of 31 December 
2024. We have already decommissioned our hard coal assets in Germany and the United 
Kingdom. The planned phaseout of lignite-fired energy generation related and the 
transition from hard coal to biomass by 2030 correspond to an estimated absolute Scope 
1 emissions reduction of 64.8 million metric tons of CO2e relative to the 2022 base year.
One important sustainable finance instrument used to fund investments are green 
bonds. In 2024, RWE raised €0.5 billion and US$ 2 billion in green bonds which are aligned 
with the UN Sustainable Development Goal 7 (Affordable and Clean Energy).
RWE continually aims to expand its asset base and thus contribute to the climate change 
mitigation objectives of the EU taxonomy. In fiscal 2024, 94 % of RWE’s CapEx was 
taxonomy-aligned for the following economic activities: electricity generation from 
renewable sources such as PV, wind, hydropower and bioenergy, as well as electricity 
storage, and hydrogen production / storage (see page 108). 
CapEx in the reporting year related to electricity production and refining from lignite and 
hard coal amounted to €303 million; for electricity production from gas, CapEx came  to 
€208 million. Together, these expenditures account for 4.3 % of RWE’s total CapEx. No 
significant CapEx expenditures were related to oil during the reporting period.
Compared to the previous year, taxonomy-aligned revenue increased from 17 % to 21 % 
(see page 105). Taxonomy-aligned OpEx rose to 28 % (previous year: 24 %).
RWE’s climate objectives are based on the methodologies established by the Science 
Based Targets Initiative (SBTi), employing various climate scenarios to ascertain sector-
specific emissions reduction targets. Our decarbonisation levers are aligned with the 
material sources of our emissions. In our evaluation and prioritisation of related measures, 
we considered regulatory frameworks such as the coal phaseout, and forecasts as to the 
accessibility and cost-effectiveness of climate-friendly technologies and products. In some 
cases, these parameters are linked to climate scenarios. Developments in the electricity 
market and the RWE Group’s growth were also taken into account to model future 
emissions and demonstrate the impact of these levers.
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Scope 3 (value chain)
In addressing value chain emissions, we encounter challenges related to the calculation of 
greenhouse gas emissions, such as data quality issues, dependence on value chain 
partners and third-party information. These challenges also impact our ability to identify 
and implement effective levers for decarbonising Scope 3 emissions. 
Scope 3 emissions originate from our upstream and downstream value chain and require 
measures beyond our direct control. In setting our current targets, we have prioritised 
measures for the coming years that focus on decarbonising major sources of emissions. 
As disclosed in the Metrics – GHG emissions section, GHG emissions stemming from 
Scope 3 ‘Category 11: Use of sold products’ is the biggest contributor to our total Scope 3 
emissions. For the years until 2030, RWE is assessing potential measures for reducing and 
phasing out the sale of GHG intensive products. This lever will result in an estimated 
absolute Scope 3 Category 11 emissions reduction of 9.3 million metric tons of CO2e 
relative to the 2022 base year. However, this depends on economic conditions as well as 
evolving market demands. Looking beyond 2030, the decarbonisation of our upstream 
value chain also becomes increasingly important. We have taken initial steps here by 
looking at the market conditions for and availability of more environmentally friendly steel, 
concrete and low-carbon polysilicon and glass, as these materials are crucial to the 
envisioned expansion of our portfolio. As a first pilot project, RWE will utilise Siemens 
Gamesa’s GreenerTowers for 36 wind turbines at its Thor offshore wind farm. 
Manufacturing the steel for these towers emits on average 63 % less CO2 compared to 
conventional steel. 
To achieve our long-term decarbonisation targets for our own operations by 2040 and 
address residual Scope 1 emissions, core initiatives and levers include retrofitting our 
flexible power generation technologies with carbon capture and storage (CCS) and 
hydrogen combustion solutions. RWE is planning to deploy new gas-fired power plants to 
facilitate a 2030 exit from lignite and hard coal and to ensure security of supply during 
periods of low wind and solar generation. These gas-fired power stations will be designed 
to be either hydrogen-ready or to use carbon capture and storage. RWE currently has no 
plans to develop new gas-fired power plants without incorporating these 
decarbonisation measures. However, RWE’s decision to invest in new gas-fired power 
plants depends on suitable technical conditions on the German government providing 
economic incentives. For existing operational assets, potential options include 
replacement, back-up or closure strategies, depending on regulatory and economic 
frameworks. 
Implementing the aforementioned initiatives and levers is expected to contribute to an 
overall quantitative reduction in emissions of 0.39 metric tons of CO2e / MWh  
by 2030 and 0.54 metric tons of CO2e / MWh by 2040 respectively, compared  
to an intensity value of 0.55 metric tons of CO2e / MWh in the 2022 base year.
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The preconditions for the implementation of the aforementioned measures to reduce 
Scope 3 emissions are:
•	 Favourable market conditions that promote the use of climate-friendly solutions
•	 Availability of low-carbon input materials in the market
We see potential transition risks, such as the lack of or delayed implementation of 
government incentives or market mechanisms, for example in relation to carbon capture 
and storage or the conversion of gas-fired power plants to hydrogen. This may lead to  
the prolonged use of emission-intensive plants and products associated with phaseout 
technologies. As a result, there is a risk that we will not achieve our GHG reduction targets.
The total estimated impact of all Scope 3 measures to achieve our Scope 3 targets by 
2030 is expected to result in an absolute reduction of 9.3 million metric tons of CO2e by 
2030, and 19.9 million metric tons of CO2e by 2040 relative to the base year value of 
22.2 million metric tons of CO2e.
The preconditions for the implementation of the aforementioned actions to reduce RWE’s 
Scope 1 and 2 emissions are:
•	 No significant changes in the regulatory market environment
•	 Availability of economic incentives or market mechanisms to decarbonise flexible gas 
assets to maintain security of supply
•	 Sufficient electricity generation from renewables
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5. Metrics – GHG emissions
Scope 1, 2 and 3 emissions1
Retrospective
Milestones and targets years
metric tons CO2e
Base year 
(2022)2
2024
2025
20303
20403
Annual % 
target / base year
Scope 1 GHG emissions
Gross Scope 1 GHG emissions
85,736,423
53,242,042
n. a.
n. a.
n. a.
n. a.
Percentage of Scope 1 GHG emissions from regulated emission trading schemes
97.2
97.1
n. a.
n. a.
n. a.
n. a.
Scope 2 GHG emissions
Gross location-based Scope2 GHG emissions
195,727
392,956
n. a.
n. a.
n. a.
n. a.
Gross market-based Scope2 GHG emissions
195,727
392,956
n. a.
n. a.
n. a.
n. a.
Significant Scope 3 GHG emissions
Total gross indirect (Scope 3) GHG emissions
22,151,605
21,766,996
n. a.
12,848,724
2,215,297
5.3%
of which: Category 1 – Purchased goods and services
1,215,132
1,283,837
n. a.
n. a.
n. a.
n. a.
of which: Category 2 – Capital goods
1,013,348
3,657,603
n. a.
n. a.
n. a.
n. a.
of which: Category 3 – Fuel and energy-related activities
3,965,967
2,293,661
n. a.
n. a.
n. a.
n. a.
of which: Category 4 – Upstream transportation and distribution
40,552
31,689
n. a.
n. a.
n. a.
n. a.
of which: Category 5 – Waste generated in operations
218,265
189,037
n. a.
n. a.
n. a.
n. a.
of which: Category 6 – Business travel
7,438
17,989
n. a.
n. a.
n. a.
n. a.
of which: Category 7 – Employee commuting
24,120
28,609
n. a.
n. a.
n. a.
n. a.
of which: Category 8 – Upstream leased assets
n. a.
n. a.
n. a.
n. a.
n. a.
n. a.
of which: Category 9 – Downstream transportation and distribution
12,553
6,500
n. a.
n. a.
n. a.
n. a.
of which: Category 10 – Processing of sold products
102,027
70,829
n. a.
n. a.
n. a.
n. a.
of which: Category 11 – Use of sold products
12,122,724
11,928,717
n. a.
n. a.
n. a.
n. a.
of which: Category 12 – End-of-life treatment of sold products
n. a.
n. a.
n. a.
n. a.
n. a.
n. a.
of which: Category 13 – Downstream leased assets
27,375
70,522
n. a.
n. a.
n. a.
n. a.
of which: Category 14 – Franchises
n. a.
n. a.
n. a.
n. a.
n. a.
n. a.
of which: Category 15 – Investments
3,402,104
2,188,004
n. a.
n. a.
n. a.
n. a.
Total GHG emissions
Total GHG emissions (location-based)
108,083,755
75,401,993
n. a.
n. a.
n. a.
n. a.
Total GHG emissions (market-based)
108,083,755
75,401,993
n. a.
n. a.
n. a.
n. a.
1  The section ‘Specific reporting methodology – GHG’ contains all relevant methodological information for all scopes.
2  The base year was restated due to methodological changes in the reporting framework.
3  In accordance with the SBTi Guidance for the power sector, RWE has officially set Scope 1 and Scope 2 intensity targets rather than absolute targets. Due to the inclusion of small units for which RWE provides O & M services, the base year of these reference values differs 
slightly from the base year in the ‘Base year (2022)’ column. The reference values for the years 2030 and 2040 for ‘Total gross indirect (Scope 3) GHG emissions’ exclude Scope 3.3d emissions from the generation of purchased electricity sold to end customers.
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•	 Scope 1
Scope 1 emissions attributable to the consolidated accounting group (the parent and 
subsidiaries) amounted to 53,242,042 metric tons of CO2e in 2024. 
Scope 1 emissions attributable to investees such as associates, joint ventures or 
unconsolidated subsidiaries that are not fully consolidated in the financial statements  
of the consolidated accounting group, as well as contractual arrangements that are 
joint arrangements not structured through an entity (i.e. jointly controlled operations 
and assets) under RWE’s operational control amounted to 3,251 metric tons of CO2e in 
2024. 
•	 Scope 2
Scope 2 emissions attributable to the consolidated accounting group (the parent and 
subsidiaries) amounted to 392,956 metric tons of CO2e in 2024. 
Scope 2 emissions attributable to investees such as associates, joint ventures or 
unconsolidated subsidiaries that are not fully consolidated in the financial statements  
of the consolidated accounting group, as well as contractual arrangements that are 
joint arrangements not structured through an entity (i.e. jointly controlled operations 
and assets) under RWE’s operational control amounted to 1,435 metric tons of CO2e  
in 2024.
RWE has chosen 2022 as a representative base year for its SBTi-approved climate targets.
Total Scope 1 emissions broken down into operating segments are as follows:
Scope 1 GHG emissions
Unit
2024
(1) Renewables – Offshore Wind
million metric 
tons CO2e
0.0
(2) Renewables – Onshore Wind / Solar
million metric 
tons CO2e
0.0
(3) Flexible Generation
million metric 
tons CO2e
15.1
(4) Supply & Trading
million metric 
tons CO2e
0.0
Other
million metric 
tons CO2e
0.0
Core business – total Scope 1 GHG emissions
million metric 
tons CO2e
15.1
(5) Phaseout Technologies
million metric 
tons CO2e
38.1
Total RWE Group Scope 1 emissions
million metric 
tons CO2e
53.2
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6. Metrics – Energy
RWE operates in high climate impact sectors as classified under NACE Sections A to H and 
Section L in accordance with Commission Delegated Regulation (EU) 2022 / 1288. These 
sectors are defined by their substantial potential impact on the climate, typically due to 
significant energy consumption or intensive resource use. High climate impact sectors  
are critical in the context of climate policies due to their substantial contributions to 
greenhouse gas emissions, thereby necessitating rigorous regulatory oversight and 
innovative mitigation strategies to align with global climate goals. This section provides  
an understanding of RWE’s metrics for total energy consumption, energy production and 
energy intensity, broken down by energy source.
Biogenic emissions
Biogenic emissions result mainly from the combustion of biogenic fuels and only apply to 
Scope 1, i. e. burning biomass or biogenic fuels in RWE’s own operations.
Biogenic CO2 emissions
Unit
2024
Scope 1
metric tons 
CO2e
3,472,461
GHG intensity
GHG intensity per net revenue
Unit
Target (2040)
2024
GHG intensity (location-based)  
per net revenue
million metric 
tons CO2e 
per € million
n / a
0.003
GHG intensity (market-based)  
per net revenue
million metric 
tons CO2e 
per € million
n / a
0.003
Carbon intensity Scope 1+2  
(location-based)
metric tons 
CO2e 
per MWh
0.01
0.46
Carbon intensity Scope 1+2   
(market-based)
metric tons 
CO2e 
per MWh
n / a
0.46
RWE’s GHG intensity is calculated by dividing the total GHG emissions by the revenue of 
the respective reporting period. The revenue used for calculating GHG emission intensity is 
reconciled with the financial statements. In addition to this, RWE calculates carbon intensity 
based on generated power and sets its targets accordingly.  
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Energy production
Energy production
Unit
2024
RWE renewable energy production 
MWh
48,796,356
RWE non-renewable energy production1   
MWh
69,004,779
1  Includes energy production from the technologies lignite and hard coal, gas, nuclear and other (mainly waste). 
Energy intensity
Energy intensity 
Unit
2024
Total energy consumption from activities 
in high climate impact sectors1
MWh
175,315,966
Energy intensity – total energy consumption from activities 
in high climate impact sectors
MWh /  
€ million 
14,895
1  Total energy consumption consists of the fuels lignite, hard coal, gas and other (mainly waste). 
Connectivity of energy intensity with financial reporting information
Connectivity of energy intensity with 
financial reporting information
Unit
2024
Revenue from activities in high climate impact sectors used to 
calculate energy intensity
€ million
11,769.98
Revenue (from activities in non-high climate impact sectors)
€ million
12,454.37
Total revenue (in consolidated financial statements)
€ million
24,224.35
Energy consumption and mix
Energy consumption and mix
Unit
2024
(1) Fuel consumption from coal and coal products
MWh
108,673,566
(2) Fuel consumption from crude oil and petroleum products
MWh
346,640
(3) Fuel consumption from natural gas 
MWh
63,070,788
(4) Fuel consumption from other fossil sources
MWh
2,928,226
(5) Consumption of purchased or acquired electricity, heat, steam, 
and cooling from fossil sources 
MWh
1,017,201
(6) Total fossil energy consumption  
(calculated as the sum of lines 1 to 5)1
MWh
176,036,422
Share of fossil sources in total energy consumption
%
95.9
(7) Fuel consumption from renewable sources,  
including biomass (also comprising industrial and  
municipal waste of biologic origin, biogas, 
renewable hydrogen, etc.)
MWh
7,467,807
(8) Consumption of purchased or acquired electricity, heat, steam,  
and cooling from renewable sources
MWh
17,408
(9) Consumption of self-generated  
non-fuel renewable energy
MWh
6,994
(10) Total renewable energy consumption 
(calculated as the sum of lines 7 to 9)
MWh
7,485,214
 
Share of renewable sources in total energy consumption
%
4.1
Total energy consumption 
(calculated as the sum of lines 6 and 10)2
MWh
183,521,636
1  Consumption of self-generated non-renewable energy is included under relevant fuel consumption type as well as total  
fuel consumption.
2  In 2024, energy consumption from nuclear sources associated with our EPZ investment was immaterial.
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Where no reliable data is available, RWE utilises assumptions from comparable sites and 
extrapolates the available data for all sites.
Owing to the relatively minor contribution of Scope 2 emissions to its total greenhouse gas 
emissions, RWE rarely enters into contractual power purchase agreements that stipulate 
supplier- or utility-specific emission rates. Such agreements are often standard practice 
for energy producers. As the majority of operating sites mainly use self-produced electricity 
or RWE-owned electricity from another site, the proportion of contractual agreements 
with third parties is generally low. In addition, as an energy generating company, RWE 
purchases electricity from the grid without additional contractual information as to the 
origin. Therefore, the currently available information on the proportion and types of 
contractual instruments used for the sale and purchase of energy – whether combined 
with attributes about related to energy generation or not – is not representative for RWE. 
As outlined in the GHG Protocol Scope 2 Guidance, RWE’s data quality does not fully align 
with the Scope 2 quality criteria concerning contractual instruments. Consequently, RWE 
exclusively relies on the emission factors of the location-based method (national or grid-
average emission factors) to calculate market-related Scope 2 emissions.
Scope 3 
According to the Greenhouse Gas Protocol Standard, Scope 3 emissions are divided into 
15 categories, of which the following are applicable for RWE: 
Category 1: Purchased goods and services 
Emissions associated with the majority of products and materials sourced from third 
parties are calculated on the basis of annual procurement spend data combined with 
suitable emission factors. 
7. Specific reporting methodology – GHG
RWE reports its greenhouse gas emissions in accordance with the principles, requirements 
and guidance of the Greenhouse Gas Protocol Standard, using its publicly available 
Greenhouse Gas Emission Inventory & Calculation Methodology. This encompasses all  
direct greenhouse gas emissions, namely carbon dioxide, methane, nitrous oxide, 
hydrofluorocarbons, perfluorinated compounds, nitrogen trifluoride and sulphur hexafluoride, 
which are all expressed as CO2 equivalents (CO2e).
Scope 1 
For CO2 emissions from the combustion of fossil fuels in its power stations, RWE utilises  
the official data collected as part of the EU Emissions Trading Scheme (EU ETS) and  
UK Emissions Trading Scheme (UK ETS). Additional emissions from assets outside the  
EU ETS are calculated separately and added to the total figure. 
For emissions resulting from fuel combustion in company-owned or controlled vehicles, 
RWE reports on crew and maintenance ships for its wind farms, ocean freighters operated 
on RWE’s behalf, cars that are owned or leased by RWE and other vehicles. 
As RWE operates lignite mines, it also accounts for very small amounts of outgassed 
methane.
Scope 2 
RWE’s Scope 2 emissions mainly stem from purchased electricity and heat for own usage. 
Purchased electricity includes electricity consumed by power plants when no own power  
is generated, and an external supply is needed. It also includes electricity consumed by 
company-owned and leased administrative buildings, offices and electric cars. Purchased 
heat includes the heat RWE purchases for administrative buildings. 
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Category 10: Processing of sold products 
RWE supplies customers with various mineral products that can be used for different 
purposes. RWE records these emissions generated in further processing, through the 
quantity of products delivered to end customers. 
Category 11: Use of sold products  
RWE markets lignite refinement products directly to end consumers. These emissions  
are generated by the end consumers. In addition to lignite products, RWE also includes the 
emissions from gas sold to end customers and used for energy generation. 
Category 13: Downstream leased assets
From the reporting year 2024 onwards, RWE includes the emissions for own assets leased 
to third parties under financial lease agreements, where the asset is no longer recorded 
on RWE’s balance sheet. These are reserve capacities or plants for grid stabilisation that 
RWE leases to a transmission grid operator.
Category 15: Investments 
According to the investment-specific method, emissions are sourced from the public 
reports of affiliated companies and weighted based on RWE’s equity share. Prior-year data 
serves as the basis for estimating the current year’s GHG emissions of RWE’s financial 
participations where actual data is not yet available due to differing reporting periods. 
Since RWE reports GHG by operational control, all leased offices are included in Scope 1 
and 2. Therefore, RWE does not report Category 8 ‘Upstream leased assets’. Categories 12 
and 14 have both been identified as not material to the Scope 3 inventory. Related emissions 
are therefore not calculated or reported. This assessment is reviewed periodically. 
Category 2: Capital goods 
Similar to Category 1, spending data is utilised to calculate emissions. 
Category 3: Fuel and energy-related activities 
All positions encompass the corresponding indirect upstream emissions of the positions  
in Scope 1 and 2. RWE does not account for upstream emissions for lignite, as it is fully 
encompassed within our own operational activities.
Category 4: Upstream transportation and distribution  
Emissions are calculated from transport where RWE is responsible for delivery and 
payment by calculating the distances in kilometres per means of transport, e. g. by train, 
and multiplied by the respective mode-specific emission factor.  
Category 5: Waste generated in operations  
Suitable emission factors are applied for the different disposal routes, accounting for all 
waste quantities disposed or recovered in the downstream value chain. 
Category 6: Business travel 
RWE uses internal data on the activities and various emission factors. Certain assumptions 
are made, e.g. on distance categories for flights (continental vs. intercontinental). RWE 
includes all travel data available through the booking systems used. 
Category 7: Employee commuting 
To assess emissions, RWE uses global employee figures and average emission factors per 
country taking into account general distances and modes of transportation per country. 
Category 9: Downstream transportation and distribution 
Data is sourced from internal systems.  
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Significant assumptions 
Data for emissions accounting is gathered biannually for Scope 1 and Scope 2 GHG 
emissions and annually for Scope 3 GHG emissions and used mainly for external as well as 
internal reporting purposes. Data collection within the value chain (e. g. Category 3.15) 
may vary from RWE’s reporting year for entities with different reporting periods. In these 
cases, prior-year data is used as the basis for estimating the current-year GHG emissions 
within the value chain. This applies to approximately 5 % of GHG emissions in Scope 3. 
Furthermore, in Category 3.7 ‘Employee commuting’, we estimate and calculate data 
based on publicly available statistics by country, which amounts to 0.13 % of Scope 3 GHG 
emissions.
All of the metrics in the E1 chapter collected by RWE are not additionally validated by a 
separate external body. 
Significant organisational changes 
There were no significant organisational changes in the year under review. 
Emission factors 
RWE uses an ESG platform from UL Solutions for all GHG emission calculations. Emission 
factors are obtained from various public and non-public sources, with a preference for 
contracted databases that receive regular automated updates; we hold paid licences to 
access some of these databases. Some emissions data is obtained directly from third-
party suppliers who use their own calculations for customers or partners. In these 
instances, RWE generally refrains from conducting its own calculations.   
GHG emissions calculated using primary data obtained from suppliers or other 
value chain partners 
Scope 3 emissions are measured using inputs from activities within our upstream and 
downstream value chain, using either primary data obtained from value chain partners or 
indirect data and estimations. As at 31 December 2024, 77 % of Scope 3 emissions are 
calculated using primary data obtained from  suppliers or other partners in the value 
chain. 
Operational control 
In addition to the concept of financial control, the ESRS also incorporate the concept of 
operational control. This is relevant when an undertaking holds the licence or permit, or 
has a contractual right or practical ability to operate the relevant asset. Operational 
control also covers the ability to decide on the operation (dispatch) of assets arising from 
associates, joint ventures, unconsolidated subsidiaries (investment entities) and contractual 
arrangements. These arrangements can include the use of rights through leasing contracts 
or power purchase agreements.
Under the operational control approach, a company accounts for 100 % of the emissions 
over which it has operational control. For its associates, joint ventures, unconsolidated 
subsidiaries and contractual arrangements, RWE includes the GHG emissions only if it  
has operational control or reports its relevant share. 
For associates where RWE has financial participation, but lacks operational control, assets 
or stakes are generally allocated to Scope 3, Category 15 (Investments). Here, RWE is 
currently focusing on financially material investments that cause significant emissions, 
particularly from high-emission activities. 
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We are aware that the mining of raw materials needed for our business operations presents 
potential risks to biodiversity and ecosystems. Therefore, RWE strives to minimise and, if 
possible, to avoid the indirect impact on local biodiversity by sourcing raw materials with  
a low environmental impact within our value chain.
1. Material impacts, risks and opportunities
Biodiversity and ecosystems – we have identified biodiversity loss as a material sustainability 
aspect in our double materiality assessment (see pages 84 et seqq.).
RWE has taken comprehensive measures to mitigate direct impact drivers, in order to halt 
and reverse the potential effects of biodiversity loss, in accordance with the objectives set 
by the Kunming-Montreal agreement (Global Biodiversity Framework). Our approach and 
actions in this domain underscore our commitment to environmental stewardship and 
align our operative targets with maintaining biodiversity and nature conservation.
As we continue to deliver our Growing Green strategy, we are working to ensure that the 
expansion and transformation of our portfolio makes as little impact on wildlife and 
ecosystems as possible. Not only do we comply with all regulatory requirements, we want 
to go further, striving to achieve a net-positive biodiversity impact in new projects from 
2030 onwards.
E4 Biodiversity and ecosystems
Human activities, including changes in land use and climate change, have a significant 
impact on biodiversity. With regard to RWE’s business activities, lignite mining leads to 
land-use change, which might temporarily result in habitat loss in certain areas, but this can 
be offset. The construction and operation of our plants also has an impact on ecosystems. 
RWE has recognised this and made biodiversity a focal point of its sustainability strategy.  
RWE’s operations are guided by comprehensive environmental regulations and permitting 
conditions. RWE complies with all relevant regulations and permit requirements that 
address potential biodiversity and ecosystem impacts. In order to avoid or reduce impacts 
on biodiversity, we are committed to the mitigation hierarchy, a set of principles that is 
anchored in various standards such as the Global Biodiversity Framework (CBD) or the EU 
Biodiversity Strategy 2030. These principles form the foundation of our business activities. 
This involves first avoiding, then minimising, restoring and, as a last resort, offsetting any 
negative impacts on biodiversity and ecosystems caused by its business activities and its 
value chain, wherever feasible.
The transition to renewable electricity generation and storage, along with the planned 
phaseout of lignite, is vital for reducing the biodiversity impacts of climate change. RWE is 
actively recultivating areas of opencast lignite mines that are no longer in use and is legally 
obliged to convert the majority into agricultural land, forest areas or other biotopes. These 
restoration and renaturation efforts create diverse, ecologically valuable areas, providing 
habitats for numerous species and enhancing local species diversity. In order to reduce or, 
if possible, to avoid biodiversity impacts, RWE considers these factors throughout the 
entire lifecycle of its assets.
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In 2023, RWE conducted a Nature Impact Assessment of our activities, following the latest 
Taskforce on Nature-related Financial Disclosures (TNFD) guidance on its LEAP approach 
(Locate, Evaluate, Assess, Prepare). This assessment aimed to identify and understand 
RWE’s impacts, risks, opportunities and dependencies on biodiversity and ecosystems.  
We have also incorporated the results of the impact assessment into the double materiality 
assessment (see pages 184 et seqq.). As part of the assessment, the proximity of RWE’s 
sites to officially recognised protected areas, the Natura2000 network of protected areas, 
and Key Biodiversity Areas was identified through the Integrated Biodiversity Assessment 
Tool (IBAT), a tool recommended by TNFD guidelines. Key Biodiversity Areas are sites that 
contribute significantly to the global persistence of biodiversity in terrestrial, freshwater 
and marine ecosystems. An overview of RWE’s sites and key biodiversity areas can be 
found on pages 138 et seqq.
RWE has identified four impacts related to biodiversity and ecosystems: local temporary 
habitat loss due to land-use change, temporary change in freshwater-use, habitat 
disruption and displacement of species, and natural resource use and land-use change. 
Lignite mining (a phaseout technology) leads to land-use changes due to the remodelling 
of the landscape, which can be accompanied by temporary habitat losses in certain areas, 
but which are compensated for elsewhere. In order to keep the opencast mines dry, 
groundwater must be pumped out temporarily, most of which is returned to surface  
water elsewhere. However, there are extensive obligations to make the affected areas  
fully usable again and to renaturalise them. These are long-term obligations, but they are 
already reflected in the existing regulatory framework and are the subject of ongoing 
approvals.
The construction of renewable energy assets can have an impact on surrounding 
biodiversity and ecosystems. Building onshore wind, offshore wind and solar projects can 
contribute to habitat disruption and displacement of species. Constructing these assets, 
as well as building storage assets, requires large amounts of critical raw materials such  
as copper, lithium, nickel and cobalt. These may be sourced from biodiversity-rich areas 
upstream in our supply chains. RWE usually procures such commodities in the form of 
components which contain these materials. As a result, there are impacts on ecosystems 
in the mining regions. The material impacts of RWE summarised in the table below were 
evaluated as part of RWE’s double materiality assessment (see pages 83 et seqq.). 
As risks related to biodiversity could exceed defined thresholds, they are also considered  
in our Group risk management system (see pages 61 et seqq.). Specifically, RWE 
acknowledges the general risk of nature-related regulations and potential reputational 
risks as well as nature-related dependencies such as the water supply. Provisions in  
our balance sheet which may cover biodiversity aspects include, for example, provisions 
for the recultivation of lignite mining areas or dismantling wind and solar farms (see 
page 55). No material risks were identified beyond the provisions already recognised on 
the balance sheet.
Material IROs
E4 Biodiversity and ecosystems
Local temporary habitat loss due to land-use change  – Phaseout Technologies  
(potential negative impact, own operations)
Temporary change in freshwater-use – Phaseout Technologies 
(potential negative impact, own operations)
Temporary habitat disruption and displacement of species – Renewables 
(actual negative impact, own operations)
Natural resource use and land-use change – Renewables 
(actual negative impact, value chain)
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2. Targets
By incorporating the principles of biodiversity, we want to reduce the impact of our 
business activities on habitats and species. We intend for new facilities to have a net 
positive impact on biodiversity from 2030 onwards, with the goal of measuring 
biodiversity impact for all facilities by 2028.
The United Kingdom, one of our core markets, is one of the first countries where regulatory 
requirements for biodiversity protection are in line with global frameworks such as the 
Global Biodiversity Framework (GBF). Since 2024, a 10 % net gain in biodiversity is 
mandatory for terrestrial infrastructure projects, including the construction of renewables 
assets. At our UK solar farms, we aim to deliver on average five times the national 
requirement for biodiversity net gain (i. e. 50 %), thus supporting the UK government’s 
nature recovery targets as well as climate neutrality efforts.
RWE is also working towards establishing targets for biodiversity and ecosystem protection. 
Approaches for impact measurement and nature-target setting are still a challenge for 
businesses. The evolving nature of governmental and regulatory frameworks further 
adds to the complexity. We are committed to supporting initiatives such as the Science 
Based Targets for Nature (SBTN) and will assess the possibility of aligning our future targets 
with SBTN guidelines as soon as they become available specifically for the energy sector. 
We have specified initial key performance indicators to measure our impact on 
biodiversity. These key figures will also help us to measure our progress in the future  
(see pages 138 et seqq.). 
3. Policies and approach
In order to achieve our sustainability ambitions, we have developed a biodiversity strategy 
that integrates the protection and promotion of biodiversity into RWE’s business activities. 
Our business activities along the entire value chain can have temporary impacts on 
nature. Our current efforts are primarily focused on our own activities. RWE deploys 
resources effectively where there is the greatest potential to achieve positive results.  
To reduce natural resource consumption and the change in land use from the extraction 
of critical raw materials with a high environmental impact in the RWE value chain, RWE also 
works to reduce the use of resources through the circular economy (see pages 142 et seqq.) 
and is committed to environmental protection with its suppliers. In addition, RWE fulfils  
its renaturation obligations.
An effective biodiversity strategy for RWE needs to respect the different regulatory 
guidelines in each of our markets as well as the importance of the topic globally and for 
RWE. First, we set out our ambitions: to reach a net-positive impact on biodiversity for  
new assets. This serves as a guiding principle for all of our efforts. The focus of RWE’s net-
positive approach includes enhancing both the extent and condition of habitats, aiming to 
improve species population size and the variability of species as well as to reduce extinction 
risks. Our strategy contains roadmaps that we use to work towards and ultimately achieve 
our ambitions. In doing so, we are guided by international and European standards such 
as the EU Biodiversity Strategy 2030 and the Kunming-Montreal Global Biodiversity 
Framework. 
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In cases where the required measures do not achieve a net-positive impact on biodiversity, 
RWE’s efforts often go beyond the regulatory requirements. We aim to have a positive 
impact based on the following principles, which are set out in our Group-wide biodiversity 
policy, in addition to the hierarchy of remedial measures:
•	 Knowledge building: RWE builds knowledge on the impacts the energy sector has on 
biodiversity and wildlife, and promotes collective learning and knowledge transfer.
•	 Science-based targets: RWE follows best practice guidance from the Science Based 
Targets for Nature (SBTN) and will assess the possibility of aligning our future targets with 
SBTN guidelines as soon as they become available specifically for the energy sector.
•	 Supporting global goals: RWE contributes to the targets in the Global Biodiversity 
Framework (GBF) as well as UN Sustainable Development Goals 14 and 15 on  
‘Life below water’ and ‘Life on land’.
Lignite (Phaseout Technologies)
In the lignite sector, RWE goes beyond the legal requirements in the recultivation of 
opencast mines and takes additional voluntary measures to promote biodiversity in order 
to effectively minimise and compensate for the effects of local temporary habitat loss as a 
result of land-use changes (see page 135). RWE also regularly monitors the effectiveness 
of measures to restore areas and the development of target species. For example, the 
‘Sophienhöhe’, created as a result of recultivation activities in relation to opencast lignite 
mining in Hambach, has the status of a restored forest and open landscape in which rare 
animal and plant species thrive. At the same time, this area offers more than 100 kilometres 
of hiking trails for local recreation.
We defined a four-step approach. Phaseout Technologies, the Flexible Generation 
segment and the growing Renewables business are all at different stages, as a result of  
the different business needs, applicable regulations and regional requirements as well  
as the level of scientific understanding about biodiversity.
RWE operates in a highly regulated sector and due to the nature of our business we are 
required to undertake comprehensive Environmental Impact Assessments (EIAs). These 
are mandatory for most of assets, and form of the permitting process. Potential impacts 
are therefore assessed and mitigation measures are implemented, whether as part of the 
EIAs or the resulting permits. As part of our social commitment, we also take social impacts 
into account when planning new facilities. We did not identify any material negative 
impacts on communities in the course of our double materiality assessment. 
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4. Actions
Our activities help to reduce biodiversity loss. In the period under review, RWE invested 
more than €11 billion in economic activities that are taxonomy-aligned and therefore  
do not have a significant impact on biodiversity and ecosystems. In addition, RWE used 
funds amounting to €16 million for agricultural and forestry recultivation measures.  
RWE’s operating units plan targeted biodiversity initiatives wherever they are suitable  
for minimising impacts at the operational level. The funds for the measures are not 
coordinated centrally, but are provided from the respective operating budgets of the 
Group companies.
Taking the necessary precautions to protect biodiversity when possible and suitable is an 
integral part of the way we work, starting from early project development through to the 
construction, operation and decommissioning phases. This approach results in different 
actions depending on the business activity of each operating company.
Renewables
RWE considers biodiversity aspects throughout all stages of project development, starting 
from project planning through to decommissioning or repowering of renewable energy 
assets. 
In parallel with the legally mandated Environmental Impact Assessments, we take the 
natural environment into account in our decisions, in order to avoid and minimise impacts  
to biodiversity and ecosystems. During construction and operation, we implement 
comprehensive measures to further mitigate potential impacts. If necessary, or in 
accordance with legal requirements, we take compensatory measures. Additionally, we 
seek opportunities to design our assets in a nature-inclusive way, enhancing biodiversity 
where possible.
Generally, the Head of Strategy & Sustainability at RWE is responsible for the development 
and implementation of RWE’s Biodiversity Strategy and its Governance Framework across 
our business. We continue to evolve our biodiversity policy to encompass all relevant 
developments in our business as well as new scientific insights. To monitor progress on 
current actions, targets, milestones and initiatives, the Group Sustainability department 
provides biannual updates to the CEO of RWE AG and discusses progress with the respective 
biodiversity experts from the relevant operational companies on a bimonthly basis.  
RWE encourages the contractors in its value chain to adopt more environmentally 
responsible practices. This includes taking a proactive approach and developing 
technologies that are more environmentally friendly. In addition, potential suppliers must 
undergo a qualification process that includes an ESG screening covering several 
sustainability topics. Suppliers must also comply with RWE’s Code of Conduct, which 
requires them to use responsible environmental practices.
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of the sites being recultivated, as well as species diversity. The Recultivation Research 
Center will monitor the grazing in collaboration with the Düren and Bonn / Rhine-Erft 
Biological Stations as well as various specialist consultants and experts using 
biomonitoring and then evaluate the results. The project is being supported by the  
local environmental organisations BUND and LNU.
•	 Habitat creation for rare species: Voluntary measures for habitat improvement are 
developed and implemented for target species that are selected in three fields of action: 
forest, open countryside and water bodies. This typically stimulates knock-on effects, 
enabling many other animal and plant species to make their home in areas where  
RWE has taken measures to attract the site-specific selected target species. Additional 
measures include animal settlement, a dead wood strategy, the creation of nesting 
mounds and flower strips, water body management and other ecological structures, 
flanked by measuring and monitoring activities to assess their effectiveness. The results 
of the studies on the various target species and the effectiveness of the measures are 
presented in annual reports, which are published on the Webpage of the Recultivation 
Research Center. 
Lignite mining requires temporary water extraction to keep the opencast mines dry. This 
generally does not affect the surrounding flora. The plants are provided with moisture 
from fertile topsoil, which remains unaffected by groundwater extraction. To reduce 
possible impacts, RWE has installed an extensive underground pipeline network. During 
the reporting year, these measures were continued. Furthermore, RWE operates a large 
number of fountain facilities to secure the public drinking water supply and also constantly 
monitors the water supply to ensure the stability and safety of regional water resources, to 
prevent any adverse impacts. The impacts of installing the pipeline network are mitigated 
through offsetting measures and restoration after decommissioning of the mining sites.  
Lignite (Phaseout Technologies)
Our activities to enhance biodiversity and effectively mitigate local temporary habitat loss 
due to land-use change in our lignite business include current measures in recultivation 
areas at the Inden, Hambach and Garzweiler opencast mines in the Rhenish lignite region. 
RWE develops and pursues strategies to promote biodiversity in these restored areas. RWE 
is actively restoring former mining sites for agricultural purposes, as forests, meadows, 
water bodies, or special sites for rare animals and plant species. 
•	 Agricultural recultivation: RWE uses pure loess or loess loam for areas designated  
for farming, enhancing soil productivity. Additionally, ecological priority areas such as 
temporary flower strips or permanent green spaces are established.
•	 Forest restoration: For forest restoration, a mix of about 25 % loess or loess foam  
and 75 % gravel / sand is typically used in the topsoil layer. As part of these restoration 
efforts, 90 % of trees planted are native species. Other climate-resilient tree species  
are also used. 
•	 Creation of special sites, e. g. meadows and water bodies: Special sites are areas  
that are not subject to the primary goals of recultivation, such as agriculture and 
forestry, but permit other objectives, especially nature conservation. Special sites are 
made using special substrates to provide a refuge for rare animal and plant species, 
creating biodiversity hotspots. They include bodies of water, arid habitats, wetlands and 
areas that are not used commercially, such as meadows and succession zones. One 
example is an open area approximately 50 hectares in size, called the Goldene Aue, on  
the plateau of the Sophienhöhe. A grazing project with Konik horses was started there  
in 2024 to further increase biodiversity. The project is jointly supported by RWE Power, 
the Recultivation Research Center, Neuland Hambach and the Dutch Free Nature 
Foundation. Grazing by wild animals helps to create vegetation with a rich structure and 
keeps the grassland largely free of trees and shrubs. This helps to increase the diversity 
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Renewables
In its rapidly growing renewable energy business, RWE has defined two-year  
biodiversity roadmaps for the most important operating companies (RWE Offshore  
and RWE Renewables Europe & Australia) as part of its strategy. Due to a lack of  
current standardisation, pilot projects are specifically designed to yield information  
on measuring the impact on biodiversity as well as identify biodiversity enhancement 
potential around RWE sites. Project outcomes will also help us to accurately estimate  
the costs of measures to enhance biodiversity across our project portfolio. 
Key actions include: 
•	 Early stage and development: RWE prioritises the selection of locations where we 
expect less impact on biodiversity. As part of ongoing Environmental Impact Assessments 
(EIA) and permitting procedures for new assets, we conduct detailed environmental 
studies and engage in stakeholder dialogue as well as fielding investigations to ensure 
that stakeholder views and concerns are taken into account. Moreover, RWE undertakes 
not to become active in voluntary exclusion zones around UNESCO World Heritage Sites 
and other sensitive areas such as strict nature conservation and wilderness areas in 
accordance with the classification of the International Union for Conservation of Nature 
(IUCN).
RWE’s work with other associations, such as the Erftverband, on the renaturation of the 
rivers Erft and Inde is also yielding good results. One river section in Neuss-Gnadenthal  
is now ranked as an excellent project in the context of the ‘UN Decade on Ecosystem 
Restoration’. In 2024, RWE once again invited more than 130 guests to the conference 
on water management and mining damage to discuss and share experience on the topic.
In 2024, the Recultivation Research Center continued the biomonitoring of the newly 
established shallow water zone at the Inden opencast mine and documented promising 
results.
Working together with volunteer conservationists, teams from the Research Center are 
recording bird populations in the shallow water zone. The number of bird species identified 
there has risen to 60, with 21 of these species listed on the Red List. Two-thirds of these 
species are migratory birds that use the area as a stopover, for example, when travelling 
from the Mediterranean to the North Sea.
The lake’s shore area has minimal vegetation, making this open terrain particularly 
favourable for wading and water birds, as it allows them to better protect themselves from 
predators like foxes and birds of prey. Until its integration into the future opencast lake, the 
shallow water zone is an independent body of water covering an area of approximately  
six hectares that serves as a breeding ground and resting place for waterfowl. 
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RWE is carrying out a biodiversity restoration programme to enhance the wellbeing of 
pollinators at four onshore wind farms in the UK and Ireland. The project is a collaboration 
with the UK Bumblebee Conservation Trust. It seeks to enhance local ecosystems and 
support declining pollinator populations. In 2024, a team of volunteers planted a variety 
of wildflowers and shrubs at the Brechfa Forest Wind Farm in Wales. At all sites, our efforts 
have a positive impact on the local environment and help bees and other pollinators to 
thrive.
RWE is pursuing another effective approach to limiting land consumption: dual utilisation. 
For example, PV projects have been developed for agriculture, i.e. solar panels are installed 
on land that is still used for growing crops. These dual-use projects offer a good opportunity 
to tackle two of the most pressing environmental problems: the loss of biodiversity through 
land use and climate change. 
5. Metrics
Relevant potential impacts on biodiversity are concentrated at lignite mining sites and 
renewable assets under construction. The construction phase for renewables was found to 
have the largest potential biodiversity impact. Taking into account the significant impacts 
identified in lignite mining and the construction of new renewable assets, 109 locations 
were considered. The results show that 102 of these sites are close to protected areas or 
to Key Biodiversity Areas. A distance of 50 kilometres was used as the basis for the analysis 
for all opencast lignite mines, while a distance of 20 kilometres was taken into account  
for solar plants, storage facilities, onshore and offshore wind farms and battery storage 
assets under construction. We have made conservative assumptions with regard to these 
buffer zones. 
•	 Construction: RWE continues to test innovative measures to reduce the impact of new 
construction. One example is the three-year ‘SeaMe’ research project which commenced 
in 2024 in collaboration with German research partners at RWE’s operational offshore 
wind farm Kaskasi. The project aims to enhance the understanding of interactions 
between offshore wind farms and marine ecosystems using advanced monitoring 
technologies such as environmental DNA sampling, drones and autonomous underwater 
vehicles equipped with AI-based cameras. Integrating these innovative techniques 
allows for a more holistic approach to data collection, which goes beyond monitoring  
of individual groups of organisms and makes monitoring less invasive compared to 
traditional means of sampling fish using nets. If successful, these innovative monitoring 
methods can be used at any time during the asset life cycle including construction. During 
the construction phase of projects, RWE also continues to engage with stakeholders to 
consider their perspectives related to impacts on habitats and species, and to provide 
information on suitable measures.
•	 Operation: At operational facilities, various measures can be taken that are adapted 
to local habitats. For example, our solar farms often cover large, monoculture areas  
with low habitat value. By planting various grassland and wildflower mixes around and 
underneath the solar panels, we can create a large, highly valuable habitat. Beyond 
this, we adopt innovative ways of implementing biodiversity enhancements, such as 
planting certain winter cereal crops in field margins for foraging birds, planting fruit 
trees to encourage certain types of pollinators, or creating wetland areas to encourage 
amphibians and wading bird species. These measures are tailored to each site and 
offer many opportunities for specific species of flora or fauna.
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This helps us to understand the interactions between project construction and important 
biodiversity areas. At the same time, we are working on defining metrics to assess the 
impact of our business activities on biodiversity.
The table on the next page provides an overview of the total number of RWE mining sites 
as well as the sites where we are constructing renewable energy assets and the number  
of those that are located in proximity to protected or Key Biodiversity Areas. However, this 
exposure does not automatically imply a negative impact on biodiversity. As an energy 
company, RWE operates in a highly regulated sector and is required to obtain permits, 
which are mandatory for the operation of all assets and which include Environmental Impact 
Assessments (EIAs) as part of the process. Potential impacts are therefore assessed, and 
mitigation measures implemented, as part of the EIAs. Above and beyond the EIA criteria, 
further analyses are required to assess the specific effects of RWE’s business activities  
on the flora and fauna within Key Biodiversity Areas and protected areas at each individual 
site, and we aim to make progress with such analyses in the years ahead.
Additionally, the table shows the corresponding area of sites in hectares of land used  
or sea-areas used, and the responsible authorities. The figures are reported on a gross 
basis, accounting for 100 % of areas regardless of RWE’s ownership share in line with the 
operational control principle. Sites are aggregated and clustered based on technology, 
geographical region and terrestrial or marine location. We consider the land use or areas 
as a relevant indicator and suitable basis to better analyse our material impacts in lignite 
mining and the construction of renewable energy facilities.
The methodology we chose to delineate areas of activity in the vicinity of Key Biodiversity 
Areas and protected areas was based on the following criteria:
•	 Lignite mines: area with active mining operations.
•	 Offshore wind turbines (under construction): based on the leased project area, regardless 
of construction status. The leased area is often significantly larger than the area occupied 
by the wind turbines. Nevertheless, we have opted for this conservative approach due to 
the shipping traffic in this area.
•	 Onshore wind turbines (under construction): estimated at a factor of 0.125 hectares per 
wind turbine, which is the average size of the crane footprint for each wind turbine under 
construction or in preparation.
•	 Onshore solar installations (under construction): calculated using a factor of 1 hectare  
per 1.2 MW. According to Solar Energy UK, piled foundations only make up 0.06 % of the 
total solar farm site, meaning that the actual ground disturbance is minimal. 
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Overview of sites in proximity to Key Biodiversity Areas or protected areas
Material sites 
Key Biodiversity 
Areas 
Protected areas
Area of sites 
(in hectares) 
Business activity 
Potential impact
Responsible authority 
Lignite (Phaseout Technologies) – Germany 
10,430
Garzweiler, Hambach, Inden
3
3
10,430
Lignite mining
Temporary 
land-use change; 
temporary fresh 
water use change; 
land degradation 
Office of Mining NRW Arnsberg;  
Federal or national ministry or agency
Renewables – offshore wind (under construction)
59,321
UK 
0 
1 
59,321
Wind power 
generation 
– offshore
Marine use change; 
habitat loss, species 
loss or change in 
ecosystem services
Secretary of State,  
Marine Management Organisation (MMO)
Renewables – onshore wind (under construction)
14
Germany 
0
1
1
Wind power 
generation 
– onshore
Land-use change; 
habitat loss, species 
loss or change in 
ecosystem services
State Office for the Environment,  
North Rhine-Westphalia 
State Office for the Environment, Lower Saxony
National Planning Inspectorate,   
Scottish Government’s Energy Consents Unit,  
East Ayrshire Council
US Fish and Wildlife Services (USFWS),  
US Environmental Protection Agency (US EPA)
UK 
1
3
5
US 
0
1
3
Other
1
8
5
Renewables – onshore solar (under construction)
9,617
UK 
2
7
275
Solar power 
generation
Land-use change; 
habitat loss, species 
loss or change in 
ecosystem services
City Planning Office, Berlin  
Building Inspectorate, Hamburg
National Planning Inspectorate, Stratford on Avon 
District Council, Warwick District Council
USFWS, US EPA, USACE
Department of Environmental Protection /  
Conservation, Department of Transportation, 
Public Service Commission
County planning and zoning commissions,  
county building departments
US 
3
15
8,871
Other
42
63
471
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6. Specific reporting methodologies
Metrics for temporary land-use change
To determine the area of land used and recultivated, RWE utilises image measurement 
flights and photogrammetric evaluations. The data only include the actual areas used, 
with no extrapolation or forecasts. RWE considers an area to be recultivated, for example, 
when it has been replanted (forestry recultivation) or when the area can be planted after 
the loess layer has been applied. Land used is defined as the area utilised for lignite mining. 
The reported data is verified by a local supervisory authority.
Metrics for temporary freshwater-use change
The amount of water extracted and water discharged is measured for each opencast 
mine, mainly by individual metering. The sum of the individual amounts is then checked for 
plausibility and entered into RWE’s internal data collection tool as a consolidated metric. 
The opencast mines included in the data are Garzweiler, Hambach and Inden. The reported 
data is verified externally by the LANUV, the district governments of Cologne, Arnsberg 
and Düsseldorf, the Erftverband and / or the local water authority of the city of Düren, 
depending on jurisdiction and approval notice.
To monitor our potential impacts on temporary land-use change from lignite mining, we 
disclose the area of land currently used by RWE for its business operations in the Rhenish 
lignite area. It should be noted that the legal framework establishes an obligation to restore 
the land used in its entirety after completion of the mining activities. The opencast mining 
pits remaining after recultivation will be transformed into lakes, in accordance with the 
decision of the state government.
Land-use change metrics  
in RWE’s phaseout technology lignite mining
Unit
2024
Land used1
hectares
10,430
1  Land used is defined as operational area, as of 31 December 2024.
In relation to potential impacts on temporary freshwater-use change due to groundwater 
extraction and diversion for lignite mining, we disclose the amount of water extracted and 
the amount of water discharged into water bodies. In the lignite mining area, we mainly 
extract groundwater from the mining areas, where operations require a lower water table 
and discharge almost all of this water back into nearby rivers or lakes. The water consumption 
(the difference between input and output) amounts to only 2 % of the water extracted, 
mainly since we use a small portion of the groundwater as cooling water for our power 
stations, which evaporates into the air.
Freshwater-use change metrics  
in the opencast lignite mines
Unit
Input 
(2024)
Output 
(2024)
Groundwater
million m3 
452.5
n.a.
Surface water
million m3 
23.9
443.1
Water from third parties /  
water discharged to third parties
million m3 
0.2
24.3
Total
million m3
476.6
467.3
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The operation of large power stations, in particular combustion plants which use solid 
fuels, generates waste. Large quantities of waste can also be generated in our Renewables 
business, especially during the construction phase, as well as when dismantling older wind 
farms. Consequently, waste management is a material aspect that is mainly driven by 
large power plant assets in RWE’s Phaseout Technologies segment (lignite) and the 
Flexible Generation business (hard coal, biomass and gas). However, waste management 
also has increasing relevance in the field of renewables.
RWE’s material impacts, as summarised in the table below, were assessed as part of RWE’s 
double materiality assessment (see pages 84 et seqq.). No material risks and opportunities 
were identified beyond the provisions for decommissioning wind and solar assets already 
accounted for on the balance sheet. Nevertheless, RWE recognises general risks including 
price volatility, possible supply chain disruptions and potential fines due to evolving 
legislation. 
Material IROs
E5 Resource use and circular economy
Resource use for the construction of assets 
(actual negative impact, own operations and value chain)
Waste management 
(actual negative impact, own operations and value chain)
E5 Resource use and circular economy
The global economy has traditionally relied on a system that constantly requires new 
natural resources. This model and the growing population are putting a strain on the 
availability of these resources. By taking measures to reuse and recycle materials, we can 
significantly reduce our dependence on new raw materials, thereby reducing the impact 
on the environment and counteracting the scarcity of resources in the long term. 
In response to the growing challenge of limited natural resources, the circular economy is 
also becoming an increasingly important strategic sustainability issue for RWE due to our 
ongoing need for resources.  
By incorporating the principles of the circular economy, we intend to reduce resource 
depletion and waste generation, while also leveraging a mechanism that simultaneously 
helps us to lower Scope 3 emissions related to the procurement of goods (see page 122). 
In addition, circular economy measures, particularly in our upstream value chain, help to 
stem the loss of biodiversity (see pages 135 et seqq.).
1. Material impacts, risks and opportunities
As RWE presses forward with its Growing Green strategy, it needs substantial quantities of 
materials, mainly concrete, steel, glass, polysilicon, copper, aluminium and critical raw 
materials for the construction, repowering or conversion of assets such as offshore wind, 
onshore wind and solar farms, battery storage facilities, electrolysers and gas-fired power 
plants. Thus, resource use for the construction of assets is a material value chain aspect  
in RWE’s Renewables and Flexible Generation businesses. As there is no significant 
construction activity in the Phaseout Technologies segment, resource use is not a material 
aspect in this business segment. ‘E1 Climate change – energy consumption’ includes a 
comprehensive presentation of the fuels we use; thus, we do not further consider such as 
inflow materials.
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3. Policies and approach
RWE has put a policy in place for the circular economy and aims to reach circularity by 
2050. At the core of this policy is RWE’s circularity framework, which highlights three core 
circular principles: 
•	 Reducing consumption and increasing the inflow of circular materials,
•	 Increasing material reuse and extending asset lifetimes, and
•	 Minimising end-of-life disposal.
To bring these three circular principles to life, we have identified three circularity enablers, 
as further parts of the framework, namely 
•	 Forming long-term partnerships, 
•	 Measuring circularity, and 
•	 Designing components with a focus on the circular economy.
The implementation of RWE’s circular economy policy is overseen by the Head of 
Strategy & Sustainability. Every Group company with considerable waste streams in RWE’s 
core business is expected to produce a goal-orientated roadmap for circularity which 
contains specific actions and measurements to increase the recovery rate between now 
and 2030.
We generally follow the waste hierarchy for our waste, i.e. ideally we avoid waste, reuse it or 
recycle it. Only when this is not possible are the remaining options of incineration or landfill 
considered.
Our policy and approach connects the understanding and measures regarding inflows 
and outflows to reduce resource use, minimise waste and foster circularity of materials. 
This starts with the design of assets in collaboration with partners to ensure that materials 
can be recycled more easily (see page 144). 
2. Targets
RWE recognises the importance of transitioning to a circular economy. We have set a goal 
to increase the recovery rate in our core business to over 90 % by 2030 (see page 149). 
This target is monitored by the Strategy & Sustainability department and progress is 
regularly reported to the Executive Board. 
We have also investigated other inflow-related targets in some business segments. Due to 
our supply chain dependency and the still-limited availability of recycled or recyclable 
materials on a larger scale as well as the profitability of these actions, we expect to develop 
suitable inflow targets in the coming years. 
Business segment
Target
Baseline 
year 2023
Layer of waste 
hierarchy
RWE core business
Increase 
recovery rate1 to 
over 90 % by 2030 
Recovery rate 
of 83 %
Preparing for 
re-use; recycling; 
other recovery
1  See page 149.
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4. Actions
RWE’s assets are designed for longevity, typically targeting a service life of at least 30 years 
for wind and solar assets, with recent industry trends extending this to beyond 35 years. 
Good maintenance also helps to extend the service life of our assets. For example, some 
of our hydro assets have been in operation for 70 years or more. 
To further operationalise its three core circularity principles outlined earlier, RWE has 
launched a series of actions and pilot projects, in addition to successfully implementing 
measures. These pilot projects aim to test the feasibility and scalability of various circularity 
measures. In the year under review, the initiatives primarily focused on reducing inflows of 
raw materials by increasing the refurbishment and repair of components. Some measures 
are also intended to improve the recovery or recycling of components and materials, in 
order to reduce disposal or incineration. These actions are generally undertaken without  
a dedicated budget specifically for circularity, but are instead considered within the 
allocated project budget.
Resource inflows 
To address resource use for the construction and operation of assets, particularly the use 
of raw materials, we seek to avoid inflows by reusing components or using refurbished 
components. We also explore options to gradually increase the share of circular materials in 
our inflows with recycled materials. For all approaches and initiatives, feasibility, scalability 
and alignment with economic efficiency are prerequisites. 
Some identified measures regarding inflows also simultaneously function as levers to 
reduce our emissions in the upstream supply chain and thus contribute to our climate 
goals (see pages 122 et seqq.).
Roles and responsibilities in relation to waste are clearly allocated in our operational 
companies as an integral part of the environmental management system and organisation. 
Specifically for large power plants, there are legally required designated waste officers  
in several business areas. In all other business areas, waste management roles are  
clearly allocated at each site, often in combination with HSE advisors (Health, Safety &  
Environment). Depending on the business area, the environmental organisation ensures 
that measures are formulated and implemented and that monitoring and internal 
reporting is carried out via the Sustainability department. 
To monitor the effectiveness of its policies, RWE collects mainly waste data as well as 
inflow- and market-related data in specific initiatives in order to better understand the 
feasibility of potential action fields and measures. By doing so, we aim to gradually 
increase the quality of our data on the subject of circularity.  
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Reusing materials –  
refurbishment to limit resource use 
In its operations and maintenance processes for onshore wind and solar assets, RWE  
was able to use refurbished components for more than 50 % of the components requiring 
replacement in 2024. This included components such as blades, transformers, wind 
sensors, yaw gears, motors, brake calipers, inverters, circuit boards and circuit breakers.
Resource outflows 
If lifetime extension is not possible and an asset or component must be disposed of,  
RWE strives to minimise the end-of-life treatment of waste materials, aiming to gradually 
further reduce the incineration of waste or disposal in landfills.
Reusing materials –  
repurposing used rotor blades for noise barriers
In general, wind assets achieve a high recovery rate, mainly in relation to steel and concrete. 
Only rotor blades still present a challenge due to the composite material. For its existing 
fleet, RWE is testing out various options. To date, very few environmentally friendly, industry- 
wide scalable technologies are available on the market for the repurposing or recovery of 
wind turbine blades made of conventional composites. Innovative solutions are required  
to reduce future landfill and ultimately achieve our circular economy targets. Along with 
other initiatives for the recycling of conventional blades, for example in the production of 
gypsum or road construction, RWE has joined the BladeReUse project led by the Karlsruhe 
Institute of Technology (KIT), which aims to develop a method to repurpose rotor blade 
parts in the construction industry to lower CO2 emissions and resource use. The project 
started in October 2023 and is expected to deliver the first noise barriers made from 
blades by the end of 2026.
To this end, we form and maintain partnerships with relevant suppliers to jointly work  
on circularity levers and, depending on the component, we actively look for suppliers  
with dedicated circular business models. Circularity is also anchored in our supplier 
prequalification criteria and is part of our general process for supplier selection and 
management (see page 144). 
New battery concept with improved characteristics 
Our US renewables business initiated a pilot project in 2024 to test the performance 
characteristics of a high-efficiency metal-hydrogen battery. The company EnerVenue is 
pioneering the commercial deployment of high-efficiency metal-hydrogen batteries 
designed to exceed a 30,000-cycle life and with better recyclability than lithium-ion. The 
project will be continued in 2025 to investigate the possible use of the technology.
Less concrete in onshore foundations 
In 2024, we completed a project in the USA to optimise foundations for onshore wind 
farms. RWE has designed and tested optimised foundations that require less concrete and 
steel compared to conventional foundations. In the next step, we plan to use the optimised 
foundations for all of our newly constructed wind farms in the USA.
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In Gundremmingen, we have begun dismantling cooling towers B and C of the former 
nuclear power plant. All of the projects are achieving recycling rates of more than 90 %. 
Additional dismantling projects are planned and RWE is exploring other sustainability 
options, in order to further increase the proportion of reused or recycled material.
In the past and whenever profitable, we have tried to resell components and materials, 
such as steel, on secondary markets or in some cases even entire machines or parts of 
power plants. Resold materials and components for external recovery as well as reused 
components are considered in the recovery rate for the core business (see page 149). 
5. Metrics
We use initial metrics that represent standard indicators of the circular economy. These 
are especially useful for understanding the status quo and tracking our progress over  
the years. They are also particularly helpful for identifying potential for improvement and 
retrospectively quantifying the improvements that have been achieved.
Resource inflows
In accordance with the identified impacts, risks and opportunities (IROs), we estimate the 
total weight of relevant materials associated with our new-build facilities. As the proportion 
of biological materials is minimal, we consider all of them to be technical materials. The 
main input materials associated with investments in RWE’s Renewables business are steel 
and concrete, for wind turbines, and glass for PV panels. In our flexible generation business, 
the main material inflows in 2024 were concrete for construction work, steel for equipment 
such as electrolysers and for large spare parts (e. g. turbine components), as well as a 
significant share of battery chemicals and non-ferrous metals (e. g. aluminium and copper) 
for large battery storage systems.
Reducing tomorrow’s waste – recyclable rotor blades  
To foster further development in recycling wind turbines, in 2021 RWE began piloting the 
use of recyclable blades developed by Siemens Gamesa. These blades utilise a new type of 
resin that allows for efficient separation and reuse in various applications, such as in the 
automotive industry or consumer goods. Following successful testing on three turbines at 
the Kaskasi offshore wind farm in 2022, RWE installed recyclable blades on 44 of the 
100 turbines at its Sofia offshore wind project in 2023. If the tests are successful, RWE 
plans to use recyclable rotor blades in new construction projects. At the Thor offshore wind 
farm (Denmark), which is currently being constructed, we will use recyclable rotor blades and, 
in addition, half of the turbines are to be built with towers made of more environmentally 
friendly steel.
Increasing recycling – solar panels  
RWE is working on better recycling processes for solar modules in the USA. In collaboration 
with the technology-based solar module recycling company Solarcycle, we are testing  
new processes to extract and reuse the majority of materials in a solar module, including 
aluminium, silver, silicon and glass. The company feeds this material back into the supply 
chain to promote domestic solar production and drive the circular economy worldwide. In 
2024, Solarcycle and RWE entered into a partnership for the recycling of solar modules  
for the Alamo 7 project, and we plan to continue this partnership in 2025.
Recovering materials from decommissioned sites  
In the Phaseout Technologies business, the dismantling of plants continued during the 
year. Activities in the reporting period took place at several locations in Germany. Almost 
all of the buildings at the former power plant site in Voerde are currently being demolished, 
while a recently acquired site in Lingen is being prepared for further use by dismantling 
former production facilities. Additional dismantling activities are taking place at the 
Gerstein plant and at our power plant in Dortmund. Dismantling is progressing steadily at 
all RWE nuclear energy sites, including at Emsland, which was closed in 2023 and was 
our last nuclear power plant in operation. For example, the cooling towers of the former 
nuclear power plant in Biblis were demolished in the reporting year. 
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Metrics  of secondary materials used 
Unit
2024
Absolute weight of secondary materials used 
metric tons
130,602
Percentage of secondary materials used 
%
10



Resource outflows 
RWE records the volume of all waste, broken down by type of recycling and type of 
disposal, as shown in the table on the following page. The waste figures cover the same 
scope as the financial report and include all consolidated units with significant waste 
streams.
With regard to ash from lignite-fired power generation, which accounts for 61 % of total 
waste volumes, RWE is obliged to utilise these volumes internally as part of its land 
recultivation at former opencast lignite mines. In 2024, the waste generated mainly 
consisted of slag, fly ash and filter dust from combustion as well as soil and stone from 
demolition. The Flexible Generation segment mainly produced slag, fly ash and calcium 
chloride from regular operations.  
In the Renewables business, the most important waste materials were: soil, stones and 
concrete (both for new construction and for repowering and dismantling), municipal waste 
from the construction of solar plants and recyclable metals from the construction of wind 
farms.
Metrics resource inflows
Unit
2024
Total weight of products 
metric tons
1,295,769
– of which: concrete
metric tons
781,525
– of which: ferrous metal (mainly steel)
metric tons
377,512
– of which: glass
metric tons
80,194
– of which: non-ferrous metal (mainly  aluminium, copper)
metric tons
25,424
Based mainly on general statistics and partly on data from suppliers and lifecycle 
analyses, we derived estimates for the share of recycled materials in our key inflow  
materials categorised into the three groups ferrous metals (steel, etc.), non-ferrous  
metals (copper, aluminium, etc.) and concrete.
For ferrous metals, particularly steel, we assume a 29 % recycled content, based on 
lifecycle assessments and existing supplier data. For non-ferrous metals, including copper 
and aluminium, recycled and virgin materials are processed separately; however, based 
on global averages, we adopt a 20 % recycled feedstock share, including metals used in 
battery components. For glass, we estimate a 20 % recycled share, supported by emissions 
data and the energy-saving benefits of incorporating recycled cullet in production.  
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Waste
Unit
2024
Non- 
hazardous 
Hazardous 
Waste directed to disposal 
External incineration
thousand 
metric tons
14.6
0.3
External landfill
thousand 
metric tons
46.7
17.8
Other disposal operations
thousand 
metric tons
491.7
9.1
– of which: spent nuclear fuel
thousand 
metric tons
—
0.0
– of which: radioactive operational waste
thousand 
metric tons
—
0.6
– of which: ash and slag for external disposal
thousand 
metric tons
12.7
—
– of which: gypsum for external disposal
thousand 
metric tons
2.5
—
– of which: gypsum for internal disposal
thousand 
metric tons
122.9
—
– of which: internal disposal 
thousand 
metric tons
339.8
—
Total
thousand 
metric tons
553.0
27.3
Non- 
hazardous 
Hazardous 
Non-recycled waste1
Amount of non-recycled waste
thousand 
metric tons
3,678.9
—
Percentage of non-recycled waste 
%
96.7
—
Hazardous 
Hazardous waste 
Total amount of hazardous waste 
thousand 
metric tons
56.6
1  The amount and share of non-recycled waste includes and refers to waste from all business areas.
Waste
Unit
2024
Total waste generated
thousand 
metric tons
3,803.8
Non- 
hazardous 
Hazardous 
Waste diverted from disposal
Preparation for external reuse
thousand 
metric tons
103.9
0.2
External recycling
thousand 
metric tons
123.6
1.3
Other recovery operations
thousand 
metric tons
2,966.6
27.9
– of which: internal use of ashes in landscape 
restoration at former opencast mines 
thousand 
metric tons
2,311.1
—
– of which: ashes and slag external recovery
thousand 
metric tons
237.2
—
– of which: gypsum external recovery 
thousand 
metric tons
0.3
—
– of which: internal recovery
thousand 
metric tons
120.8
—
Total
thousand 
metric tons
3,194.1
29.3
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To advance circularity and reduce waste, RWE started to monitor its progress in material 
recovery by introducing a recovery rate indicator. The current target is to achieve a 90 % 
recovery rate in RWE’s core business by 2030. In 2024, a recovery rate of 88.3 % was 
achieved. 
Recovery rate 
Unit
Target (2030)
2024
Recovery rate of core business 
%
90.0
88.3
6. Specific reporting methodologies
Resource inflows
The resource inflow data was estimated based on an existing categorisation of material 
and product groups. The estimation was conducted for large components for new builds 
and overhauls in RWE’s Renewables and Flexible Generation businesses covering at least 
80 % of relevant material and product groups. The data estimation is not separately 
validated by an external organisation.  
Resource outflows – waste data 
Waste data is collected based on weighted volumes by all of RWE’s companies and then 
aggregated at the Group level. In cases where data is not available or insufficient, 
particularly due to data availability constraints from contractors, RWE uses the best 
available as-is data for the reporting year due to the difficulty of making accurate 
estimations for waste data.  
The category ‘other recovery operations’ represents the largest share of waste diverted 
from disposal. This category includes all recovery operations that are not explicitly 
preparation for reuse or recycling. The category ‘other disposal operations’ also contains 
the largest share of waste directed to disposal. RWE is working with its waste experts in the 
various business units to gradually improve the allocation to the sub-categories and 
increase the granularity of the data reported. For this report, waste data is reported to the 
relevant authorities in accordance with legal requirements and aggregated at the Group 
level.
Resource outflows – recovery rate 
The recovery rate applies to our core business and does not include Phaseout Technologies. 
The share of materials in percent is calculated from the overall volume of outflows in our 
core business which is not disposed of. The total amount of outflows includes all types of 
waste as included in the table above. Additionally, it includes scrap, by-products, as well as 
materials and components for reuse.  
Waste data is reported to local authorities if required, but are not separately validated by 
an external body.
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1. Material impacts, risks and opportunities
RWE’s material impacts, as summarised in the table below, were assessed as part of RWE’s 
double materiality assessment (see pages 84 et seqq.). In accordance with this assessment, 
RWE has identified working conditions for our own workforce with all related sub-topics as 
material sustainability matters with mostly positive impacts. 
Material IROs 
S1 – Own workforce
Health and safety 
Physical work (potential negative impact, own operations)
Secure employment
Creation of secure jobs in the renewable energy sector  
(actual positive impact, own operations)
Working time
Flexible working hours (actual positive impact, own operations)
Adequate wages
Positive level of wages paid (actual positive impact, own operations)
Social dialogue
Employee feedback mechanisms (actual positive impact, own operations)
Freedom of association, the existence of works councils and the information,  
consultation and participation rights of workers
Strong works council representation (actual positive impact, own operations)
Collective bargaining, including rate of workers covered by collective agreements
Collective bargaining agreements (actual positive impact, own operations)
Work-life balance
Flexible working time and family-related leave  
(actual positive impact, own operations)
S1 Own workforce
At RWE, our people are at the heart of everything we do. Ensuring the best possible 
working conditions for our employees is therefore our utmost priority and an integral part 
of our business model. This is also reflected in RWE’s internal standards, which are based 
on fundamental international standards and human rights principles. As a company, we 
strive to position RWE as an employer of choice for those who want to help shape the 
energy transition. 
Health and safety (H & S) is of crucial importance for RWE’s business in order to create  
a safe, supportive working environment at all locations. The well-being of employees  
and contractors is paramount in this regard. Furthermore, RWE is committed to fair and 
appropriate remuneration, which is often above the market rate. RWE also aims to 
promote new ways of working, for example by offering flexible hours and remote work 
options, particularly for employees in administrative roles. The company promotes social 
dialogue through open communication with employee representatives and groups, in line 
with RWE’s overarching sustainability goals.
RWE operates globally, with most of the workforce employed in Germany, the Netherlands 
and the United Kingdom, as well as in the United States. 
Good working conditions coupled with a diverse range of attractive benefits ensure that 
RWE achieves its goal of being an attractive employer.
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2. Targets
Working conditions
In business and industry, employee satisfaction and commitment are often expressed 
using the engagement index, which serves as an indicator of working conditions. Among 
other things, it offers valuable insights into how committed employees are to the company 
and serves as a basis for developing initiatives. RWE has set itself a Group-wide target of 
80 % for the engagement index. This indicator is part of the sustainability-linked Executive 
Board remuneration (see pages 97 et seqq.) and includes an annual survey, in which 
employees can express their level of satisfaction. The engagement index is calculated as the 
percentage of all employee responses that answer the commitment-related questions 
with ‘strongly agree’ and ‘agree’. RWE achieved an engagement index of 87 % in 2024, 
surpassing the already very ambitious target of 80 %. We aim to continue to exceed this 
already high benchmark in the future. The Executive Board of RWE AG is notified of the 
annual results. Following the employee survey, targeted improvement initiatives are 
derived for individual team where necessary, based on the results. The Supervisory Board 
assesses target achievement, reviews the targets annually and determines the goals for  
the following year.
Health and safety
RWE upholds the principle that ‘All accidents are preventable’ and is committed to 
safeguarding and promoting the health of its employees. Occupational safety measures 
are continuously developed and improved to this end. This process is managed with the 
help of key figures, in particular the LTIF (Lost Time Injury Frequency). The LTIF is an 
internationally recognised and industry-wide indicator that measures the frequency of 
accidents, i.e. the number of accidents in relation to the number of hours worked. For 
fiscal 2024, RWE aims to prevent fatal accidents and achieve an LTIF of 1.8 accidents  
per million hours worked for our own employees and for employees of partner companies 
at our sites. Both targets form part of the Executive Board remuneration (see pages 97  
et seqq.). This is linked to target values for the individual RWE Group companies, which are 
agreed between the Executive Board of RWE AG and the Executive Boards of the Group 
companies and then confirmed with the Supervisory Board for the following year. 
Our employees perform activities during the construction, operation and dismantling of our 
plants that may be associated with health risks. Working at height, handling heavy loads, 
movable parts on systems or components and high-voltage connections are examples of 
the potential hazards to which RWE employees may be exposed during their working 
hours. If handled improperly, these risks can lead to serious, sometimes long-term injuries 
or even death. We endeavour to avoid this through our occupational health and safety 
management system (see page 152).
RWE is well known and appreciated for its favourable working conditions. This is reflected 
in high standards for fair wages, working hours, social dialogue, collective bargaining 
arrangements, freedom of association and work-life balance. 
The expansion and development of generation technologies from renewable sources 
creates new, secure jobs and thus opportunities that open up positive further development 
options for current and future RWE employees.
Beyond extensive construction and expansion in renewables, our phaseout and 
decommissioning efforts in conventional energy generation also play a crucial part 
within the context of the energy transition. Assets that in many instances have been 
operated for decades have already been or will have to be closed down, which in turn 
affects our workforce. RWE wants to ensure this transition is socially acceptable and 
considers the perspectives of the affected stakeholders.
RWE maintains a zero-tolerance policy toward forced labour and child labour in its own 
operations. This corresponds with RWE’s values, commitment and self-understanding, but 
also with the robust regulatory frameworks in the countries in which we operate. 
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3. Policies and approach
RWE is committed to ensuring an optimal and safe working environment for our workforce. 
This chapter provides an overview of the policies and approaches that sustain our 
commitment to being a responsible employer and thus continue to drive positive 
outcomes for our workforce and the organisation. The core of our approach is the RWE 
Code of Conduct, which lays the foundation for responsible operations based on principles 
such as honesty, respect and accountability. No employee or job applicant should be 
discriminated against based on gender, marital status, ethnic background, nationality, 
age, etc. We are committed to equal opportunities and diversity. There are no mandatory 
policies with regard to inclusion or support measures in favour of underrepresented 
groups in the company’s own workforce. Procedures that help to prevent discrimination 
include established complaints processes, awareness-raising measures and actively 
addressing applicants in job advertisements.
The Code of Conduct has been managed by our Compliance department since 2005  
and ensures that both RWE and its employees operate in accordance with legal and 
ethical standards. The Code is enforced throughout our operations based on a systematic 
approach that emphasises personal responsibility and compliance with legal standards;  
it is also supported by the Policy Statement on Human Rights.
Working conditions
With regard to working conditions, RWE is committed to creating a workplace that supports 
professional development and personal well-being. This is mirrored in the corresponding 
statutory regulations and a wide range of agreements (collective labour agreements, works 
agreements, employment contracts, etc.), which cover a diverse array of essential elements 
In feedback meetings (‘Partner Company Days’), our partners are informed about 
occupational health and safety performance in comparison with the targets, findings or 
improvements and planned programmes or initiatives relating to occupational health  
and safety. Workers in the value chain (or their representatives) are not directly involved  
in setting and pursuing the targets.
Annual management survey on compliance violations  
One indicator to indirectly assess whether employees have a solid understanding of  
RWE’s principles is the proportion of managers who take part in the survey on compliance 
violations. RWE has set its annual Group-wide target for the ‘response rate of the 
management survey’ at 100 %. The survey is sent to all employees classified as managers 
on 31 October. The survey was conducted on 7 January for the previous fiscal year. This 
KPI is embedded in the sustainability-linked Board remuneration (see pages 97 et seqq.) as 
the ‘response rate of the management survey on compliance’, which successfully achieved 
the targeted 100 % response rate for 2024. This target implies that full participation is 
maintained at the highest level. The Executive Board of RWE AG is informed of the results 
every year. The Supervisory Board assesses target achievement, reviews the targets 
annually and determines the goals for the following year. 
All targets in this context are set for one year. Most targets are plateau targets to maintain 
the achieved good or very good levels. Unless otherwise indicated, the targets were 
established independently of specific methodologies or assumptions. For own employees, 
regular exchanges with works councils assure the involvement of this stakeholder group 
and its perspectives.
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Further information

Ensuring fair remuneration for all employees is a cornerstone of RWE’s HR policy. We are 
committed to paying fair wages in accordance with collective labour agreements and 
statutory standards. In many cases, employees receive higher wages than the minimum 
wages defined by the EU or national legislation. RWE also offers employees numerous 
other additional benefits.
RWE actively supports collective bargaining and facilitates social dialogue through 
institutional frameworks such as works councils and union representation, which are 
institutionalised particularly in Germany, the UK, the Netherlands and other European 
countries. Our policies promote the creation of environments conducive to dialogue 
between management and employees, ensuring that workers’ representatives are 
involved in discussions on employment-related issues before decisions are finalised. This 
approach not only solidifies trust but also enhances workplace transparency, leading to 
the more effective management of employee relations (see also next section on 
engagement with own workforce).
RWE upholds the right to freedom of association and collective bargaining, and ensures 
no interference in union formation or functioning. Our policies guarantee that employees 
can freely associate, establish unions and collectively engage in bargaining without fear  
of disadvantages. We provide facilities and protections for workers’ representatives, 
reinforcing our commitment to fair representation and good social dialogue. Employees 
can openly and regularly exchange views on working conditions with management or in the 
long-standing workers’ representative bodies and unions. RWE finds local solutions that 
take into account the relevant national legislation and specific guidelines and situations. 
RWE works together with employees and trade unions and has created dedicated roles in 
the organisation for this purpose.
of working conditions, including, for example, secure employment, remuneration, working 
hours, social dialogue, work-life balance, etc. Relevant principles are defined in the RWE 
Social Charter, which was developed in cooperation with the European Works Council and 
is valid for the employees in Europe.
With the support of the individual HR departments, RWE’s Chief Human Resources Officer 
(CHO) and the corresponding Executive Board members of the Group companies ensure 
that these commitments are met through a collaborative process with employee 
representatives. The Social Charter supports social dialogue and transparency in employee 
relations, and articulates the rights and responsibilities of employees and management. 
Furthermore, possible working arrangements include mechanisms that foster a good 
work-life balance and accommodate employees’ diverse needs, including flexible working 
time and enabling family-oriented leave.
RWE offers a large number of permanent employment contracts that are protected by 
statutory, collectively agreed or contractual employment protection regulations. RWE 
endeavours to provide employees from discontinued business units with new qualifications 
that allow them to move to other business units and access new opportunities.
RWE recognises the importance of structured working hours in fostering employee health, 
productivity and personal well-being. Employees’ working hours are governed by laws, 
collective agreements and other labour law principles. Our shift models and shift schedules 
are designed to minimise disruption for employee. Flexible work arrangements may be 
offered to accommodate personal and family needs, which are crucial in supporting 
employee satisfaction and engagement.
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Further information

ISO 45001 are recommended to the Group companies in order to further strengthen the 
integrity of the health and safety management systems. 
The RWE Group uses IT systems to report, analyse and manage safety-related observations, 
incidents and accidents. These systems are designed to ensure that appropriate preventive 
measures are taken immediately in response to risk-based observations, incidents and 
accidents at work. In addition, RWE’s International Health Standard (IHS) defines a baseline 
of health-related products and services that must be made available to every RWE 
employee worldwide. Where necessary, the Group companies may offer their employees 
additional health-related services over and above those specified in the IHS. RWE promotes 
preventative healthcare for all employees with comprehensive programmes addressing 
physical, mental and social well-being of employees in conjunction with evolving, tailor-
made initiatives.
Engagement with RWE’s own workforce
In Germany, the Works Constitution Act (Betriebsverfassungsgesetz, BetrVG) regulates  
the comprehensive information, consultation and co-determination rights of the Works 
Council, providing a foundation for a trusting relationship between executive management 
and the Works Council. In addition to the Group Works Council and the European Works 
Council, the company supports various forms of employee representation at both corporate 
and operational levels. These include spokesperson committees, representative bodies for 
employees with disabilities, and youth and apprentice representation. In the event of 
changes within the company, RWE meets all its obligations to inform and involve employee 
representatives early on. The Director of Human Resources is responsible for maintaining 
dialogue with employee representatives. This takes place several times a year in the form 
of consultations with the elected members of the Works Council. Agreements are usually 
concluded and documented via collective labour agreements or works agreements. The 
regulations are published on the intranet and can be viewed at any time. They are also 
communicated to employees at works meetings, for example.
Human rights in the context of RWE’s own workforce
Our commitment to respecting human rights is set out in our Code of Conduct, in  
our Policy Statement on Human Rights and in a comprehensive Human Rights Risk 
Management System for Human Rights (HRRMS), which is based on national laws  
and international standards.
With regard to RWE’s supply chain, respecting and safeguarding human rights is important. 
A comprehensive description of our human rights strategy and our approach, which also 
applies to RWE’s own workforce, can be found in the chapter ‘Workers in the value chain’. 
Health and safety
Health and safety (H & S), as a core component of working conditions, is a top priority for 
RWE. We attach great importance to health and safety in the workplace. The Chief Human 
Resources Officer (CHRO), who also acts as the Labour Director on the Executive Board of 
RWE AG, is responsible for the Group-wide coordination and assessment of health and 
safety. The Executive Board members and managing directors of the Group companies 
ensure the implementation of and compliance with legal regulations in health and safety 
as well as alignment with the Group’s H & S targets (‘operational responsibility’). Each Group 
company designates an Executive Board member or a managing director to oversee H & S. 
This does not affect the overall responsibility of all Executive Board members or  managing 
directors.
The ‘Health and Safety’ Group Directive serves to organise and safeguard standards 
within the RWE Group companies. It outlines core criteria for the health and safety policy, 
the organisational framework and procedural structure in health and safety, and H & S 
targets. In addition, it establishes Group initiatives,  programmes and standards, as well as 
uniform, Group-wide terminology and overarching regulations for health and safety and for 
the health and safety management system. Each Group company has established a health 
and safety management system that is used for systematic monitoring and continuous 
improvement in accordance with the Plan-Do-Check-Act cycle. Certifications such as
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Responsibility statement
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Further information

RWE ensures the prompt and appropriate follow-up of all complaints with standardised 
checks to confirm whether these are verified cases of potential compliance violations.
RWE maintains the highest level of confidentiality in processing complaints, protecting  
the identity of whistleblowers and considering the interests of those affected by a report. 
Actions or omissions related to professional activities that result from a report or disclosure 
and may unjustly harm the whistleblower are not tolerated. A web-based system and 
alternative options, as well as orientation information on the intranet, ensure that reports 
can be made and further information provided. The information received is reviewed by 
the relevant departments within the Group. Reported cases are then investigated as part 
of a systematic follow-up process and remedial action is taken where appropriate. The 
process is subject to stringent confidentiality standards and personal data protection 
considerations, ensuring whistleblowers are systematically protected. Based on the rising 
number of reports received in recent years, we can conclude that the employees are 
aware of this procedure and utilise it.
To uphold compliance, the Compliance department conducts regular audits and 
systematically follows up on reports of violations. If legal breaches are confirmed, 
appropriate legal action may be taken as necessary.  RWE AG’s Internal Audit department 
regularly includes different sections of the Code of Conduct in its risk-oriented audit 
planning. If indications of violations are found at Group companies, remedial measures 
are agreed and monitored as part of a standardised process.
Once a year, RWE gauges employee satisfaction through a Group-wide survey, the results 
of which are documented and analysed. 
At RWE, several underrepresented employee groups are organised in networks that are 
generally open to all our employees. These networks include the women’s network, networks 
for people with disabilities and young employees. RWE relies on these networks to gain 
insights into its workforce’s perspectives, particularly to better understand the needs of 
those who may face potential disadvantages. Our Human Rights Risk Management System 
(HRRMS) helps us with implementation and provides support through relevant HR 
guidelines, principles and trainings.
As part of the transition to a more environmentally friendly, climate-neutral business, 
measures have been taken to mitigate negative impact on employees. While new employees 
are being recruited for growth areas, the necessary decommissioning measures in 
connection with the phaseout of nuclear and coal-fired generation have led to a reduction 
in jobs and staff. RWE strives to manage this transition in a socially responsible manner by 
committing in a collective labour agreement to transfer employees from good jobs to 
good jobs and to qualify them for this transition in advance where necessary. For older 
employees, offers are available such as the adjustment allowance scheme and the partial 
retirement scheme, allowing early retirement and thus an early pension.
Grievance mechanisms for RWE’s own workforce
Employees have the opportunity to report legal violations through our whistleblowing 
system. Confidentiality ensures the anonymity of whistleblowers. In the event of suspected 
or actual legal breaches, employees can notify compliance officers via a web-based 
whistleblowing system. This system has proven effective as evidenced by the growing 
confidence of employees in using it to report grievances. 
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Responsibility statement
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Further information

Health and safety
In the year under review, RWE took numerous important measures to further improve 
health and safety throughout the company and ensure alignment with our strategic safety 
goals. Based on thorough risk assessments, incident analyses, audit results and overarching 
safety targets, each RWE Group company has adopted additional effective preventative 
measures, which are fundamentally geared towards ensuring sustainable, long-term 
health and safety.
In November 2024, for example, RWE organised its second annual Renewables Emergency 
Response Challenge (RESQ+) involving offshore rescue teams from a number of different 
countries. The main aim of the event was to further improve the first aid and rescue skills 
of the participants through realistic emergency scenarios. In addition, this initiative aimed 
to strengthen team collaboration, encourage the sharing of best practices, and provide  
a platform for better emergency preparedness across the organisation. All participating 
teams were given tasks that improved their technical skills and promoted cooperative 
learning within the Group. Another example of this approach is the Last Minute Risk 
Assessment (LMRA) in the Flexible Generation and Phaseout Technologies segments: 
aligned with industry best practices, it promotes collaboration between RWE and contractors 
to proactively identify and mitigate task-related risks before work begins.
Other measures include, in particular, the continued implementation of comprehensive 
prevention and relief initiatives, such as an employee support programme for emergency 
assistance and access to medical services. To promote a proactive approach to health and 
safety management, in addition to further developing self-learning tools for preventive 
measures and sharing monthly tips and ideas, we conduct return-to-work interviews 
following periods of incapacity, perform regular workplace inspections, assess fitness for 
work based on specific risk evaluations and provide targeted employee guidance from  
4. Actions
Working conditions
In 2024, RWE made moves to further optimise working conditions by pressing forward 
with a comprehensive and structured set of initiatives throughout the Group. 
We want to achieve employee satisfaction through a variety of measures. Promoting a 
healthy balance between work and personal life is a fundamental aspect of RWE’s approach 
to ensuring employee well-being. To this end, RWE offers flexible working hours and family-
related leave. We support families and offer childcare facilities. In doing so, we foster a 
working environment where personal commitments and wishes are taken into account.
In relation to working time, RWE takes comprehensive preventative measures to ensure 
that appropriate rest periods, breaks and paid holidays are granted in accordance with 
the applicable laws and international standards. This helps us to promote a healthy work-
life balance. In terms of compensation, in the period under review RWE continued to 
ensure that employees received adequate wages, aligned with statutory regulations and 
reflective of economic conditions and company performance. The high level of social 
dialogue was maintained through ongoing cooperation with staff and union representatives, 
integrating views from underrepresented groups to promote inclusive decision-making. 
RWE conducts an annual engagement survey to allow employees to give feedback on 
working conditions, with the results analysed to implement team-specific improvement 
actions. Alternatively, a short survey (pulse check) can be conducted, as in 2024.
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Further information

5. Metrics
Characteristics of RWE’s employees
Headcount of employees1 
Unit
2024
Total employees
number
 22,098 
of which: male
number
17,498
of which: female
number
4,599
of which: not specified
number
1
of which: not reported
number
0
1  Gender as specified by the employee. In some countries, gender selection was only carried out by selecting male / female.
The number of employees is reported as at the end of the period under review and includes 
­full-time and part-time employees including apprentices, but excluding Board members, 
managing directors, dormant employment relationships, working students and interns.  
For further information, please also see the FTE overview on page 51. 
Headcount by significant country
Unit
2024
Employees
number
22,098
of which: Germany
number
14,470
of which: United Kingdom
number
3,197
of which: other
number
4,431
health and safety experts. Another example is Flexible Generation: workplace stress factors 
were identified through the implementation of a newly harmonised assessment process. 
Following a comprehensive survey phase, managers discussed the results with their teams 
and derived specific improvement measures to reduce work-related risk factors in the long 
term. These efforts were complemented by launching the ‘Calm Your Mind’ programme. This 
focuses on stress management as a significant risk factor, emphasising the importance of 
employees’ awareness of their mental health and encouraging open dialogue.
In order to strengthen the safety skills of managers, RWE continues to operate long-term 
prevention programmes specifically for managers: these ensure that important safety 
knowledge and skills are imparted throughout the company in order to strengthen the 
safety culture at all levels.
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Further information

Employee turnover is calculated as the number of permanent employees who have left  
the Group in relation to permanent employees. It represents the average of the last four 
quarterly end-of-period figures. The underlying FTE calculation for this KPI is defined by 
the number of full-time, part-time and temporary employees less the part-time reduction. 
Role transitions within the Group have not been considered. Also, dormant employment 
relationships and fluctuations such as exemptions are not included because the employee 
usually remains with the company and is released for various reasons. The Boards, 
managing directors, apprentices, working students / interns, and pre-pension part-time 
employees in the release phase are not considered.
The voluntary employee turnover of the RWE Group includes employees choosing to leave 
RWE of their own volition. This voluntary employee turnover rate stands at 2.1 %.
Headcount by type of contract 2024
Unit
Male
Female
Not 
specified1
Not 
reported
Total 
Total employees
number
17,498
4,599
1
0
22,098
Permanent employees
number
15,961
4,250
0
0
20,211
Temporary employees2
number
1,537
349
1
0
1,887
1  In some countries, gender selection was only carried out by selecting male / female.
2  The number of employees includes apprentices.
A threshold of 10 % of RWE’s total workforce, equating to 2,210 employees, served as a 
basis for assessing the relevant countries.
Permanent employees have an employment contract for an indefinite period. Temporary 
employees have an employment contract for a fixed term.
Employee turnover1 
Unit
2024
Total number of employees who left the company
number
965.3
Employee turnover2 
%
4.9
Number of employees who voluntarily left the company
number
419.5
Voluntary employee turnover
%
2.1
1  Based on FTE.
2  Turnover rate: total departures (retirement, termination by employer, termination by employee, mutual termination of contract and 
other departures, but excluding the end of fixed-term employment contracts and moves within the RWE Group in FTE).
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Further information

Adequate wages
All RWE employees receive remuneration that at least corresponds to the statutory 
regulations in the respective countries. In many cases, however, remuneration is above 
these benchmarks and is regulated in collective agreements or other labour law principles. 
As at 31 December 2024, there were no employees who were not appropriately 
remunerated.
Health and safety 
The following table shows metrics and indicators that relate either to RWE employees or  
to the employees of contractors. The only figures that include both RWE employees and 
employees of contractors working at the company’s sites are the lost time injury frequency 
(LTIF) rate, which is also part of the sustainability-linked compensation for the Executive 
Board (see pages 97 et seqq.). 
Health and safety metrics 
Unit
2024
Own workforce covered by health and safety 
management system
%
100
Fatal work-related accidents, employees1 
number
0
Recordable work-related accidents (TRI), employees
number
153
Recordable work-related accident rate, employees 
%
4.1
Fatal work-related accidents – workers from 
contractors working on our sites
number
0
Lost Time Injury Frequency (LTIF) – RWE Group including workers 
from partner companies working on our sites
number
1.6
1  Only includes fatalities of own employees as a result of work-related accidents. Fatalities due to work-related illness  
are not available due to data protection regulations.
Collective bargaining coverage and social dialogue
RWE discloses the coverage of collective agreements in the European Economic Area 
(EEA) if at least one collective agreement is applicable. RWE has established a European 
Works Council to cover the representation of workforce interests and has recorded this  
in an agreement.
The share of employees covered by collective bargaining agreements in EEA countries was 
65 % as of 31 December 2024.
Collective bargaining and social dialogue coverage by significant countries  
in the EEA for 2024
Collective bargaining 
coverage
Social dialogue
Coverage rate
Employees – EEA
Workplace 
representation (EEA)
0 – 19 %
  —
— 
20 – 39 %
 —
— 
40 – 59 %
 —
— 
60 – 79 %
 Germany
 Germany 
80 – 100 %
 —
 —
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Incidents and complaints
RWE has not identified any cases of severe human rights issues or incidents connected to 
its own workforce.
In 2024, RWE received 8 complaints from employees regarding work-related discrimination. 
As the complaints process is still being implemented and has not yet achieved full Group-
wide coverage, it cannot be guaranteed that all discrimination complaints and incidents of 
discrimination were recorded.
The following table provides an overview of the cases of discrimination in the year under 
review.
Reporting on discrimination and harassment
Unit
2024
Incidents of discrimination including harassment,  
reported in the reporting period
number
7
Complaints filed through channels for people in own workforce to 
raise concerns1 
number
8
Fines, penalties and compensation for damages as result of incidents 
of discrimination, including harassment and complaints filed
€ 
0
1  Complaints related to discrimination, harassment and other working conditions received via the web-based  
whistleblowing system, excluding already confirmed incidents of discrimination.
In addition to the Lost Time Injury Frequency indicator, work-related fatalities also influence 
RWE’s sustainability-linked Executive Board remuneration (see pages 97 et seqq.). 
In addition to own employees, Lost Time Injury Frequency also contains employees from 
contractors on our sites.
With 0 fatal accidents involving either our own employees or contractor employees at our 
sites, RWE successfully achieved its target of 0 workplace fatalities. The LTIF result of  
1.6 for 2024 is better than the target of 1.8. The Executive Board of RWE AG is informed 
of the annual results. The Supervisory Board assesses the achievement of objectives, 
reviews the targets annually and decides on the targets for the following year. 
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Further information

As already described under ‘Own workforce’, health and safety as part of working 
conditions is pivotal for RWE’s business. The wellbeing of both our employees and workers 
of contractors or subcontractors working on our sites is of crucial importance to the 
Group. This is encapsulated in the principle ‘All accidents are avoidable’. Furthermore, the 
‘Health and Safety’ Group Directive serves to organise and safeguard health and safety 
standards, both in relation to our own employees and in relation to partner companies 
whose employees work at RWE sites. RWE’s overarching goal to prevent occupational 
accidents and health hazards is supported, e.g. by selection criteria for contractors, 
comprehensive training, as well as regular monitoring and feedback.
S2 Workers in the value chain
RWE’s strategy and business model integrate human rights considerations with a focus 
on the upstream supply chain. Our operations rely on close collaboration with suppliers 
throughout every phase of the asset life cycle, making workers in the value chain essential  
to our business. Contractors and suppliers in the indirect supply chain not only enable our 
business operations but also serve as a key lever in implementing our Growing Green 
strategy. RWE’s ambition is to uphold and respect international human rights and labour 
rights across all its operations, with a strong focus on creating a value chain free of human 
rights violations. In line with the policy statement on RWE’s human rights strategy, we are 
committed to preventing and mitigating adverse human rights impacts to the greatest 
extent possible throughout our global business activities. This commitment extends beyond 
our organisational boundaries and also applies to business partners and specifically to 
direct suppliers. 
In particular, with regard to labour-related rights such as forced labour, child labour,  
illegal employment and other forms of modern slavery, RWE’s risk analysis highlights the 
upstream supply chain as a critical area for potential human rights violations. This analysis 
is a central component of the Human Rights Risk Management System (HRRMS). The 
gradual implementation of risk-based assessments and resulting initiatives allows RWE  
to proactively address risks, particularly those relating to direct suppliers, to ensure 
compliance with human rights obligations. Given the impact of modern slavery and human 
trafficking, RWE enforces a zero-tolerance policy and implements training programmes  
to raise awareness and drive action on these issues.
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We have identified significant potential impacts on the health of workers in the value  
chain, particularly at direct and indirect partner companies that work at RWE sites. The 
sites in question are either still in operation – some of which are undergoing extensive 
redevelopment – or are RWE plants currently under construction or being dismantled. In 
general, despite the existing health and safety measures and their ongoing optimisation, 
there are risks associated with working at height and with electric machines, systems  
or equipment, handling heavy loads and working with movable parts on systems and 
components. Failure to comply with health and safety instructions can result in serious 
injuries. Accidents can occur that can lead to long-term injuries or even death, both for  
our own employees and for employees in the value chain.
2. Targets 
Human rights as other work-related rights
As part of its Human Rights Risk Management System, RWE implements measures that 
reduce or, where possible, avoid impacts on human rights, emphasising the importance  
of ethical business practices and zero tolerance for human rights violations. The strategic 
emphasis is on high-risk areas identified via a comprehensive risk analysis. Our target is  
to achieve a 100 % adoption rate of ‘Contracts with suppliers which include the Code of 
Conduct and human rights clauses’, which is also embedded in the Executive Board’s 
remuneration. In 2024, RWE reached the targeted adoption rate of 100 %. 
1. Material impacts, risk and opportunities
As presented in the double materiality assessment (see pages 84 et seqq.), the prevention 
of forced labour and all forms of modern slavery as well as ensuring occupational health 
and safety for workers in the value chain are key sustainability considerations for RWE.  
The following table outlines the type of impacts on the labour force within the value chain 
resulting from RWE’s activities.
Material IROs
S2 - Workers in the value chain 
Forced labour and all forms of modern slavery  
(potential negative impact – upstream value chain)
Health and safety  
(actual negative impact – upstream value chain)
In its indirect upstream value chain, RWE has identified potential negative impacts on 
other labour-related rights, such as forced labour and other forms of modern slavery. 
Despite contractual clauses with its direct suppliers, RWE acknowledges that there are 
risks of human rights violations, particularly for workers in the extended value chain. 
Indirect suppliers that provide components, raw materials or fuels from countries with  
less developed human rights standards, such as China, Thailand, Vietnam and Malaysia, 
often rely on low-skilled labour and have a higher risk profile for human rights violations.
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3. Policies and approach
Human rights in general and other work-related rights  
As an international energy company, RWE has a direct and indirect impact on people’s 
living conditions in many countries. RWE’s commitment to upholding high human rights 
standards is reflected in several key documents, such as the RWE Policy Statement on 
Human Rights (own business and supply chain), the Human Rights Supplier Contract 
Appendix (upstream), the Human Rights Rules of Procedure (entire value chain), as well as 
the Code of Conduct (entire value chain). All of the above documents have been adopted by 
the Executive Board of RWE AG and emphasise the importance of human rights and fair 
working conditions within the RWE Group and across its suppliers and business partners.  
As a signatory to the United Nations Global Compact, RWE respects and supports the 
United Nations Universal Declaration of Human Rights, and leverage our influence to 
prevent, mitigate and, as far as possible, eliminate adverse human rights impacts within 
RWE’s global operations. The Group is also committed to other international standards 
pertaining to our own employees and workers in the value chain through RWE’s Policy 
Statement. These international standards include the International Labour Organisation’s 
(ILO) Declaration on Fundamental Principles and Rights at Work, the International 
Covenant on Civil and Political Rights, the International Convention on Economic, Social 
and Cultural Rights, the Minamata Convention, the Stockholm Convention, the Basel 
Convention, the UN Guiding Principles for Business and Human Rights and the OECD 
Guidelines for Multinational Enterprises. As part of our Human Rights Strategy Policy, RWE 
strictly opposes forced or compulsory labour (ILO 105) and child labour (ILO 138), 
including all forms of slavery and human trafficking. 
One other sustainability-related Board remuneration KPI (see page 97) is also related to 
human rights and workers in the value chain, namely ‘ESG assessment of business 
partners involved in fuel procurement for electricity generation at RWE power plants’, 
which also reached the targeted rate of 100 % in 2024. As part of this commitment, 
suppliers providing fuel to RWE power plants must undergo an ESG evaluation process. 
The targets will be maintained to help ensure all partners are covered. The Executive 
Board of RWE AG is informed of the annual results. The Supervisory Board assesses  
target achievement, reviews the targets annually and determines the goals for the 
following year. 
Health and safety
In the context of health and safety in the workplace, RWE has set itself two targets 
concerning both its own employees and the employees of contractors who work at RWE 
sites. These two KPIs are also embedded in the sustainability-linked Executive Board 
remuneration. See Chapter S1 ‘Own workforce – Targets – Health and safety’. 
No specific methods or assumptions were used to set the targets. RWE has not set a 
specific target for material negative impacts on employees in the extended value chain. 
Moreover, the targets set for our own employees also apply to partner companies with 
employees at our sites.
163
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2
Combined  
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Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

At present, RWE has not yet established a general process to enable a direct and  
regular exchange with workers in the supply chain. Regular feedback meetings are  
held with contractual partner companies whose employees work at RWE sites as  
part of occupational health and safety or at events such as the Supplier / Partner 
Company Days.
As part of the HRRMS, we have also introduced a comprehensive complaints procedure.  
It covers the processing of all human rights complaints in connection with the company, 
covering both its own activities and the upstream and downstream parts of the value 
chain. The complaints procedure is described in detail in the RWE Human Rights Code of 
Procedure.
Employees in the value chain can contact RWE directly by e-mail, via a contact form on  
the RWE website or via an external law firm (third party) to submit a complaint. Information 
about these channels is available on the RWE website. Suppliers are informed about the 
existence of these channels to ensure that their employees are aware of the complaints 
procedure.
If a complaint is received via a designated channel, it is examined by the team of human 
rights experts. If there is sufficient suspicion of possible human rights violations, an in-depth 
investigation is initiated.
In doing so, whistleblowers are protected as set out in the policy statement on RWE’s 
human rights strategy. The disclosure of personal data is prohibited. Retaliation against 
complainants is not tolerated.
With regard to the upstream supply chain, RWE uses the Human Rights Supplier Contract 
Appendix to require suppliers to uphold and protect internationally proclaimed human 
rights, including labour rights.
The Chief Human Rights Officer (CHRO), who is also the Head of Strategy & Sustainability,  
is responsible for monitoring the implementation of the Human Rights Risk Management 
System (HRRMS) at Group level and ensuring compliance with the Policy Statement on 
Human Rights, under the guidance of the Executive Board of RWE AG. The Executive 
Board is regularly informed about the fulfilment of RWE’s human rights due diligence 
obligations, such as the results of the risk analysis and any incidents identified.
For the coordination of our HRRMS, the Chief Human Rights Officer is supported by a team 
of human rights experts, who are specially trained to implement and observe measures 
across operational areas. This team works in conjunction with employees in various roles. 
For our own workforce this includes HR and legal representatives and for workers in the 
value chain, it involves procurement and operational staff. This cross-functional setup 
ensures a holistic approach to human rights due diligence. Each operating company  
has a Human Rights Officer responsible for handling complaints and incidents. They are 
supported by supply chain experts within the respective company, the central team of 
human rights experts and other relevant functions.  
Risk analysis is a key element of the HRRMS. It is crucial for identifying and  managing risks 
related to the protection of human rights in RWE’s business units and supply chain. This 
analysis focuses primarily on identifying human rights and environmental risks within our 
own business activities, but above all in our direct upstream supply chain.
164
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2
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Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

4. Actions
Human rights 
In 2024, RWE continued its systematic risk analysis to assess and evaluate human rights 
risks throughout the Group and its supply chain. 
Through its Human Rights Programme, RWE has implemented an approach developed in 
consultation with external stakeholders and experts. These efforts include a qualification 
process for potential suppliers. 
Suppliers undergo screenings focused on ESG topics, such as environmental protection, 
human rights, health and safety, labour rights and responsible supply chain practices. 
Initially, the procurement departments carry out basic checks, involving media screening. 
Issues that are identified can trigger an expanded check using predefined questionnaires for 
self-disclosure evaluated by the procurement departments. The procurement departments 
decide whether an in-depth check is necessary based on risk analyses and complaints 
received concerning suppliers. RWE assesses suppliers based on various criteria such  
as the nature and extent of their business activity, RWE’s ability to influence the directly 
responsible entity, the severity and reversibility of potential violations, and the likelihood of 
such violations occurring. Remedial and preventive measures are derived and implemented 
according to the resulting risk category. If infringements are identified, RWE may implement 
a Human Rights Action Plan and conduct audits to address substantial deviations. If 
remedial measures are not effective, this can lead to the termination of contracts for 
continued non-compliance.
Health and safety
As described in the chapter on our own workforce, health and safety and the well-being of 
employees from partner companies working at our sites is particularly important in our 
plant-oriented business. The RWE Group Directive sets out principles and standards that 
apply throughout the Group and also include the employees in the value chain who work at 
our sites. We follow the same approaches and measures in this regard, as the principles, 
rules and the targets that apply to our own employees also apply to partner companies 
with employees at our sites (see page 154).
Health and safety criteria are integral to supplier identification, supplier evaluation and  
the contract awarding process. They also impact the instruction of employees of partner 
companies at RWE sites and the final evaluation of work performed from an occupational 
safety perspective.
165
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2
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Group Sustainability 
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3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

To increase our leverage, RWE continues to engage in multi-stakeholder platforms. 
Together with other utility companies, we aim to increase global standards in energy 
commodity supply chains via the Responsible Commodity Sourcing Initiative (RECOSI).  
In 2024, the existing Bettercoal initiative was continued under the umbrella of RECOSI.  
In addition, a Gas Task Force was set up to improve procurement standards for global  
gas sales. 
Health and safety
The systematic recording and analysis of incidents was continued during the year under 
review to support the evaluation and ongoing improvement of RWE’s health and safety 
management system. 
The annual RWE Partner Company Day took place in 2024 with a focus on the 
transformation in the federal state of North Rhine-Westphalia (‘Rhenish mining region’). 
The event serve as a platform for RWE and contractor representatives to exchange ideas, 
aiming to systematically improve occupational safety processes and sustainably enhance 
safety standards. Contractors use the event to share their experiences in occupational 
health and safety and present newly implemented measures.  
Particular attention is given to high-risk suppliers, typically companies operating in countries 
with weaker labour protections and overall human rights safeguards. This allows RWE to 
identify workers who may be at higher risks in order to support informed decision-making 
and the implementation of appropriate measures.
The complaints procedure is a key component of the HRRMS. Employees in the value 
chain can use it to report human rights issues via various channels. The procedure forms 
the basis for RWE’s human rights strategy and ensures an effective and timely response  
to all identified human rights issues. During the reporting year, no serious human rights 
violations or incidents in the value chain were reported through the complaints procedure.
RWE is actively involved in the ‘Energy Industry Dialogue’ and works with various 
organisations to protect human rights in global supply chains. We are committed to 
upholding internationally recognised standards, such as the UN Guiding Principles  
on Business and Human Rights.
166
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To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Appendix – Incorporation by reference (BP-2 and IRO-2)
Taxonomy-aligned economic activities (denominator):  
Revenue
Amount and proportion 
(information in monetary amounts and as percentages)
CCM + CCA
Climate change mitigation 
(CCM)
Climate change adaptation 
(CCA)
Row
Economic activities
€ million
%
€ million
%
€ million
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of the revenue KPI
—
—
—
—
—
—
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of the revenue KPI
—
—
—
—
—
—
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of the revenue KPI
—
—
—
—
—
—
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of the revenue KPI
—
—
—
—
—
—
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of the revenue KPI
—
—
—
—
—
—
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of the revenue KPI
—
—
—
—
—
—
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in 
rows 1 to 6 above in the denominator of the revenue KPI
5,167
21
5,167
21
—
—
8
Total revenue KPI
24,224
100
167
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Taxonomy-aligned economic activities (denominator):  
CapEx
Amount and proportion 
(information in monetary amounts and as percentages)
CCM + CCA
Climate change mitigation 
(CCM)
Climate change adaptation 
(CCA)
Row
Economic activities
€ million
%
€ million
%
€ million
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of the CapEx KPI
—
—
—
—
—
—
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of the CapEx KPI
—
—
—
—
—
—
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of the CapEx KPI
—
—
—
—
—
—
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of the CapEx KPI
—
—
—
—
—
—
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of the CapEx KPI
—
—
—
—
—
—
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of the CapEx KPI
—
—
—
—
—
—
7
Amount and proportion of other taxonomy-aligned economic activities not referred to 
in rows 1 to 6 above in the denominator of the CapEx KPI
11,238
94
11,238
94
—
—
8
Total CapEx KPI
12,017
100
168
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Taxonomy-aligned economic activities (denominator):  
OpEx
Amount and proportion 
(information in monetary amounts and as percentages)
CCM + CCA
Climate change mitigation 
(CCM)
Climate change adaptation 
(CCA)
Row
Economic activities
€ million
%
€ million
%
€ million
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of the OpEx KPI
—
—
—
—
—
—
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of the OpEx KPI
—
—
—
—
—
—
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of the OpEx KPI
—
—
—
—
—
—
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of the OpEx KPI
—
—
—
—
—
—
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of the OpEx KPI
—
—
—
—
—
—
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of the OpEx KPI
—
—
—
—
—
—
7
Amount and proportion of other taxonomy-aligned economic activities not referred to 
in rows 1 to 6 above in the denominator of the OpEx KPI
564
28
564
28
—
—
8
Total OpEx KPI
2,026
100
169
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Taxonomy-aligned economic activities (numerator):  
Revenue
Amount and proportion 
(information in monetary amounts and as percentages)
CCM + CCA
Climate change mitigation 
(CCM)
Climate change adaptation 
(CCA)
Row
Economic activities
€ million
%
€ million
%
€ million
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II 
to Delegated Regulation 2021/2139 in the numerator of the revenue KPI
—
—
—
—
—
—
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II 
to Delegated Regulation 2021/2139 in the numerator of the revenue KPI
—
—
—
—
—
—
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II 
to Delegated Regulation 2021/2139 in the numerator of the revenue KPI
—
—
—
—
—
—
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II 
to Delegated Regulation 2021/2139 in the numerator of the revenue KPI
—
—
—
—
—
—
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II 
to Delegated Regulation 2021/2139 in the numerator of the revenue KPI
—
—
—
—
—
—
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II 
to Delegated Regulation 2021/2139 in the numerator of the revenue KPI
—
—
—
—
—
—
7
Amount and proportion of other taxonomy-eligible but not taxonomy aligned economic activities not referred 
to in rows 1 to 6 above in the numerator of the revenue KPI
5,167
100
5,167
100
—
—
8
Total amount and proportion of other taxonomy-eligible but not taxonomy aligned economic activities in the 
numerator of the revenue KPI
5,167
100
170
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Taxonomy-aligned economic activities (numerator):  
CapEx
Amount and proportion 
(information in monetary amounts and as percentages)
CCM + CCA
Climate change mitigation 
(CCM)
Climate change adaptation 
(CCA)
Row
Economic activities
€ million
%
€ million
%
€ million
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II 
to Delegated Regulation 2021/2139 in the numerator of the CapEx KPI
—
—
—
—
—
—
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II 
to Delegated Regulation 2021/2139 in the numerator of the CapEx KPI
—
—
—
—
—
—
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II 
to Delegated Regulation 2021/2139 in the numerator of the CapEx KPI
—
—
—
—
—
—
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II 
to Delegated Regulation 2021/2139 in the numerator of the CapEx KPI
—
—
—
—
—
—
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II 
to Delegated Regulation 2021/2139 in the numerator of the CapEx KPI
—
—
—
—
—
—
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II 
to Delegated Regulation 2021/2139 in the numerator of the CapEx KPI
—
—
—
—
—
—
7
Amount and proportion of other taxonomy-aligned economic activities not referred to  
in rows 1 to 6 above in the numerator of the CapEx KPI
11,238
100
11,238
100
—
—
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the CapEx KPI
11,238
100
171
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Taxonomy-aligned economic activities (numerator):  
OpEx
Amount and proportion 
(information in monetary amounts and as percentages)
CCM + CCA
Climate change mitigation 
(CCM)
Climate change adaptation 
(CCA)
Row
Economic activities
€ million
%
€ million
%
€ million
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II 
to Delegated Regulation 2021/2139 in the numerator of the OpEx KPI
—
—
—
—
—
—
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II 
to Delegated Regulation 2021/2139 in the numerator of the OpEx KPI
—
—
—
—
—
—
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II 
to Delegated Regulation 2021/2139 in the numerator of the OpEx KPI
—
—
—
—
—
—
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II 
to Delegated Regulation 2021/2139 in the numerator of the OpEx KPI
—
—
—
—
—
—
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II 
to Delegated Regulation 2021/2139 in the numerator of the OpEx KPI
—
—
—
—
—
—
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II 
to Delegated Regulation 2021/2139 in the numerator of the OpEx KPI
—
—
—
—
—
—
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in 
the numerator of the OpEx KPI
564
100
564
100
—
—
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the OpEx KPI
564
100
172
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

We state our activities in the natural gas business as being taxonomy-eligible, but not  
taxonomy-aligned. They essentially consist of electricity generation from natural gas.
Taxonomy-eligible, but not taxonomy-aligned economic activities:  
Revenue
Amount and proportion 
(information in monetary amounts and as percentages)
CCM + CCA
Climate change mitigation 
(CCM)
Climate change adaptation 
(CCA)
Row
Economic activities
€ million
%
€ million
%
€ million
%
1
Amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activity referred to in Section 
4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the revenue KPI
—
—
—
—
—
—
2
Amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activity referred to in Section 
4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the revenue KPI
—
—
—
—
—
—
3
Amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activity referred to in Section 
4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the revenue KPI
—
—
—
—
—
—
4
Amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activity referred to in Section 
4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the revenue KPI
6,919
29
6,919
29
0
0
5
Amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activity referred to in Section 
4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the revenue KPI
145
1
145
1
0
0
6
Amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activity referred to in Section 
4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the revenue KPI
—
—
—
—
—
—
7
Amount and proportion of other taxonomy-eligible, but not taxonomy-aligned economic activities not 
referred to in rows 1 to 6 above in the denominator of the revenue KPI
121
0
121
0
—
—
8
Total amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activities in the 
denominator of the revenue KPI
7,185
30
173
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Taxonomy-eligible, but not taxonomy-aligned economic activities:
CapEx
Amount and proportion 
(information in monetary amounts and as percentages)
CCM + CCA
Climate change mitigation 
(CCM)
Climate change adaptation 
(CCA)
Row
Economic activities
€ million
%
€ million
%
€ million
%
1
Amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activity referred to in Section 
4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the CapEx KPI
—
—
—
—
—
—
2
Amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activity referred to in Section 
4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the CapEx KPI
—
—
—
—
—
—
3
Amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activity referred to in Section 
4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the CapEx KPI
—
—
—
—
—
—
4
Amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activity referred to in Section 
4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the CapEx KPI
180
1
180
1
—
—
5
Amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activity referred to in Section 
4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the CapEx KPI
28
0
28
0
—
—
6
Amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activity referred to in Section 
4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the CapEx KPI
—
—
—
—
—
—
7
Amount and proportion of other taxonomy-eligible, but not taxonomy-aligned economic activities not 
referred to in rows 1 to 6 above in the denominator of the CapEx KPI
66
1
66
1
—
—
8
Total amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activities in the 
denominator of the CapEx KPI
274
2
174
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Taxonomy-eligible, but not taxonomy-aligned aconomic activities:  
OpEx
Amount and proportion 
(information in monetary amounts and as percentages)
CCM + CCA
Climate change mitigation 
(CCM)
Climate change adaptation 
(CCA)
Row
Economic activities
€ million
%
€ million
%
€ million
%
1
Amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activity referred to in Section 
4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the OpEx KPI
—
—
—
—
—
—
2
Amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activity referred to in Section 
4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the OpEx KPI
—
—
—
—
—
—
3
Amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activity referred to in Section 
4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the OpEx KPI
—
—
—
—
—
—
4
Amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activity referred to in Section 
4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the OpEx KPI
197
10
197
10
—
—
5
Amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activity referred to in Section 
4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the OpEx KPI
23
1
23
1
—
—
6
Amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activity referred to in Section 
4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the OpEx KPI
—
—
—
—
—
—
7
Amount and proportion of other taxonomy-eligible, but not taxonomy-aligned economic activities not 
referred to in rows 1 to 6 above in the denominator of the OpEx KPI
95
5
95
5
—
—
8
Total amount and proportion of taxonomy-eligible, but not taxonomy-aligned economic activities in the 
denominator of the OpEx KPI
315
16
175
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Economic activities not eligible for taxonomy
CapEx
Row
Economic activities
€ million
%
1
Amount and proportion of not taxonomy-eligible economic 
activity referred to in Section 4.26 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of 
the CapEx KPI
—
—
2
Amount and proportion of not taxonomy-eligible economic 
activity referred to in Section 4.27 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of 
the CapEx KPI
—
—
3
Amount and proportion of not taxonomy-eligible economic 
activity referred to in Section 4.28 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of 
the CapEx KPI
60
1
4
Amount and proportion of not taxonomy-eligible economic 
activity referred to in Section 4.29 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of 
the CapEx KPI
—
—
5
Amount and proportion of not taxonomy-eligible economic 
activity referred to in Section 4.30 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of 
the CapEx KPI
—
—
6
Amount and proportion of not taxonomy-eligible economic 
activity referred to in Section 4.31 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of 
the CapEx KPI
—
—
7
Amount and proportion of other not taxonomy-eligible 
economic activities not referred to in rows 1 to 6 above in 
the denominator of the CapEx KPI
445
4
8
Total amount and proportion of not taxonomy-eligible 
economic activities in the denominator of the CapEx KPI
505
4
As set out earlier, we state our nuclear activities as being not taxonomy-eligible.
Economic activities not eligible for taxonomy
Revenue
Row
Economic activities
€ million
%
1
Amount and proportion of not taxonomy-eligible economic 
activity referred to in Section 4.26 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of 
the revenue KPI
—
—
2
Amount and proportion of not taxonomy-eligible economic 
activity referred to in Section 4.27 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of 
the revenue KPI
—
—
3
Amount and proportion of not taxonomy-eligible economic 
activity referred to in Section 4.28 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of 
the revenue KPI
—
—
4
Amount and proportion of not taxonomy-eligible economic 
activity referred to in Section 4.29 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of 
the revenue KPI
—
—
5
Amount and proportion of not taxonomy-eligible economic 
activity referred to in Section 4.30 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of 
the revenue KPI
—
—
6
Amount and proportion of not taxonomy-eligible economic 
activity referred to in Section 4.31 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of 
the revenue KPI
—
—
7
Amount and proportion of other not taxonomy-eligible 
economic activities not referred to in rows 1 to 6 above in 
the denominator of the revenue KPI
11,871
49
8
Total amount and proportion of not taxonomy-eligible 
economic activities in the denominator of the revenue KPI
11,871
49
176
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Economic activities not eligible for taxonomy
OpEx
Row
Economic activities
€ million
%
1
Amount and proportion of not taxonomy-eligible economic 
activity referred to in Section 4.26 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of 
the OpEx KPI
—
—
2
Amount and proportion of not taxonomy-eligible economic 
activity referred to in Section 4.27 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of 
the OpEx KPI
—
—
3
Amount and proportion of not taxonomy-eligible economic 
activity referred to in Section 4.28 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of 
the OpEx KPI
26
1
4
Amount and proportion of not taxonomy-eligible economic 
activity referred to in Section 4.29 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of 
the OpEx KPI
—
—
5
Amount and proportion of not taxonomy-eligible economic 
activity referred to in Section 4.30 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of 
the OpEx KPI
—
—
6
Amount and proportion of not taxonomy-eligible economic 
activity referred to in Section 4.31 of Annexes I and II 
to Delegated Regulation 2021/2139 in the denominator of 
the OpEx KPI
—
—
7
Amount and proportion of other not taxonomy-eligible 
economic activities not referred to in rows 1 to 6 above in 
the denominator of the OpEx KPI
1,121
55
8
Total amount and proportion of not taxonomy-eligible 
economic activities in the denominator of the OpEx KPI
1,147
57
177
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Content index of ESRS disclosure requirements: Cross-cutting standard general disclosures
ESRS 2 IRO 2-56 and BP-2.16
 
 
Disclosure requirements
Section /  
Report
Page
Additional information
ESRS 2
General disclosures	
BP-1
General basis for preparation of the sustainability statement
SUS
74
BP-2
Disclosures in relation to specific  circumstances
SUS
76
Estimations: E1, E4, E5
Data points that derive from other EU legislation
SUS
184
GOV-1
The role of the administrative, management and supervisory bodies
SUS
95
GOV-2
Information provided to and sustainability matters addressed by the undertaking’s administrative, management 
and supervisory bodies
SUS
96
GOV-3
Integration of sustainability-related performance in incentive schemes
SUS
97
GOV-4
Statement on sustainability due diligence
SUS
100
GOV-5
Risk management and internal controls over sustainability reporting 
MR 59 Internal controls environment
SUS
AR
100
61
Section 2.9 Development of risks and opportunities
SBM-1
Strategy, business model and value chain (products, markets, customers)
SUS
AR
77
21, 28
Strategy, business model and value chain (headcount by country)
SUS
157
Disclosed in Chapter S1
Strategy, business model and value chain (breakdown of revenue)
SUS
81
Revenues from coal and gas
SBM-2
Interests and views of stakeholders
SUS
82
SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
SUS
AR
83
209
Goodwill impairment test assumption
IRO-1
Description of the process to identify and assess material impacts, risks and opportunities
SUS
88
GOV-5 – Risk management and internal control over  
sustainability reporting
IRO-2
Disclosure requirements in ESRS covered by the undertaking’s sustainability statement
SUS
184
SUS – Sustainability Statement; AR – Annual Report
178
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Content index of ESRS disclosure requirements: Environmental standard – Climate change
ESRS 2 IRO 1-56
 
 
Disclosure requirements
Section /  
Report
Page
Additional information
ESRS E1
Climate change
ESRS 2, 
GOV-3
Integration of sustainability-related performance in incentive schemes
SUS
97
E1-1
Transition plan for climate change mitigation
SUS
116
ESRS 2, 
SBM-3
Material impacts, risks and opportunities, and their interaction with strategy and business model
SUS
83, 115
ESRS 2, 
IRO-1
Description of the processes to identify and assess material climate-related impacts, risks and opportunities
SUS
88
E1-2
Policies related to climate change mitigation and adaptation
SUS
119
E1-3
Actions and resources in relation to climate change policies
SUS
120
E1-4
Targets related to climate change mitigation and adaptation
SUS
116
E1-5
Energy consumption and mix
SUS
126
E1-6
Gross Scopes 1, 2, 3 and total GHG emissions
SUS
124
E1-7
GHG removals and G HG mitigation projects financed through carbon credits
SUS
117
E1-8
Internal carbon pricing
SUS
119
E1-9
Anticipated financial effects from material physical and transition risks and potential climate-related opportunities
SUS
83
SUS – Sustainability Statement; AR – Annual Report
179
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Content index of ESRS disclosure requirements: Environmental standard – Biodiversity and ecosystems
ESRS 2 IRO 2-56
 
 
Disclosure requirements
Section /  
Report
Page
Additional information
ESRS E4
Biodiversity and ecosystems
E4-1
Transition plan and consideration of biodiversity and ecosystems in strategy and business model
SUS
133
ESRS 2, 
SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
SUS
83, 131
ESRS 2, 
IRO-1
Description of processes to identify and assess material biodiversity and ecosystem-related impacts,  
risks and opportunities
SUS
93, 131
E4-2
Policies related to biodiversity and ecosystems
SUS
133
E4-3
Actions and resources related to biodiversity and ecosystems
SUS
135
E4-4
Targets related to biodiversity and ecosystems
SUS
133
E4-5
Impact metrics related to biodiversity and ecosystems change
SUS
138
E4-6
Anticipated financial effects from biodiversity and ecosystems-related risks and opportunities
—
—
SUS – Sustainability Statement; AR – Annual Report
180
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Content index of ESRS disclosure requirements: Environmental standard – Resource use and circular economy
ESRS 2 IRO 2-56
 
 
Disclosure requirements
Section /  
Report
Page
Additional information
ESRS E5 
Circular economy and resource use
ESRS 2, 
IRO-1
Description of the processes to identify and assess material resource use and circular economy-related impacts, 
risks and opportunities
SUS
94, 142
E5-1
Policies related to resource use and circular economy
SUS
143
E5-2
Actions and resources related to resource use and circular economy
SUS
144
E5-3
Targets related to resource use and circular economy
SUS
143
E5-4
Resource inflows
SUS
144
E5-5
Resource outflows
SUS
145
E5-6
Anticipated financial effects from material resource use and circular economy-related risks and opportunities
—
—
SUS – Sustainability Statement; AR – Annual Report
181
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Content index of ESRS disclosure requirements: Social standard – Own workforce
ESRS 2 IRO 2-56
 
 
Disclosure requirements
Section /  
Report
Page
Additional information
ESRS S1 
Own workforce
SBM-2
Interests and views of stakeholders
SUS
81
SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
SUS
83, 150
S1-1
Policies related to own workforce
SUS
152
S1-2
Process for engaging with own workers and workers' representatives about impacts
SUS
154
S1-3
Process to remediate negative impacts and channels for own workers to raise concerns
SUS
155
S1-4
Taking action on material impacts on own workforce
SUS
156
S1-5
Targets related to managing negative impacts, advancing positive impacts,  
and managing material risks and opportunities
SUS
151
S1-6
Characteristics of the undertaking’s employees
SUS
157
S1-7
Characteristics of non-employee workers in the undertaking’s own workforce
—
—
S1-8
Collective bargaining coverage and social dialogue
SUS
159
S1-9
Diversity metrics
—
—
S1-10
Adequate wages
SUS
159
S1-11
Social protection
—
—
S1-12
Persons with disabilities
—
—
S1-13
Training and skills development metrics
—
—
S1-14
Health and safety metrics
SUS
159
S1-15
Work-life balance metrics
—
—
S1-16
Compensation metrics (pay gap and total compensation)
—
—
S1-17
Incidents, complaints and severe human rights impacts
SUS
160
SUS – Sustainability Statement; AR – Annual Report
182
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Content index of ESRS disclosure requirements: Social standard - Workers in the value chain
ESRS 2 IRO 1-56
 
 
Disclosure requirements
Section /  
Report
Page
Additional information
ESRS S2 
Workers in the value chain
SBM-2
Interests and views of stakeholders
SUS
81
SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
SUS
83, 162
S2-1
Policies related to value chain workers
SUS
163
S2-2
Processes for engaging with value chain workers about impacts
SUS
164
S2-3
Processes to remediate negative impacts and channels for value chain workers to raise concerns
SUS
164
S2-4
Taking action on material impacts on value chain workers, and approaches to managing material risks  
and pursuing material opportunities related to value chain workers, and effectiveness of those actions
SUS
165
S2-5
Targets related to managing material negative impacts, advancing positive impacts,  
and managing material risks and opportunities
SUS
162
SUS – Sustainability Statement; AR – Annual Report
183
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Appendix B: List of data points in cross-cutting and topical standards that derive from other EU legislation
ESRS 2 BP-2.15 and IRO 2-56 
 
 
Disclosure 
requirements
Data Point
Description
SFDR 
reference
Pillar 3 
reference
Benchmark 
regulation 
reference
EU  
climate law 
reference
Section
Page
Appendix B
ESRS 2 GOV-1
21 d
Board’s gender diversity
√
√
SUS
96
ESRS 2 GOV-1
21 e
Percentage of board members who are independent
√
SUS
96
ESRS 2 GOV-4
30
Statement on due diligence
√
SUS
100
ESRS 2 SBM-1
40 d (i)
Involvement in activities related to fossil fuel activities
√
√
√
SUS
81
ESRS 2 SBM-1
40 d (ii)
Involvement in activities related to chemical production
√
√
N/M
ESRS 2 SBM-1
40 d (iii)
Involvement in activities related to controversial weapons
√
√
N/M
ESRS 2 SBM-1
40 d (iv)
Involvement in activities related to cultivation and production of tobacco
√
N/M
ESRS E1-1
14
Transition plan to reach climate neutrality by 2050
√
SUS
116
ESRS E-1
16 g
Undertakings excluded from Paris-aligned benchmarks
√
√
SUS
120
ESRS E1-4
34
GHG emission reduction targets
√
√
√
SUS
118
ESRS E1-5
38
Energy consumption from fossil sources disaggregated by sources  
(only high climate impact sectors)
√
SUS
127
ESRS E1-5
37
Energy consumption and mix
√
SUS
127
ESRS E1-5
40-43
Energy intensity associated with activities in high climate impact sectors
√
SUS
127
ESRS E1-6
44
Gross Scope 1, 2, 3 and total GHG emissions
√
√
√
SUS
124
ESRS E1-6
53-55
Gross GHG emissions intensity
√
√
√
SUS
126
ESRS E1-7
56
GHG removals and carbon credits
√
SUS
117
ESRS E1-9
66
Exposure of the benchmark portfolio to climate-related physical risks
√
Phase-in
ESRS E1-9
66 (a)
Disaggregation of monetary amounts by acute and chronic physical risks
√
Phase-in
ESRS E1-9
66 (c)
Location of significant assets at material physical risk
√
Phase-in
ESRS E1-9
67 (c)
Breakdown of the carrying value of real estate assets
√
Phase-in
ESRS E1-9
69
Degree of exposure of the portfolio to climate-related opportunities
√
Phase-in
ESRS E2-4
28
Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release 
and Transfer Register) emitted to air, water and soil
√
N/M
SUS – Sustainability Statement; AR – Annual Report; N/A – Data point is not applicable; N/M – Data point is not material
184
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Appendix B: List of data points in cross-cutting and topical standards that derive from other EU legislation
ESRS 2 BP-2.15 and IRO 2-56 
 
 
Disclosure 
requirements
Data Point
Description
SFDR 
reference
Pillar 3 
reference
Benchmark 
regulation 
reference
EU  
climate law 
reference
Section
Page
Appendix B
ESRS E3-1
9
Water and marine resources
√
N/M
ESRS E3-1
13
Dedicated policy 
√
N/M
ESRS E3-1
14
Sustainable oceans and seas
√
N/M
ESRS E3-1
28 c
Total water recycled and reused
√
N/M
ESRS E3-1
29
Total water consumption in m3 per net revenue on own operations
√
N/M
ESRS 2 – SBM 3 – E4
16 a (i)
√
SUS
141
ESRS 2 – SBM 3 – E4
16 b
√
SUS
141
ESRS 2 – SBM 3 – E4
16 c
√
SUS
140
ESRS E4-2
24 b
Sustainable land / agriculture practices or policies
√
N/M
ESRS E4-2
24 c
Sustainable ocean / seas practices or policies
√
N/M
ESRS E4-2
24 d
Policies to address deforestation
√
SUS
135
ESRS E5-5
37 d
Non-recycled waste
√
SUS
137
ESRS E5-5
39
Hazardous waste and radioactive waste
√
N/M
ESRS 2 – SBM 3 – S1
14 f
Risk of incidents of forced labour
√
SUS
148
ESRS 2 – SBM 3 - S1
14 g
Risk of incidents of child labour
√
SUS
148
ESRS S1-1
20
Human rights policy commitments
√
SUS
151
ESRS S1-1
21
Due diligence policies on issues addressed by the fundamental  
International Labour Organization Conventions 1 to 8
√
SUS
151
ESRS S1-1
22
Processes and measures for preventing human trafficking
√
SUS
163
ESRS S1-1
23
Workplace accident prevention policy or management system
√
SUS
163
ESRS S1-3
32 c
Grievance/complaints handling mechanisms
√
N/M
ESRS S1-14
88 b, c
Number of fatalities and number and rate of work-related accidents
√
√
SUS
159
ESRS S1-14
88 e
Number of days lost to injuries, accidents, fatalities, or illness
√
SUS
159
SUS – Sustainability Statement; AR – Annual report; N/A – Data point is not applicable; N/M – Data point is not material
185
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Appendix B: List of data points in cross-cutting and topical standards that derive from other EU legislation
ESRS 2 BP-2.15 and IRO 2-56 
 
 
Disclosure 
requirements
Data Point
Description
SFDR 
reference
Pillar 3 
reference
Benchmark 
regulation 
reference
EU  
climate law 
reference
Section
Page
Appendix B
ESRS S1-16
97 a
Unadjusted gender pay gap
√
√
N/M
ESRS S1-16
97 b
Excessive CEO pay ratio
√
N/M
ESRS S1-17
103 a
Incidents of discrimination
√
SUS
160
ESRS S1-17
104 a
Non-respect of UNGPs on Business and Human Rights and OECD guidelines
√
√
SUS
160
ESRS 2 – SBM 3 – S2
11 b
Significant risk of child labour or forced labour in the value chain
√
SUS
162
ESRS S2-1
17
Human rights policy commitments
√
SUS
163
ESRS S2-1
18
Policies related to value chain workers
√
SUS
163
ESRS S2-1
19
Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines
√
√
SUS
163
ESRS S2-1
19
Due diligence policies on issues addressed by the fundamental  
International Labour Organization Conventions 1 to 8
√
SUS
163
ESRS S2-4
36
Human rights issues and incidents connected to the upstream and downstream value chain
√
SUS
166
ESRS S3-1
16
Human rights policy commitments
√
N/M
ESRS S3-1
17
Non-respect of UNGPs on Business and Human Rights, ILO principles and OECD guidelines
√
√
N/M
ESRS S3-4
36
Human rights issues and incidents
√
N/M
ESRS S4-1
16
Policies related to consumers and end-users
√
N/M
ESRS S4-1
17
Non-respect of UNGPs on Business and Human Rights and OECD guidelines
√
√
N/M
ESRS S4-4
35
Human rights issues and incidents
√
N/M
ESRS G1-1
10 b
United Nations Convention against Corruption
√
N/M
ESRS G1-1
10 d
Protection of whistleblowers
√
N/M
ESRS G1-4
24 a
Fines for violation of anti-corruption and anti-bribery laws
√
√
N/M
ESRS G1-4
24 b
Standards of anti-corruption and anti-bribery (applied concept)
√
N/M
SUS – Sustainability Statement; AR – Annual Report; N/A – Data point is not applicable; N/M – Data point is not material
186
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
Group Sustainability 
Statement
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

3.1 	
Income statement
188
3.2 	
Statement of comprehensive income 
189
3.3 	
Balance sheet 
190
3.4 	
Cash flow statement
192
3.5 	
Statement of changes in equity 
194
3.6 	
Notes
196
3.7 	
List of shareholdings (part of the Notes)
287
3.8 	
Boards (part of the Notes) 
346
3
Consolidated financial statements

3.1 Income statement
€ million
Note
2024
2023
Revenue (including natural gas tax / electricity tax)1
(1)
24,439
28,689
Natural gas tax / electricity tax
(1)
215
168
Revenue1
(1)
24,224
28,521
Other operating income1
(2)
5,554
3,129
Cost of materials1
(3)
15,408
17,159
Staff costs
(4)
2,961
2,916
Depreciation, amortisation and impairment losses1
(5), (10)
3,234
3,824
Other operating expenses
(6)
2,207
3,878
Income from investments accounted for using the equity method1
(7), (12)
406
565
Other income from investments
(7)
– 45
4
Income before financial result and tax1
6,329
4,442
Financial income1
(8)
2,494
2,474
Finance costs
(8)
2,480
2,917
Income before tax1
6,343
3,999
Taxes on income1
(9)
– 1,054
– 2,337
Income1
5,289
1,662
of which: non-controlling interests
154
147
of which: net income / income attributable to RWE AG shareholders1
5,135
1,515
Basic and diluted earnings per share in €1
(26)
6.91
2.04
1  Prior-year figures restated; see pages 211 et seq.
2
Combined  
management report
188
1
To our investors
3
Consolidated  
financial statements
Income statement
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor
3
Consolidated  
financial statements
Income statement

3.2 Statement of comprehensive income
Amounts after tax 
€ million
Note
2024
2023
Income1
5,289
1,662
Actuarial gains and losses of defined benefit pension plans and similar obligations
161
– 806
Income and expenses of investments accounted for using the equity method (pro-rata)
(12)
– 22
25
Fair valuation of equity instruments
– 363
1,121
Income and expenses recognised in equity, not to be reclassified through profit or loss
– 224
340
Currency translation adjustment1
(20)
127
10
Fair valuation of debt instruments
7
11
Fair valuation of financial instruments used for hedging purposes
(27)
– 4,626
4,926
Income and expenses of investments accounted for using the equity method (pro-rata)
(12), (20)
– 24
– 44
Income and expenses recognised in equity, to be reclassified through profit or loss in the future
– 4,516
4,903
Other comprehensive income
– 4,740
5,243
Total comprehensive income1
549
6,905
of which: attributable to RWE AG shareholders1
307
6,756
of which: attributable to non-controlling interests
242
149
1  Prior-year figures restated; see pages 211 et seq.
2
Combined  
management report
189
1
To our investors
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor
3
Consolidated  
financial statements
Statement of  
comprehensive income

3.3 Balance sheet
Assets 
€ million
Note
31 Dec 2024
31 Dec 2023
Non-current assets
Intangible assets
(10)
10,250
9,787
Property, plant and equipment1
(11)
38,458
28,808
Investments accounted for using the equity method1
(12)
4,577
4,062
Other non-current financial assets
(13)
5,244
5,573
Financial receivables
(14)
500
439
Derivatives and other assets1
(15)
4,181
6,570
Deferred taxes
(16)
208
642
63,418
55,881
Current assets
Inventories
(17)
2,560
2,270
Financial receivables1
(14)
1,971
2,605
Trade accounts receivable
6,908
7,607
Derivatives and other assets1
(15)
11,060
23,068
Income tax assets
582
440
Marketable securities
(18)
6,851
7,724
Cash and cash equivalents
(19)
5,090
6,917
35,022
50,631
98,440
106,512
1  Prior-year figures restated; see pages 211 et seq.
2
Combined  
management report
190
1
To our investors
3
Consolidated  
financial statements
Balance sheet
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

Equity and liabilities 
€ million
Note
31 Dec 2024
31 Dec 2023
Equity
(20)
RWE AG shareholders’ interest1
31,549
32,033
Non-controlling interests
2,074
1,571
33,623
33,604
Non-current liabilities
Provisions
(22)
15,690
17,431
Financial liabilities
(23)
14,772
14,064
Income tax liabilities
(24)
571
447
Derivatives and other liabilities1
(25)
3,256
2,929
Deferred taxes1
(16)
2,953
4,944
37,242
39,815
Current liabilities
Provisions
(22)
6,047
6,815
Financial liabilities
(23)
3,898
2,964
Trade accounts payable
5,479
5,114
Income tax liabilities
(24)
380
444
Derivatives and other liabilities1
(25)
11,771
17,756
27,575
33,093
98,440
106,512
1  Prior-year figures restated; see pages 211 et seq.
2
Combined  
management report
191
1
To our investors
3
Consolidated  
financial statements
Balance sheet
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

3.4 Cash flow statement
€ million1
Note (30)
2024
2023
Income
5,289
1,662
Depreciation, amortisation, impairment losses / write-backs
3,195
3,821
Changes in provisions
– 2,382
1,602
Changes in deferred taxes
340
1,889
Income from disposal of non-current assets and marketable securities
– 371
– 273
Other non-cash income / expenses and cash issues
– 2,862
– 810
Changes in working capital
3,411
– 3,668
Cash flows from operating activities
6,620
4,223
Intangible assets / property, plant and equipment
Capital expenditure
– 9,377
– 5,146
Proceeds from disposal of assets
199
793
Acquisitions, investments
Capital expenditure
– 1,863
– 4,833
Proceeds from disposal of assets / divestitures
315
369
Cash-out for marketable securities and cash investments2
– 3,197
– 6,413
Proceeds from marketable securities and cash investments3
4,211
12,432
Cash flows from investing activities
– 9,712
– 2,798
1  Some prior-year figures restated; see pages 211 et seq.
2  Including net expenses for marketable securities in the segment Supply & Trading of €559 million during the reporting period.
3  Including net income from marketable securities in the segment Supply & Trading of €1,844 million during the reporting period.
2
Combined  
management report
192
1
To our investors
3
Consolidated  
financial statements
Cash flow statemen
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

€ million1
Note (30)
2024
2023
Capital paid-in (incl. non-controlling interests)
598
1
Capital repayments (incl. non-controlling interests)
– 8
– 39
Share buyback
– 138
—
Dividends paid to RWE AG shareholders and non-controlling interests
– 1,006
– 943
Issuance of financial debt
3,947
7,547
Repayment of financial debt
– 2,277
– 8,123
Cash flows from financing activities
1,116
– 1,557
Net cash change in cash and cash equivalents
– 1,976
– 132
Effects of changes in foreign exchange rates and other changes in value on cash and cash equivalents
149
61
Net change in cash and cash equivalents
– 1,827
– 71
Cash and cash equivalents at beginning of the reporting period
6,917
6,988
Cash and cash equivalents at end of the reporting period
5,090
6,917
1  Some prior-year figures restated; see pages 211 et seq.
2
Combined  
management report
193
1
To our investors
3
Consolidated  
financial statements
Cash flow statemen
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

3.5 Statement of changes in equity
Statement of changes in equity 
€ million
Subcribed 
capital 
of RWE AG
Additional 
paid-in capital 
of RWE AG
Retained 
earnings and 
distributable 
profit
Own shares
Accumulated Other 
Comprehensive Income
RWE AG 
shareholders’ 
interest
Non-con-
trolling 
interests
Total
Fair value measurement 
of financial instruments
Note (20)
Currency 
translation 
adjustments
Debt 
instruments 
measured at 
fair value 
through other 
comprehensive 
income
Used for 
hedging 
purposes
Balance at 1 Jan 20231
1,731
4,234
16,147
—
622
19
5,237
27,990
1,703
29,693
Capital paid out
—
—
– 12
—
—
—
—
– 1
– 2
– 3
Conversion of the mandatory 
convertible bond
1733
2,2553
– 2,4283
—
—
—
—
—
—
—
Dividends paid
—
—
– 669
—
—
—
—
– 669
– 274
– 943
Income1
—
—
1,515
—
—
—
—
1,515
147
1,662
Other comprehensive income1
—
—
338
—
– 7
12
4,898
5,241
2
5,243
Total comprehensive income1
—
—
1,853
—
– 7
12
4,898
6,756
149
6,905
Other changes
—
—
– 10
—
—
—
– 2,033
– 2,043
– 5
– 2,048
Balance at 31 Dec 20231
1,904
6,489
14,892
—
615
31
8,102
32,033
1,571
33,604
1  Prior-year figures restated; see pages 211 et seq.
2  Transaction costs offset directly against equity from conversion of the mandatory convertible bond into RWE AG shares on 15 March 2023 (see page 166 of the 2023 RWE Annual Report).
3  Effects from conversion of the mandatory convertible bond into RWE AG shares on 15 March 2023 (see page 166 of the 2023 RWE Annual Report).
2
Combined  
management report
194
1
To our investors
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor
3
Consolidated  
financial statements
Statement of  
changes in equity

Statement of changes in equity 
€ million
Subcribed 
capital 
of RWE AG
Additional 
paid-in capital 
of RWE AG
Retained 
earnings and 
distributable 
profit
Own shares
Accumulated Other 
Comprehensive Income
RWE AG 
shareholders’ 
interest
Non-con-
trolling 
interests
Total
Fair value measurement 
of financial instruments
Note (20)
Currency 
translation 
adjustments
Debt 
instruments 
measured at 
fair value 
through other 
comprehensive 
income
Used for 
hedging 
purposes
Balance at 1 Jan 2024
1,904
6,489
14,892
—
615
31
8,102
32,033
1,571
33,604
Capital paid in
—
—
—
—
—
—
—
—
97
97
Share buyback
—
—
—
– 138
—
—
—
– 138
—
– 138
Dividends paid
—
—
– 744
—
—
—
—
– 744
– 262
– 1,006
Income
—
—
5,135
—
—
—
—
5,135
154
5,289
Other comprehensive income
—
—
– 224
—
49
7
– 4,660
– 4,828
88
– 4,740
Total comprehensive income
—
—
4,911
—
49
7
– 4,660
307
242
549
Other changes
—
—
– 250
—
—
—
341
91
426
517
Balance at 31 Dec 2024
1,904
6,489
18,809
– 138
664
38
3,783
31,549
2,074
33,623
2
Combined  
management report
195
1
To our investors
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor
3
Consolidated  
financial statements
Statement of  
changes in equity

3.6 Notes
Basis of presentation
RWE AG, recorded in Commercial Register B of the Essen District Court under HRB 14525 
and headquartered at RWE Platz 1 in 45141 Essen, Germany, is the parent company of 
the RWE Group (‘RWE’ or ‘Group’). RWE generates electricity from renewable and 
conventional sources, primarily in Europe and the USA. RWE also trades primarily in gas 
and electricity.
The consolidated financial statements for the period ended 31 December 2024 were 
approved for publication on 27 February 2025 by the Executive Board of RWE AG. The 
­statements were prepared in accordance with the International Financial Reporting 
­Standards (IFRS Accounting Standards) applicable in the European Union (EU), as well as 
in accordance with the ­supplementary accounting regulations applicable pursuant to 
­Sec. 315e, Para. 1 of the German Commercial Code (HGB). The previous year’s figures 
were calculated according to the same principles. 
A statement of changes in equity has been disclosed in addition to the income statement, 
the statement of comprehensive income, the balance sheet and the cash flow statement. 
The Notes also include segment reporting. 
Several balance sheet and income statement items have been combined in the interests 
of clarity. These items are stated and explained separately in the Notes to the financial 
­statements. The income statement is structured according to the nature of expense 
method. 
The consolidated financial statements have been prepared in euros. Unless specified 
­otherwise, all amounts are stated in millions of euros (€ million). Due to calculation 
­procedures, rounding differences may occur. 
These consolidated financial statements were prepared for the fiscal year from 1 January 
to 31 December 2024. 
The Executive Board of RWE AG is responsible for the preparation, completeness and 
­accuracy of the consolidated financial statements and the Group management report, 
which is combined with the management report of RWE AG.
We employ internal control systems, uniform groupwide directives and programmes for 
basic and advanced staff training to ensure that the consolidated financial statements 
and Group management report are adequately prepared. Compliance with legal 
regulations and the internal guidelines as well as the reliability and viability of the control 
systems are continuously monitored throughout the Group. 
In line with the requirements of the German Corporate Control and Transparency Act 
­(KonTraG), the Group’s risk management system enables the Executive Board to identify 
risks at an early stage and take countermeasures, if necessary. 
The consolidated financial statements, the combined management report and the related 
independent auditors’ report are discussed in detail by the Audit Committee and at the 
Supervisory Board’s meeting on financial statements with the auditors present. 
196
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

The following summaries show the changes in the number of fully-consolidated 
companies as well as associates and joint ventures accounted for using the equity 
method: 
Number of fully consolidated companies
Germany
Abroad
Total
1 Jan 2024
51
755
806
First-time consolidation
2
59
61
Deconsolidation
– 2
– 15
– 17
Mergers
– 1
– 61
– 62
31 Dec 2024
50
738
788
Number of companies accounted for using 
the equity method
Germany
Abroad
Total
1 Jan 2024
10
19
29
Acquisitions
—
1
1
Other changes
—
1
1
31 Dec 2024
10
21
31
As in the previous year, two companies are presented as joint operations. Of these,  
Greater Gabbard Offshore Winds Limited, Reading, UK, is a material joint operation of the 
RWE Group. Greater Gabbard holds a 500 MW offshore wind farm, which RWE operates 
together with Scottish and Southern Energy (SSE) Renewables Holdings. RWE owns 50 % of 
the shares and receives 50 % of the power generated (including green power certificates). 
The wind farm is part of the Offshore Wind segment. 
Scope of consolidation
In addition to RWE AG, the consolidated financial statements contain all material German 
and foreign companies which RWE AG controls directly or indirectly. In determining 
whether there is control, in addition to voting rights, other rights in company, inter-company 
and ­consortial contracts, and potential voting rights are also taken into ­consideration.
Material associates are accounted for using the equity method. Depending on their 
classification, principal joint arrangements are accounted for using the equity method or 
included on a pro-rata basis (as joint operations). 
Associates are companies on which RWE AG exercises a significant influence on the basis 
of voting rights of 20 % up to and including 50 % or on the basis of contractual agreements. 
In classifying joint arrangements which are structured as independent vehicles, other facts 
and circumstances – in particular delivery relationships between the independent vehicle 
and the parties participating in such – are taken into consideration, in addition to the legal 
form and contractual agreements. 
Investments in subsidiaries, joint ventures, joint operations or associates which are of 
­secondary importance from a Group perspective are accounted for in accordance with 
IFRS 9. 
The list of Group shareholdings pursuant to Sec. 313, Para. 2 of the German Commercial 
Code (HGB) is presented on pages 287 et seqq. 
197
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

The assets and liabilities acquired within the scope of the transactions are presented in the 
following table:
Balance-sheet items 
€ million
IFRS carrying 
amounts (fair value) 
at initial 
consolidation
Non-current assets
1,337
Current assets
63
Non-current liabilities
121
Current liabilities
943
Net assets
336
Purchase price
344
Provisional difference
8
The fair value of the receivables included in non-current and current assets amounted  
to €6 million and corresponded to the gross amount of the receivables that are fully 
recoverable.
Since first-time consolidation as of 27 March 2024, the companies have contributed 
€0 million to the Group’s revenue and – €42 million to the Group’s earnings. 
The purchase price was paid exclusively in cash and cash equivalents. Cash and cash 
equivalents in the amount of €57 million were acquired as part of the transaction. 
The provisional difference is primarily based on expected future use effects, such as the 
project development competencies of the development team. 
First-time consolidation and deconsolidation generally take place when control is obtained 
or lost.
Sales of shares which led to a change of control resulted in sales proceeds from disposals 
amounting to €246 million, which were reported in other operating income (previous year: 
€147 million). 
Acquisitions
Acquisition of three offshore wind projects from Vattenfall. At end-March 2024, the 
acquisition of 100 % of the shares in the three development projects Norfolk Vanguard 
West, Norfolk Vanguard East and Norfolk Boreas in the UK was completed. This acquisition 
was agreed with the Swedish group Vattenfall AB, Stockholm, Sweden, at the end of 
December 2023. The three offshore wind projects each have a planned capacity of 
1.4 GW and are located off the coast of East Anglia. The three development projects have 
already secured seabed rights, grid connections, Development Consent Orders and all 
other key permits. Along with the projects, RWE also took on a team of 46 employees. 
Due to the complex structure of the transaction, the initial accounting of the business 
combination has not been finalised, especially in relation to the valuation of non-current 
assets.
198
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

Sale of the Czech gas storage business in the previous year. The agreement concluded 
with the Czech state-owned transmission system operator ČEPS at the end of August 2023 
on the sale of the Group company RWE Gas Storage CZ, s.r.o., Prague, Czechia, which was 
responsible for RWE’s Czech gas storage operations, was completed on 18 September 2023. 
RWE Gas Storage CZ was part of the Supply & Trading segment. The gain on deconsolidation 
amounted to €128 million and was recognised in the line item ‘other operating income’ in 
the income statement in the previous year.
Consolidation principles
The financial statements of German and foreign companies included in the scope of the 
Group’s financial statements are prepared using uniform accounting policies.
Business combinations are reported according to the acquisition method. This means that 
capital consolidation takes place by offsetting the purchase price, including the amount of 
the non-­controlling interests, against the acquired subsidiary’s revalued net assets at the 
time of acquisition. In doing so, the non-controlling interests can either be measured at the 
prorated value of the subsidiary’s identifiable net assets or at fair value. The subsidiary’s 
identifiable assets, liabilities and contingent liabilities are measured at full fair value, 
­regardless of the amount of the non-controlling interests. Intangible assets are reported 
separately from goodwill if they are separable from the company or if they stem from a 
­contractual or other right. In accordance with IFRS 3, no new restructuring provisions are 
recognised within the scope of the purchase price allocation. If the purchase price exceeds 
the revalued prorated net assets of the acquired subsidiary, the difference is capitalised as 
goodwill. If the purchase price is lower, the difference is included in income.
If all of the business combinations in the reporting period had occurred on 1 January 
2024, Group income and Group revenue would have amounted to €5,256 million and 
€24,224 million, respectively. 
Acquisition of the Dutch gas-fired power station Magnum. On 31 January 2023, RWE 
purchased 100 % of the shares in the company Eemshaven Magnum B.V., Amsterdam, 
Netherlands. With this acquisition, RWE took over the gas-fired power plant Magnum with 
a net capacity of around 1.4 GW, together with about 70 employees and related solar 
activities of approximately 6 MW.
Purchase of Con Edison’s renewable energy business. The purchase of 100 % of the 
shares of Con Edison Clean Energy Businesses, Inc. (CEB), Valhalla, USA, was completed on 
1 March 2023. This acquisition was agreed with the US group Con Edison, Inc., New York, 
USA, in October 2022. As a leading renewables company in the United States, at the  
time of acquisition CEB had 3.1 GW of power generation capacity, around 90 % of which 
comes from solar systems. This portfolio is complemented by a development pipeline  
of more than 7 GW. CEB has now been completely integrated into the US company  
RWE Clean Energy, LLC.
Acquisition of the British developer JBM Solar. On 1 March 2023, RWE acquired 100 % 
of the shares in the British photovoltaic and battery storage developer JBM Solar Ltd, 
Cardiff, United Kingdom. Along with a PV project pipeline with a total capacity of around 
3.8 GW and 2.3 GW of battery storage, RWE has also taken on a team of around 
30 employees.
Disposals
Sale of the grid connection for the Triton Knoll offshore wind farm in the previous year. 
As a result of regulatory requirements, RWE was required to sell the grid connection for the 
Triton Knoll offshore wind farm in the United Kingdom. The sale of the grid connection, which 
was assigned to the Offshore Wind segment, was completed in December 2023. The gain 
on the disposal amounted to €27 million and was recognised in the ‘other operating income’ 
line item in the income statement in the previous year.
199
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

companies outide the euro area are reported in other comprehensive income without an 
effect on income. When translating the adjusted equity of foreign companies accounted 
for using the equity method, we follow the same procedure.
The following exchange rates (among others) were used as a basis for foreign currency 
translations:
Exchange rates
Average
Year-end
in €
2024
2023
31 Dec 2024
31 Dec 2023
1 US dollar
0.93
0.92
0.96
0.90
1 British pound
1.18
1.15
1.21
1.15
100 Czech korunas
3.98
4.17
3.97
4.05
1 Polish zloty
0.23
0.22
0.23
0.23
1 Danish crown
0.13
0.13
0.13
0.13
1 Swedish crown
0.09
0.09
0.09
0.09
1 Norwegian crown
0.09
0.09
0.08
0.09
Since 30 June 2022, Türkiye has been classified as a hyperinflationary economy according 
to IAS 29. In these financial statements as at 31 December 2024, RWE thus applies IAS 29 
in respect of the financial statements of one fully consolidated Turkish subsidiary.
In the event of deconsolidation, the related pro-rata goodwill is derecognised with an 
effect on income. Changes in the ownership share which do not alter the ability to control 
the ­subsidiary are recognised without an effect on income. By contrast, if there is a loss of 
­control, the remaining shares are remeasured at fair value with an effect on income. 
Expenses and income as well as receivables and payables between consolidated 
companies are eliminated; intra-group profits and losses are eliminated. 
For investments accounted for using the equity method, goodwill is not reported separately, 
but rather included in the value recognised for the investment. In other respects, the 
­consolidation principles described above apply analogously. If impairment losses on the 
equity value become necessary, we report such under income from investments accounted 
for using the equity method. 
Foreign currency translation
In their individual financial statements, the companies measure non-monetary foreign 
­currency items at the balance-sheet date using the exchange rate in effect on the date 
they were initially recognised. Monetary items are converted using the exchange rate valid 
on the balance-sheet date. Exchange rate gains and losses from the measurement of 
monetary balance-sheet items in foreign currency occurring up to the balance-sheet date 
are ­recognised on the income statement.
Functional foreign currency translation is applied when converting the financial statements 
of companies outside of the Eurozone. As the principal foreign enterprises included in the 
consolidated financial statements conduct their business activities independently in their 
national currencies, their balance-sheet items are translated into euros in the consolidated 
financial statements using the average exchange rate prevailing on the balance-sheet date. 
This also applies for goodwill, which is viewed as an asset of the economically autonomous 
foreign entity. Expense and income items are translated using annual average exchange 
rates. Foreign currency translation differences from converting the financial statements of 
200
1
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2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

An impairment loss is recognised for an intangible asset if the recoverable amount of the 
asset is less than its carrying amount. A special regulation applies for cases when the asset 
is part of a cash-generating unit. Such units are defined as the smallest identifiable group 
of assets which generates cash inflows; these inflows must be largely independent of cash 
inflows from other assets or groups of asset. If the intangible asset is a part of a cash-­
generating unit, the impairment loss is calculated based on the recoverable amount of this 
unit. If goodwill was allocated to a cash-generating unit and the carrying amount of the 
unit exceeds the recoverable amount, the allocated goodwill is initially written down by the 
­difference. Impairment losses which must be recognised in addition to this are taken into 
account by reducing the carrying amount of the other assets of the cash-generating unit 
on a prorated basis. If the reason for an impairment loss recognised in prior periods has 
ceased to exist, a write-back to intangible assets is performed. The increased carrying 
amount resulting from the write-back may not, however, exceed the amortised cost. 
Impairment losses on goodwill are not reversed. 
Property, plant and equipment is stated at depreciated cost. Borrowing costs are 
capitalised as part of the asset’s cost, if they are incurred directly in connection with the 
acquisition or production of a ‘qualified asset’. What characterises a qualified asset is  
that a considerable period of time is required to prepare it for use or sale. If necessary,  
the cost of property, plant and equipment may contain the estimated expenses for the 
decommissioning of plants or site restoration. Maintenance and repair costs are 
recognised as expenses.
Accounting policies 
Intangible assets are accounted for at amortised cost. With the exception of goodwill, all 
intangible assets have finite useful lives and are amortised using the straight-line method. 
Useful lives and methods of amortisation are reviewed on an annual basis. 
Software for commercial and technical applications is amortised over three to five years 
and is reported under concessions and patent rights. ‘Operating rights’ refer to the entirety 
of the permits and approvals required for the ­operation of a power plant. Such rights are 
generally amortised over the economic life of the power plant, using the straight-line 
method. Capitalised customer relations are amortised over a maximum period of up to 
35 years. 
Goodwill is not amortised; instead it is subjected to an impairment test once every year, or 
more frequently if there are triggers for an impairment. 
Development costs are capitalised if a newly developed product or process can be clearly 
defined, is technically feasible, and it is the company’s intention to either use the product or 
process itself or market it. Furthermore, asset recognition requires that there be a sufficient 
level of certainty that the development costs lead to future cash inflows. Capitalised 
­development costs are amortised over the period during which the products are expected 
to be sold. Research expenditures are recognised as expenses in the period in which they 
are incurred. 
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assets and components affected by repowering is prospectively reduced to the period of 
time until the repowering is performed. As a result of this, the scheduled depreciation of 
the renewable assets affected by repowering measures increased by €8 million in 2024.
In relation to lignite mining and generation, the decommissioning data from the Act on 
Coal Phaseout are taken into consideration in determining the useful life spans.
Property, plant and equipment also include right-of-use assets resulting from leases of 
which RWE is the lessee. These right-of-use assets are measured at cost. The cost results 
from the present value of the lease instalments, adjusted to take into account advance 
­payments, initial direct costs and potential dismantling obligations and corrected for 
received lease incentives. Right-of-use assets are depreciated using the straight-line 
method over the lease term..
For short-term leases and leases for low-value assets, lease instalments are recognised 
as an expense over the lease term. For operating leases of which RWE is the lessor, the 
­minimum lease instalments are recognised as income over the lease term.
Impairment losses and write-backs on property, plant and equipment are recognised 
according to the principles described for intangible assets. 
Investments accounted for using the equity method are initially accounted for at cost 
and thereafter based on the carrying amount of their prorated net assets. The carrying 
amounts are increased or reduced annually by prorated profits or losses, dividends and  
all other changes in equity. Goodwill is not reported separately, but rather included in the 
recognised value of the investment. As a result of this, goodwill is not subject to amortisation 
or a separate impairment test. An impairment loss is recognised for investments accounted 
for using the equity method, if the recoverable amount is less than the carrying amount.
With the exception of land and leasehold rights, as a rule, property, plant and equipment  
is depreciated using the straight-line method, unless in exceptional cases another 
depreciation method is better suited to the usage pattern. The depreciation methods are 
reviewed annually. We calculate the depreciation of RWE’s typical property, plant and 
equipment according to the following useful lives, which apply throughout the Group and 
are also reviewed annually:
Useful life in years
Buildings
3 – 50
Technical plants
Thermal power plants
6 – 40
Wind assets
up to 30
Solar assets
25 – 35
Battery storage facilities
10 – 15
Gas storage facilities
10 – 50
Mining facilities
3 – 25
Other renewable generation facilities
3 – 50
During the review of useful lives, the useful life span of wind assets was adjusted to a period 
of up to 30 years (previously: up to 25 years) in the reporting year. This adjustment was 
carried out in a prospective manner. As a result of this, the scheduled depreciation of wind 
assets declined by €99 million in 2024. An effect of a similar magnitude is expected in the 
coming years.
Repowering renewable energy assets involves the partial or complete demolition of 
existing wind or solar farms and their replacement at the same location with assets that 
are more modern or offer better performance. Starting from the time when the decision is 
made to repower a renewable generation asset, the estimated residual lifespan of the 
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Lease receivables from finance leases, in which RWE is the lessor, are reported under 
financial receivables. In finance lease arrangements, the substantial risks and rewards 
associated with ownership of the underlying asset are transferred to the lessee. Accordingly, 
upon the commencement of a lease, for finance leases the lessor must derecognise the 
carrying value of the underlying asset and record a receivable in the amount of the net 
investment in the lease. The payments received from the lessee are divided into payments 
of principal and payments of interest, with the payments of interests determined over the 
lifetime of the lease on the basis of the effective interest rate method.
CO2 emission allowances and certificates for renewable energies are accounted for as 
­intangible assets and reported under other assets; both are stated at cost and are not 
­amortised. Upon submission to the relevant authorities, CO2 emission allowances and 
certificates for renewable energies are offset against the use of the provisions recognised 
for obligations to deliver such emission allowances and certificates.
Deferred taxes result from temporary differences in the carrying amount in the separate 
IFRS financial statements and tax bases, and from consolidation procedures. Deferred tax 
assets also include tax reduction claims resulting from the expected utilisation of existing 
loss carryforwards in subsequent years. Deferred taxes are capitalised if it is sufficiently 
­certain that the related economic advantages can be used. Their amount is assessed with 
regard to the tax rates applicable or expected to be applicable in the specific country at 
the time of realisation. The tax regulations valid or adopted as of the balance-­sheet date 
are key considerations in this regard. Deferred tax assets and deferred tax liabilities are 
netted out for each company and / or tax group. In many countries in which RWE operates, 
legal regulations on minimum taxation have been introduced in accordance with the 
OECD guidelines for the new global minimum tax framework (BEPS Pillar 2). In line with 
IAS 12 as amended in 2023, the potential impacts on deferred taxes from this are not 
taken into consideration.
The initial measurement of other financial assets occurs at the settlement date. Shares in 
non-­consolidated subsidiaries and in associates or joint ventures are recognised at fair 
value through profit or loss. Other investments are also recognised at fair value. The option 
to state changes in fair value in other comprehensive income is exercised for some of these 
equity instruments. Non-current securities are also accounted for at fair value and changes 
in value are recognised through profit or loss or other comprehensive income depending 
on their classification. Gains and losses on sales of equity instruments, for which the option 
to state changes in fair value in other comprehensive income is exercised, remain in equity 
and are not reclassified to the income statement. An impairment in the amount of the 
expected credit losses is recognised through profit or loss for debt instruments that are 
recognised at fair value through other comprehensive income. The changes reported in 
other ­comprehensive income are recognised with an effect on earnings upon the sale of 
these instruments.
Receivables are comprised of financial receivables, trade accounts receivable and 
other receivables. Aside from financial derivatives, receivables and other assets are 
stated at amortised cost minus a credit risk provision in the amount of the expected  
credit losses. 
Loans reported under financial receivables are stated at amortised cost minus a risk 
­provision in the amount of the expected losses. Loans with interest rates common in the 
market are recognised at the transaction price less any ancillary costs; non-interest ­or 
low-interest loans are, as a rule, disclosed at their present value discounted using an 
interest rate commensurate with the risks involved.
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Securities classified as current marketable securities essentially consist of fixed-interest 
securities which have a maturity of more than three months and less than one year from 
the date of acquisition. Securities are measured in part at fair value through profit or loss 
or at fair value through other comprehensive income. The transaction costs directly 
associated with the acquisition of these securities are included in the initial measurement, 
which occurs on their settlement date. Unrealised gains and losses are recognised through 
profit or loss or other comprehensive income, with due consideration of any deferred taxes 
depending on the underlying measurement category. In part, current marketable securities 
are also ­measured at amortised cost. An impairment in the amount of the expected credit 
losses is recognised through profit or loss for debt instruments that are stated at fair value 
through other comprehensive income. Changes included in other comprehensive income 
are ­recognised through profit or loss on disposal of such instruments.
Cash and cash equivalents consist of cash on hand, demand ­deposits and current fixed-
interest securities with a maturity of three months or less from the date of acquisition. 
The stock option plans granted by RWE to executives and members of corporate bodies 
­are accounted for as cash-settled share-based payment. At the balance-sheet date, a 
­provision is recognised in the amount of the prorated fair value of the payment obligation. 
Changes in the fair value are recognised with an effect on income. The fair value of options 
is determined using generally accepted valuation methodologies. 
Provisions are recognised for all legal or constructive obligations to third parties which 
exist on the balance-sheet date and stem from past events which will probably lead to an 
outflow of resources, and the amount of which can be reliably estimated. Provisions are 
carried at their prospective settlement amount and are not offset against reimbursement 
claims. If a provision involves a large number of items, the obligation is estimated by 
weighting all possible outcomes by their probability of occurrence (expected value 
method).
Inventories are assets which are held for sale in the ordinary course of business (finished 
goods and goods for resale), which are in the process of production (work in progress – 
goods and services) or which are consumed in the production process or in the rendering 
of services (raw materials including nuclear fuel assemblies). 
Insofar as inventories are not acquired primarily for the purpose of realising a profit on a 
short-term resale transaction, they are carried at the lower of cost or net realisable value. 
Production costs reflect the full costs directly related to production; they are determined 
based on normal capacity utilisation and, in addition to directly allocable costs, they also 
include adequate portions of required materials and production overheads. They also 
include production-­related depreciation. Borrowing costs, however, are not capitalised as 
part of the cost. The determination of cost is generally based on average values. 
If the net realisable value of inventories written down in earlier periods has increased, the 
reversal of the write-down is recognised as a reduction of the cost of materials.
Nuclear fuel assemblies are stated at amortised cost. Depreciation is determined by 
­operation and capacity, based on consumption and the reactor’s useful life. 
Inventories which are acquired primarily for the purpose of realising a profit on a short-
term resale transaction are recognised at fair value less costs to sell. Changes in value are 
­recognised with an effect on income. The fair value of gas inventories purchased for resale 
is determined every month on the basis of the current price curves of the relevant indices 
for gas (e. g. TTF). The valuations are based on prices which can be observed directly or 
­indirectly (Level 2 of the fair value hierarchy). Differences between the fair value and the 
­carrying value of inventories acquired for resale purposes are recognised on the income 
statement at the end of the month.
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consideration future changes in mortality rates). The provision derives from the balance  
of the actuarial present value of the obligations and the fair value of the plan assets. The 
­service cost is disclosed in staff costs. Net interest is included in the financial result. 
Gains and losses on the revaluation of net defined benefit liability or asset are fully 
­recognised in the fiscal year in which they occur. They are reported outside of profit or loss, 
as a component of other comprehensive income in the statement of comprehensive 
income, and are immediately assigned to retained earnings. They remain outside profit or 
loss in subsequent periods as well. 
In the case of defined contribution plans, the enterprise’s obligation is limited to the amount 
it contributes to the plan. Contributions to the plan are reported under staff costs. 
Waste management provisions in the nuclear energy sector are based on obligations 
under public law, in particular the German Atomic Energy Act, and on restrictions from 
operating licenses. These provisions are measured using estimates, which are based on 
contracts as well as information from internal and external specialists. 
Provisions for mining damage are recognised for obligations existing as of the balance-­
sheet date and identifiable when the balance sheet is being prepared to cover land 
­recultivation, resettlement and relocation and remediation of mining damage that has 
already occurred or been caused. The provisions must be recognised due to obligations 
under public law, such as the German Federal Mining Act, and formulated, above all, in 
­operating schedules and water law permits. Such provisions are measured at full expected 
cost or according to estimated compensation payments, which are based on detailed 
contracts as well as information from internal and external specialists. 
A provision is recognised to cover the obligation to submit CO2 emission allowances and 
certificates for renewable energies to the respective authorities; this provision is primarily 
measured at the secured forward price of the CO2 allowances or certificates for renewable 
All non-current provisions are recognised at their prospective settlement amount, which is 
discounted as of the balance-sheet date. In the determination of the settlement amount, 
any cost increases likely to occur up until the time of settlement are taken into account.
If necessary, the cost of property, plant and equipment may contain the estimated 
expenses for the decommissioning of plants or site restoration. Decommissioning, 
restoration and similar provisions are recognised for these expenses. If changes in the 
discount rate or changes in the estimated timing or amount of the payments result in 
changes in the ­provisions, the carrying amount of the respective asset is increased or 
decreased by the corresponding amount. If the decrease in the provision exceeds the 
carrying amount, the excess is recognised immediately through profit or loss.
As a rule, releases of provisions are credited to the expense account on which the provision 
was originally recognised.
Provisions for pensions and similar obligations are recognised for defined benefit plans. 
These are obligations of the company to pay future and ongoing post-employment 
benefits to entitled current and former employees and their surviving dependents. In 
particular, the obligations refer to retirement pensions. Individual commitments are 
generally oriented to the employees’ length of service and compensation. 
Provisions for defined benefit plans are based on the actuarial present value of the 
­respective obligation. This is measured using the projected unit credit method. This 
method not only takes into account the pension benefits and benefit entitlements known 
as of the balance-sheet date, but also anticipated future increases in salaries and pension 
benefits. The calculation is based on actuarial reports, taking into account appropriate 
biometric parameters (for Germany, the ‘Richttafeln 2018 G’ by Klaus Heubeck, and the 
Standard SAPS Table S3PA of the respective year for the United Kingdom, taking into ­
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Derivative financial instruments are recognised as assets or liabilities and measured at 
fair value, regardless of their purpose. Changes in this value are recognised with an effect 
on income, unless the instruments are used for hedge accounting purposes. In such cases, 
­recognition of changes in the fair value depends on the type of hedging transaction.
Fair value hedges are used to hedge assets or liabilities carried on the balance sheet 
against the risk of a change in their fair value. The following applies: changes in the fair 
value of the hedging instrument and the fair value of the respective underlying transactions 
are recognised in the same line item on the income statement. Hedges of unrecognised 
firm commitments are also recognised as fair value hedges. Changes in the fair value of 
the firm commitments with regard to the hedged risk result in the recognition of an asset 
or liability with an effect on income. 
Cash flow hedges are used to hedge the risk of variability in future cash flows related to  
an asset or liability carried on the balance sheet or related to a highly probable forecast 
­transaction. If a cash flow hedge exists, unrealised gains and losses from the hedging 
­instrument are initially stated as other comprehensive income. Such gains or losses are 
only included on the income statement when the hedged underlying transaction has an 
effect on income. If forecast transactions are hedged and such transactions lead to the 
recognition of a financial asset or financial liability in subsequent periods, the amounts that 
were ­recognised in equity until this point in time are recognised on the income statement 
in the period during which the asset or liability affects the income statement. If the 
transactions result in the recognition of non-financial assets or liabilities, for example the 
acquisition of property, plant and equipment, the amounts recognised in equity without an 
effect on income are included in the initial cost of the asset or liability. 
energies. If a portion of the obligation is not covered with allowances that are available or 
have been purchased forward, the provision for this portion is measured using the market 
price of the emission allowances or certificates for renewable energies on the reporting 
date. 
Liabilities consist of financial liabilities, trade accounts payable, income tax liabilities 
and derivatives and other liabilities. With the exception of income tax liabilities and 
contractual liabilities, upon initial recognition, these are generally stated at fair value 
including transaction costs and are carried at amortised cost in the periods ­thereafter 
(except for derivative financial instruments). Lease liabilities are measured at the present 
value of the future lease payments. For subsequent measurements, the lease ­payments are 
divided into the financing costs and repayment portion of the outstanding debt. Financing 
costs are distributed over the lease term in such a manner that a steady interest rate is 
created for the outstanding debt.
If uncertain income tax items are recognised in income tax liabilities because they are 
­probable, the former are generally measured at the most likely amount. Measurement at 
expected value is only considered in exceptional cases.
Moreover, other liabilities also include contract liabilities. ­A contract liability is the obligation 
of the Group to transfer goods or services to a customer, for which we have already received 
consideration or for which the consideration is already due.
Government grants provided in relation to the acquisition of an asset are not deducted 
from the cost of the subsidised asset; they are reported as deferrals under other liabilities. 
These deferrals are reversed with an effect on income over the economic life of the 
subsidised asset. Government grants related to income are offset against the 
corresponding expenses.
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settlement at the prevailing market price, insofar as these contracts do not fall under the 
scope of IFRS 9 (so-called ‘failed own-use contracts’).
Derivative financial instruments are divided into current and non-current assets and 
liabilities. Derivatives concluded for proprietary trading purposes are classified as current 
assets or liabilities, whereas derivatives related to hedging transactions are classified on 
the basis of their maturity. Due to the necessary collaterals, exchange-traded derivative 
financial instruments are classified as current.
As a rule, non-derivative and derivative financial instrument are offset on the balance 
sheet, insofar as there is an unrestricted right, as well as the intention, to settle the 
corresponding items at the same time or on a net basis.
Contingent liabilities are possible obligations to third parties or existing obligations which 
will probably not lead to an outflow of economic benefits or the amount of which cannot 
be measured reliably. Contingent liabilities are only recognised on the balance sheet if they 
were assumed within the framework of a business combination. The amounts disclosed in 
the Notes correspond to the best possible estimate of the settlement amount at the 
balance-sheet date. 
Contingent receivables are possible assets resulting from past events, the existence of 
which must be confirmed by future events that are not under the full control of RWE. 
Contingent receivables are not stated in the balance sheet. The amounts disclosed in the 
Notes correspond to the best possible estimate of the financial effects at the balance-
sheet date.
Renewable energy projects in the USA are primarily subsidised via tax credits and tax 
­benefits (hereinafter referred to jointly as tax items). Within the framework of so-called 
tax equity financing, tax equity investors participate directly in financing the generation 
The purpose of hedges of a net investment in foreign operations (net investment hedges) 
is to hedge the currency risk from investments with foreign functional currencies. With the 
exception of hedging costs, unrealised gains and losses from such hedges are recognised 
in other comprehensive income until disposal of the foreign operation. 
Hedging relationships must be documented in detail and meet the following effectiveness 
requirements:
•	 there is an economic relationship between the hedged item and the hedging instrument, 
•	 the value change of hedging relationship is not dominated by the credit risk, and
•	 the hedge ratio is the same as that resulting from the quantities used within the scope of 
risk management.
Only the effective portion of a hedge is recognised in accordance with the preceding rules. 
The ineffective portion is recognised immediately on the income statement with an effect 
on income. 
If they are concluded for trading or optimisation purposes, contracts for the receipt or 
delivery of non-financial items are accounted for as derivative financial instruments and 
reported at fair value in accordance with IFRS 9. By contrast, if these contracts are 
concluded for the company’s expected purchase, sale or usage requirements (own-use 
contracts), they are not accounted for as derivative financial instruments, but rather as 
executory contracts. If the contracts ­contain embedded derivatives, the derivatives are 
accounted separately from the host ­contract, insofar as the economic characteristics and 
risks of the embedded derivatives are not closely related to the economic characteristics 
and risks of the host contract. ­Written options to buy or sell a non-financial item which can 
be settled in cash are not ­own-use ­contracts. For physically settled contracts to purchase 
or sell non-financial items, income is realised and the cost of materials is recognised upon 
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an output. In this regard, one key indicator is whether qualified staff are taken over in the 
course of an acquisition.
•	 ­	In assessing joint arrangements which are structured as independent vehicles, it must 
be decided whether these are to be classified as joint operations or joint ventures. In this 
regard, other facts and circumstances – in particular delivery relationships between the 
independent vehicle and the parties participating in such – are taken into consideration, 
in addition to the legal form and contractual agreements.
•	 ­	Leases in the sense of IFRS 16 require that the right to control the use of the leased 
asset be conveyed to the customer over the term of the lease. In relation to contracts  
in which RWE buys or sells the entire generation capacity of a facility as a customer or  
a supplier, it is necessary to assess whether the right to determine the conditions of  
use is conveyed to the customer.
•	 With regard to assets held for sale, it must be determined if they can be sold in their 
­current condition and if the sale of such is highly probable in the next twelve months.  
If both conditions apply, the assets and any related liabilities must be reported and 
­measured as assets or liabilities held for sale, respectively. 
Management estimates and judgements. Preparation of consolidated financial 
­statements pursuant to IFRS requires assumptions and accounting estimates to be  
made. In the event of uncertainties in relation to the measurement of items in the  
financial ­statements, it can be necessary to make accounting estimates. The estimates 
can have an impact on the recognised value of the assets and liabilities carried on the 
balance sheet, on income and expenses and on the disclosure of contingent receivables 
and liabilities. 
facilities of individual project companies. Due to its financing character, the capital 
­contributed by the tax equity investor is reported under financial liabilities, in the amount  
of the outstanding repayment.
Repayment of interest and capital for the tax equity liability occurs primarily without cash 
outflows via the direct allocation of the tax items generated by the project to the tax equity 
investor, which can then apply the items in relation to its own tax accounting. In addition to 
this, repayment of interest and capital also occurs in cash.
The tax equity arrangement and the related obligation to maintain proper operations  
is treated similar to a contract for services. The income resulting from the tax items is 
recorded under other operating income, with this income realised using the straight-line 
method over the anticipated duration of the tax equity contracts. In this regard, linear 
­realisation of the income is capped at the amount of income that will most likely be 
­generated during the contract, and any amounts above and beyond this are only 
­recognised up to the amount of income that is actually generated.
Management judgements in the application of accounting policies. Management 
­judgements are required in the application of accounting policies. In particular, this 
pertains to the following aspects: 
•	 With regard to certain contracts, a decision must be made as to whether they are to  
be treated as derivatives or as so-called own-use contracts, and be accounted for as 
­executory contracts. 
•	 ­	When classifying financial assets, it is necessary to review whether these assets satisfy 
the cash flow criterion. For complex financial assets, it must be assessed whether their 
cash flows exclusively consist of payments of interest or principal.
•	 ­	In the case of acquisitions, it must be determined whether a business in the sense of 
IFRS 3 or a group of assets was acquired. For a business to be involved, there must be at 
least one input and a substantial process, which jointly contribute to the ability to create  
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Power plants and in some cases opencast mines are grouped together as a cash-­
generating unit if their production capacity and fuel needs are centrally managed as 
part of a portfolio, and it is not possible to ascribe individual contracts and cash flows 
to the specific power plants. 
The depreciation periods for our property, plant and equipment are based on the underlying 
useful life spans of such. Useful life span is an estimation and is influenced by factors such 
as technological progress and regulatory conditions, among other things. In relation to 
lignite mining and generation, the decommissioning data from the Act on Coal Phaseout 
are taken into consideration in determining the useful life spans.
Upon first-time consolidation of an acquired company, the identifiable assets, liabilities 
and contingent liabilities are recognised at fair value. Determination of the fair value is 
based on valuation procedures which require a projection of anticipated future cash flows. 
Deferred tax assets are recognised if the realisation of future tax benefits is probable. 
However, the actual future realisability of tax benefits and thus the recoverability of 
deferred tax assets may deviate from the estimation made when the deferred taxes are 
capitalised. For additional information on assumptions and estimates in relation to the 
recognition of deferred tax assets, see (16) Deferred taxes.
Estimations in relation to the tax situation must also be made for the measurement of 
uncertain income tax items, in particular the amount of taxable income and the use of tax 
loss carryforwards (see (24) Income tax liabilities).
Additional information on the assumptions and estimates upon which these consolidated 
financial statements are based can be found in the explanations of the individual items. 
All assumptions and estimates are based on valuation methods and input factors. These 
include climate-related assumptions on the development of prices for CO2 allowances, the 
Amongst other things, these assumptions and estimates relate to the accounting and 
measurement of provisions. With regard to non-current provisions, the discount factor  
and price increases to be applied are important estimates, in addition to the amount and 
timing of future cash flows. The discount factor for pension obligations is determined on 
the basis of yields on high-quality, fixed-rate corporate bonds on the financial markets as 
of the ­balance-sheet date, in accordance with the maturities and due dates. For additional 
information on assumptions and estimates in relation to non-current provisions and 
pension obligations, see (22) Provisions.
Measuring the fair value of commodity derivatives involves the use of market-based 
assumptions to determine the relevant input factors for suitable accounting methods.
These assumptions are constantly reviewed. In particular, assumptions related to price 
curves, anticipated volumes and other risk-relevant input factors are frequently reviewed  
in order to determine a meaningful fair value (see (27) Reporting on financial 
instruments).
The rules governing valuation allowances for financial assets under IFRS 9 stipulate that 
the expected credit losses must be determined. The valuation allowance is based on 
information from within and outside the Group. For additional information on assumptions 
and estimates in relation to determining the expected credit losses for financial assets,  
see (27) Reporting on financial instruments.
The impairment test for goodwill, property, plant and equipment, intangible assets and 
investments accounted for using the equity method is based on certain assumptions 
pertaining to the future, which are regularly adjusted. Property, plant and equipment, 
intangible assets and investments accounted for using the equity method are tested for 
indications of impairment on each cut-off date. As part of this impairment test, the 
recoverable amount of the asset must be determined; this occurs on the basis of valuation 
models and input factors. For additional information on assumptions and estimates in 
relation to determining the recoverable amount, see (5) Depreciation, amortisation and 
impairment losses and (10) Intangible assets.
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the adjusted EBITDA of the core business. RWE’s liabilities of relevance to net debt primarily 
consist of (hybrid) bonds, commercial paper, tax equity liabilities, short-term borrowing 
and provisions for pensions, nuclear waste management and wind and solar farms. 
In the reporting period, it was primarily cash flows from continuing operations that had a 
positive effect on the RWE Group’s net debt, while high capital expenditure on property, 
plant and equipment, especially in the segments Offshore Wind and Onshore Wind / Solar, 
resulted in a significant increase in net debt during the period. As of 31 December 2024, 
net financial debt amounted to €4.1 billion and was thus higher than at the end of 2023 
(net financial assets of €0.8 billion). Furthermore, net debt provisions declined by €0.4 billion 
to €7.1 billion (previous year: €7.4 billion). On average, provisions have a very long 
duration; their level is primarily determined by external factors such as the general level  
of interest rates. A precise calculation of net debt / net cash and net financial debt / assets is 
presented on page 55 of the management report. In total, as of 31 December 2024, RWE’s 
net debt amounted to €11.2 billion (previous year: €6.6 billion). As of 31 December 2023, 
the leverage factor was 2.0 (previous year:  0.9) and was thus well below the planned 
ceiling.
RWE’s credit rating is influenced by a number of qualitative and quantitative factors. These 
include aspects such as the amount of cash flows and debt as well as market conditions, 
competition and the political and regulatory framework. Our hybrid bonds also have a 
positive effect on our rating. The rating agency Moody’s classifies part of hybrid capital  
as equity. 
In October and November 2024, the rating agencies Moody’s and Fitch both confirmed 
their credit ratings for RWE. RWE’s long-term creditworthiness is now classified as Baa2 
(Moody’s) and BBB+ (Fitch), with a stable outlook. RWE’s short-term credit ratings are 
unchanged versus the previous year at P-2 (Moody’s) and F1 (Fitch).
useful life spans of conventional power stations or for the expansion of the hydrogen 
economy. These, in turn, are based on the circumstances and forecasts prevailing on the 
balance-sheet date. Furthermore, as of the balance-sheet date, realistic assessments of 
overall economic ­conditions in the sectors and regions in which RWE conducts operations 
are taken into ­consideration with regard to the prospective development of business. 
Actual amounts may deviate from the estimated amounts if the estimated parameters 
develop differently than expected. In such cases, the assumptions, and, if necessary, the 
carrying amounts of the affected assets and liabilities are adjusted. 
The changes to the framework for renewable energy facilities that occurred in January 2025 
(see (34) Events after the balance-sheet date) result in elevated uncertainty with regard 
to the assumptions used in the standard impairment test for the goodwill of the cash-
generating unit RWE Clean Energy (see (10) Intangible assets). In connection with this, 
there is also elevated uncertainty about the US joint venture Community Offshore Wind, 
LLC, Wilmington, USA, which is an investment accounted for using the equity method  
(see (12) Investments accounted for using the equity method).
Furthermore, as of the date of preparation of the consolidated financial statements, it is 
not presumed that there will be any material changes compared to the assumptions and 
accounting ­estimates. 
Capital management. The focus of RWE’s financing policy is on ensuring uninterrupted 
access to the capital market. The goal is to be in a position to refinance maturing debts 
and finance the operating activities at all times. Maintaining a solid rating and a positive 
operating cash flow from continuing activities serve this purpose. 
The management of RWE’s capital structure is oriented towards a leverage factor of three 
or less. This indicator is calculated by adding material non-current provisions, with the 
exception of mining provisions, to net financial debt and comparing the resulting figure to 
210
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2
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3
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financial statements
Notes
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

Items 
€ million
Adjustment 
prior year
Taxes on income
– 72
Deferred taxes (income statement)
– 72
Income
72
Net income / income attributable to RWE AG shareholders
72
Basic and diluted earnings per share in €
0.10
Other comprehesive income from currency translation
– 15
Gross amount of deferred tax assets
446
Netting amount of deferred tax assets and liabilities
446
Deferred tax liabilities (balance sheet) as of 1 Jan 2023
– 389
Deferred tax liabilities (balance sheet) as of 31 Dec 2023
– 446
Equity as of 1 Jan 2023
389
Equity as of 31 Dec 2023
446
Change in the accounting treatment of the German capacity reserve. In the past, the 
provision of reserve capacity from RWE power plants within the framework of the German 
capacity reserve system was accounted for as an executory contract. As these power 
stations no longer participate in the regular electricity market and are only used when 
necessary at the request of the transmission system operator to ensure grid stability, they 
are to be accounted for as a finance lease pursuant to IFRS 16, with RWE in the role of the 
lessor. Adjustment of the prior-year figures has the following effects:
Changes in financial reporting
The International Accounting Standards Board (IASB) has approved several amendments 
to existing IFRSs, which are effective for the RWE Group as of fiscal 2024 due to EU 
endorsement:
•	 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities 
as Current or Non-current (2020), Presentation of Financial Statements: Classification 
of Liabilities as Current or Non-current – Deferral of Effective Date (2020) and 
Presentation of Financial Statements: Non-current Liabilities with Covenants (2022)
•	 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (2022)
•	 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial 
Instruments: Disclosures: Supplier Finance Arrangements (2023)
These new regulations do not have any material effects on the RWE Group’s consolidated 
financial statements.
Correction in the reporting of realised hedges from emission allowances in accordance 
with IAS 8.42. The change in the reporting of realised hedges from emission allowances 
resulted in a reduction of €2,995 million in the cost of materials and other operating result; 
there is no effect on earnings.
Additionally, the following changes pursuant to IAS 8 occurred during the reporting period.
Change in the measurement of tax loss carryforwards in the USA. Starting from this 
reporting year, in the US tax group, surplus deferred tax liabilities are taken into consideration 
when reviewing the value of deferred tax assets, whereas in the past only the future taxable 
income was taken into account. Retroactive adjustment of the prior-year figures results in 
the following changes:
211
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2
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management report
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
3
Consolidated  
financial statements
Notes
4
Notes from the auditor

Changes in presentation of the cash flow statement. In addition to the change in the 
accounting treatment of the German capacity reserve, the following changes were made 
in the presentation of the cash flow statement, leading to an economically more accurate 
and relevant presentation of certain items:
•	 Changes in variation margins are now reported entirely in the line item ‘changes in 
working capital’. Previously, these changes were reported under both ‘other non-cash 
income / expenses and cash issues’, as well as in ‘changes in working capital’.
•	 In the past, changes in cash investments and marketable securities were presented on a 
net basis; these are now reported on a gross basis in the items ‘expenses for marketable 
securities and cash investments’ and ‘income from marketable securities and cash 
investments’. These were previously presented in net terms in the line item ‘changes in 
marketable securities and cash investments’.
•	 Changes in equity are presented on a gross basis in the two line items ‘capital paid in’ 
and ‘capital paid out’. Previously, these were reported in net terms in the line item ‘net 
change in equity (including non-controlling interests)’.
•	 Issuance and repayment of commercial paper, which is issued and repaid during the 
fiscal year and is not held longer than three months, is now reported on a net basis 
under issuance and repayment of financial debt.
Items 
€ million
Adjustment 
prior year
Revenue (including natural gas tax / electricity tax)
– 45
Revenue
– 45
Depreciation, amortisation and impairment losses
– 1
Income from investments accounted for using the equity method
4
Income before financial result and tax
– 40
Financial income
33
Income before tax
– 7
Income
– 7
Basic and diluted earnings per share in €
– 0.01
Cash flows from operating activities
– 12
Cash flows from investing activities
12
Property, plant and equipment
– 1
Carrying amount of investments accounted for using the equity method
– 4
Financial receivables (current)
23
Equity as of 1 Jan 2023
25
Equity as of 31 Dec 2023
18
212
1
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2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information
RWE
Annual Report 2024
4
Notes from the auditor

4
Notes from the auditor
Adjustment of the prior-year figures has the following effects on items in the cash flow 
statement:
Items 
€ million
Prior-year figure 
before restatement
Change in the 
accounting 
treatment of the 
German capacity 
reserve
Change in 
impairment 
assessment 
of US loss 
carryforwards
Changes in 
presentation
Adjusted 
prior-year figure
Income
1,597
– 7
72
—
1,662
Changes in deferred taxes
1,961
—
– 72
—
1,889
Other non-cash income / expenses and cash issues
– 4,451
– 5
—
3,646
– 810
Changes in working capital
– 22
—
—
– 3,646
– 3,668
Cash flows from operating activities
4,235
– 12
—
—
4,223
Changes in marketable securities and cash investments
6,007
12
—
– 6,019
—
Cash-out for marketable securities and cash investments
—
—
—
– 6,413
– 6,413
Proceeds from marketable securities and cash investments
—
—
—
12,432
12,432
Cash flows from investing activities
– 2,810
12
—
—
– 2,798
Capital changes (incl. non-controlling interests)
– 38
—
—
38
—
Capital increases (incl. non-controlling interests)
—
—
—
1
1
Capital decreases (incl. non-controlling interests)
—
—
—
– 39
– 39
Issuance of financial debt
36,909
—
—
– 29,362
7,547
Repayment of financial debt
– 37,485
—
—
29,362
– 8,123
213
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information
RWE
Annual Report 2024

4
Notes from the auditor
Change in the reporting of commodity derivative maturities. Starting from this reporting 
year, the only commodity derivatives reported as current in the balance sheet are ones 
which are concluded as exchange transactions or for own-use purposes. For all other 
commodity derivatives, maturity is reported in accordance with the term of the respective 
transaction. This change in reporting leads to an economically more accurate and relevant 
presentation of the transactions involved. Retroactive adjustment of the prior-year figures 
for 31 December 2023 resulted in an increase in non-current derivatives / decrease in 
current derivatives in the amount of €3,383 million under assets, and an increase in non-
current derivatives / decrease in current derivatives in the amount of €1,176 million under 
equity and liabilities.
New accounting policies
The IASB issued further standards and amendments to standards, which were not yet 
­mandatory in the EU in fiscal 2024. With the exception of IFRS 18 and Amendments to 
IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity, the following 
amendments to standards are not expected to have any material effects on RWE’s 
consolidated financial statements:
•	 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates:  
Lack of Exchangeability (2023)
•	 IFRS 18 Presentation and Disclosure in Financial Statements (2024)
•	 IFRS 19 Subsidiaries without Public Accountability: Disclosures (2024)
•	 Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and  
Measurement of Financial Instruments (2024)
•	 Annual Improvements to IFRS Accounting Standards – Volume 11 (2024)
•	 Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent  
Electricity  (2024)
In April 2024, the IASB published IFRS 18 (Presentation and Disclosure in Financial 
Statements), which – pending EU endorsement – is applicable for fiscal years starting from 
1 January 2027 and will replace IAS 1 (Presentation of Financial Statements). In general, 
the new regulations in IFRS 18 result in changes in the disclosure of the main components 
of the financial statements as well as additional disclosures in the notes in relation to 
certain performance indicators which are published in the financial statements. The 
specific impacts of IFRS 18 on the RWE Group’s consolidated financial statements are 
currently being reviewed.
In December 2024, the IASB published amendments to IFRS 9 and IFRS 7 in relation to 
the accounting treatment of electricity purchase contracts related to nature-dependent 
electricity (Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent 
Electricity). The new regulations contain clarifications on the application of the own-use 
exemption and provisions permitting the use of such contracts as a hedging instrument 
under certain conditions. The amendments become effective for fiscal years starting on  
or after 1 January 2026. Possible impacts on the RWE Group’s consolidated financial 
statements are currently being reviewed.
214
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2
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management report
3
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financial statements
Notes
5
Responsibility statement
6
Further information
RWE
Annual Report 2024

Notes to the Income Statement
(1)  Revenue
Revenue is recorded when the customer has obtained control over goods or services.
We recognise income from the sale of the electricity generated by all of RWE Group’s 
generation technologies and the consumer business in revenue. Revenue from the 
commercial optimisation of generation dispatch and business with end customers in 
Supply & Trading is based, when possible, on the net sale price, after deduction of the 
relevant material costs. By contrast, all other revenue from generation activities and the 
end-customer business outside of the Supply & Trading segment is reported on a gross 
basis. 
In the year under review, RWE generated reportable external revenue of €3,344 million 
with one large customer in the Supply & Trading segment (previous year: €6,258 million).
A breakdown of revenue by division, geographical region and product is contained in the 
segment reporting on pages 276 et seqq. 
The line item ‘natural gas tax / electricity tax’ comprises the taxes paid directly by Group 
companies. 
Certain performance obligations of the RWE Group were not yet or not yet fully met by  
the end of the fiscal year. The €1,483 million in revenue due from these performance 
obligations (previous year: €1,437 million) is expected to be received over the following 
three years. The receipt of this revenue will depend on when these performance obligations 
to the customer are met. It does not include future revenue from contracts with an original 
contractual term of twelve months or less.
Of the contract liabilities included in the opening balance, €43 million (previous year: 
€135 million) was recognised as revenue.
(2)  Other operating income
Other operating income 
€ million
2024
2023
Income from own work capitalised
382
169
Income from release of provisions
1,086
60
Cost allocations / refunds
139
101
Income from disposal and write-back of non-current assets 
including income from deconsolidation
463
330
Income from derivative financial instruments
2,120
1,280
Compensation and insurance benefits
17
27
Gains on disposals from finance leases
58
120
Income from tax equity contracts
512
423
Currency gains
51
—
Income from contracts for differences
184
67
Miscellaneous
542
552
5,554
3,129
215
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4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

(4)  Staff costs
Staff costs 
€ million
2024
2023
Wages and salaries
2,487
2,486
Social security payments
320
288
Support benefits
31
28
Cost of pensions 
123
114
2,961
2,916
Social security payments primarily include contributions to state plans in the sense of 
IAS 19.
Number of employees 
(annual average)
2024
2023
Number of 
employees
In full-time 
equivalents
Number of 
employees
In full-time 
equivalents
Employees covered by collective 
agreements and other employees
11,361
11,135
11,400
11,179
Employees not covered by 
collective agreements
9,910
9,733
8,724
8,570
21,271
20,868
20,124
19,749
The headcount figures do not include trainees. On average, 624 trainees were employed 
(previous year: 639). This corresponds to the figure calculated in full-time equivalents. As 
in the previous years, executive personnel are included in the number of employees who 
are not covered by collective agreements. 
To improve the presentation of the development of business, unrealised and realised  
gains from contracts measured at fair value in the Supply & Trading segment are stated  
as a net amount in income from derivative financial instruments. In the year under review, 
net income totalled €2,081 million (previous year: €694 million).
The amount of income from derivative financial instrument was mainly influenced by the 
volatility of commodity market prices.
Income from the disposal of non-current financial assets and loans is disclosed  
under income from investments if it relates to investments (see Note (7) Income from 
investments); otherwise it is recorded as part of the financial result as is the income  
from the disposal of current marketable securities (see Note (8) Financial result).
(3)  Cost of materials
Cost of materials 
€ million
2024
2023
Cost of raw materials and of goods for resale
13,840
15,348
Cost of purchased services
1,563
1,797
Expenses from contracts for differences
5
14
15,408
17,159
The cost of materials primarily includes expenses for the input materials of conventional 
power plants. 
216
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1
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2
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management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

segment) during the reporting period (recoverable amount: €0.7 billion). For the same 
reasons, impairments of €111 million were recognised in the previous year on property, 
plant and equipment for offshore wind farms in Germany (Offshore Wind segment) due to 
reduced future feed-in tariffs (recoverable amount: €0.9 billion). In addition to this, during 
the reporting period an impairment of €85 million on property, plant and equipment was 
recorded in Offshore Wind, as a result of development projects that were terminated, 
mainly in Sweden, France, South Korea, Japan, Norway and the Netherlands. In the 
previous year, an impairment of €52 million on property, plant and equipment had been 
recorded in this segment, as a result of terminated development projects in Taiwan and 
Poland.
In the previous year, the required impairment test in the Phaseout Technologies segment 
(previously Coal / Nuclear) resulted in impairments amounting to €917 million on property, 
plant and equipment and €5 million on intangible assets for the CGU Nord-Süd-Bahn 
(recoverable amount: – €0.6 billion) and amounting to €132 million on property, plant and 
equipment for the CGU Inden (recoverable amount: €0.0 billion). The CGU Nord-Süd-Bahn 
includes the Niederaußem and Neurath power stations, the Hambach and Garzweiler 
opencast mines and the refining operations. The CGU Inden includes the Weisweiler power 
station and the Inden opencast mine. The impairment was mainly justified by last year’s 
much lower market prices for electricity and the associated sharp decline in clean lignite 
spreads compared to the extremely high prices seen in the year before last. 
Other impairments on intangible assets and property, plant and equipment were 
recognised primarily on the basis of cost increases, changes in price expectations  
and cancelled development projects. 
Recoverable amounts are generally determined on the basis of fair values less costs to 
sell; in the segments Onshore Wind / Solar and Offshore Wind, they are also determined  
on the basis of values in use. Fair values are determined using valuation models based  
on planned cash flows. During the reporting period, the valuation models were based on 
(after-tax) discount rates that ranged from 4.75 % to 5.75 % (previous year: 5.00 % to 
6.00 %). Our key planning assumptions relate to the development of wholesale prices of 
(5)  Depreciation, amortisation and impairment losses
Depreciation, amortisation and impairment losses 
€ million
2024
2023
Intangible assets
538
327
Property, plant and equipment
2,696
3,497
3,234
3,824
The following impairments were included in depreciation, amortisation and impairment 
losses:
Impairments 
€ million
2024
2023
Intangible assets
197
20
Property, plant and equipment
1,162
1,903
1,359
1,923
During the period under review, the impairment test for the cash-generating unit (CGU) 
Dutch Power Plant Portfolio resulted in a write-down of €654 million on property, plant 
and equipment and €10 million on intangible assets (recoverable amount: €0.2 billion).  
In the previous year, a write-down of €632 million was recognised on property, plant and 
equipment (recoverable amount: €0.7 billion). As in the previous year, the reason for this 
was the deterioration in market conditions in the Netherlands. The CGU Dutch Power Plant 
Portfolio includes the gas-fired and biomass / coal-fired power plants in the Netherlands. 
The newly acquired gas-fired plant Magnum has also been part of this CGU since the 
previous year.
Due to a reduction in future feed-in payments, a write-down of €247 million was recognised 
on property, plant and equipment for offshore wind farms in Germany (Offshore Wind 
217
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2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Income from investments 
€ million
2024
2023
Income from investments accounted for using the 
equity method
406
565
Income from non-consolidated subsidiaries
– 30
7
Income from other investments
7
– 23
Income from the disposal of investments
– 24
1
Income from loans to investments
2
19
Other income from investments
– 45
4
361
569
(8)  Financial result
Financial result 
€ million
2024
2023
Interest and similar income1
781
866
Other financial income
1,713
1,608
Financial income
2,494
2,474
Interest and similar expenses
847
1,011
Interest accretion to
Provisions for pensions and similar obligations 
(including capitalised surplus of plan assets)
22
3
Provisions for nuclear waste management 
as well as to mining provisions
131
395
Other provisions
104
212
Other finance costs
1,376
1,296
Finance costs
2,480
2,917
14
– 443
1  Prior-year figure restated due to the change in the accounting treatment of the German capacity reserve; see pages 211 et seq.
electricity, natural gas, coal and CO2 emission allowances, as well as regulatory framework 
conditions. Based on the use of internal planning assumptions, the determined fair values 
are ­assigned to Level 3 of the fair value hierarchy.
(6)  Other operating expenses
Other operating expenses 
€ million
2024
2023
Expenses from changes in product inventories
20
—
Maintenance and renewal obligations
528
494
Additions to provisions / reversals
—
1,595
Legal and other consulting and data processing services
470
577
Insurance, commissions, freight and similar 
distribution costs
114
110
General administration
134
138
Expenses from derivative financial instruments
371
359
Exchange rate losses
—
109
Other taxes / levies
167
150
Miscellaneous
403
346
2,207
3,878
The amount of expenses from derivative financial instruments was mainly influenced by 
the volatility of commodity market prices.
(7)  Income from investments
Income from investments includes all income and expenses which have arisen in relation to 
operating investments. It is comprised of income from investments accounted for using the 
equity method and other income from investments. 
218
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2
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management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Net interest stems from financial assets and liabilities, which were allocated to the 
following measurement categories pursuant to IFRS 9:
Interest result by category 
€ million
2024
2023
Debt instruments measured at amortised cost1
412
658
Financial instruments measured at fair value through profit 
or loss
154
3
Debt instruments measured at fair value through other 
comprehensive income
5
3
Equity instruments measured at fair value through other 
comprehensive income
210
202
Financial liabilities measured at amortised cost
– 847
– 1,011
– 66
– 145
1  Prior-year figure restated due to the change in the accounting treatment of the German capacity reserve; see pages 211 et seq.
Other financial income and finance costs mainly involve fair value changes and the 
­realisation of derivatives as well as non-derivative financial instruments. 
As the reporting of the unrealised and realised fair value changes of derivatives follows  
the reporting of the underlying transactions hedged using the derivatives, effects from 
financial derivatives related to financing, such as currency swaps or interest rate swaps, 
are stated in the financial result.
Interest accretion to provisions contains the annual amounts of accrued interest and the 
effects of changes in real interest rates. In the case of provisions for pensions, it is reduced 
by the imputed interest income on plan assets for the coverage of pension obligations. 
Interest expenses incurred for lease liabilities amounted to €87 million in the year under 
review (previous year: €65 million).
Net interest essentially includes interest income from interest-­bearing securities and 
loans, income and expenses relating to securities, and interest expenses. 
Interest income includes dividend income of €210 million from the 15 % stake in E.ON 
(previous year: €202 million).
In the year under review, €217 million in borrowing costs were capitalised as costs in 
connection with the acquisition, construction or production of qualifying assets (previous 
year: €56 million). The underlying capitalisation rate ranged from 3.9 % to 4.3 % (previous 
year: from 2.4 % to 3.5 %).
Net interest 
€ million
2024
2023
Interest and similar income1
781
866
Interest and similar expenses
847
1,011
– 66
– 145
1  Prior-year figure restated due to the change in the accounting treatment of the German capacity reserve; see pages 211 et seq.
219
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2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Due to the utilisation of tax loss carryforwards unrecognised in prior years, current taxes 
on income were reduced by €275 million (previous year: €5 million).
Expenses from deferred taxes declined by €20 million (previous year: €1 million) due to 
reassessments of and previously unrecognised tax loss carryforwards.
Income taxes recognised in other comprehensive income1
€ million
2024
2023
Fair valuation of equity instruments
– 14
—
Fair valuation of financial instruments used for hedging 
purposes
2,101
– 2,237
Actuarial gains and losses of defined benefit pension plans 
and similar obligations
102
– 163
2,189
– 2,400
1  Including valuation allowances. 
Taxes in the amount of – €91 million (previous year: €985 million) were offset directly 
against equity. 
(9)  Taxes on income
Taxes on income 
€ million
2024
2023
Current taxes on income
714
447
Deferred taxes1
340
1,890
from temporary differences
507
1,487
from tax loss carryforwards1
– 167
403
1,054
2,337
1  Prior-year figure restated; see page 211.
In the year under review, changes in valuation allowances for deferred tax assets stemming 
from temporary differences were recognised in the amount of – €350 million (previous 
year: €946 million) and in the amount of – €367 million (previous year: €543 million) from 
loss carryforwards.
Current taxes on income contain €31 million in net tax expenses (previous year: income of 
€59 million) relating to prior periods.
220
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2
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management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

The theoretical tax expense is calculated using the tax rate for the RWE Group of 32.6 % 
(previous year: 32.6 %). This is derived from the prevailing 15 % corporate tax rate, the 
­solidarity surcharge of 5.5 %, and the Group’s average local trade tax rate.
The RWE Group falls in the scope of the OECD model rules (BEPS Pillar 2) and is applying 
the exemption for the recognition and disclosure of information on deferred tax assets 
and liabilities in relation to income taxes in the second pillar. As of 31 December 2024, the 
Group reports a top-up tax of €0 million.
Tax reconciliation 
€ million
2024
2023
Income before tax1
6,343
3,999
Theoretical tax expense1
2,070
1,305
Differences to foreign tax rates
– 169
– 221
Tax effects on
Tax-free dividends
– 196
– 153
Other tax-free income
– 106
– 97
Expenses not deductible for tax purposes
214
142
Accounting for associates using the equity method 
(including impairment losses on associates’ goodwill)
– 65
– 91
Unutilisable loss carryforwards, utilisation of unrecognised 
loss carryforwards, write-downs / write-backs of loss carryforwards1
– 205
660
Income on the disposal of investments
– 1
– 10
Changes in tax rates
—
– 4
Change in allowances for deferred taxes from temporary differences
– 350
932
Other1
– 138
– 126
Effective tax expense1
1,054
2,337
Effective tax rate in %1
16.6
58.4
1  Prior-year figure restated; see pages 211 et seq.
221
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2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Notes to the Balance Sheet
(10)  Intangible assets
Intangible assets 
€ million
Development 
costs
Concessions, 
patent rights, 
licences and 
similar rights
Customer 
relationships 
and similar 
assets
Goodwill
Advances paid
Total
Cost
Balance at 1 Jan 2024
27
5,301
2,577
4,447
24
12,376
Additions / disposals due to changes in the scope of consolidation
—
612
—
8
—
620
Additions
12
6
—
—
3
21
Transfers
—
13
– 53
—
– 14
– 54
Currency translation adjustments
—
162
156
141
—
459
Disposals
—
14
—
—
1
15
Balance at 31 Dec 2024
39
6,080
2,680
4,596
12
13,407
Accumulated amortisation / impairment losses
Balance at 1 Jan 2024
26
2,417
145
—
1
2,589
Amortisation / impairment losses in the reporting period
2
255
280
—
1
538
Transfers
—
– 6
– 5
—
—
– 11
Currency translation adjustments
1
32
20
—
– 2
51
Disposals
—
10
—
—
—
10
Balance at 31 Dec 2024
29
2,688
440
—
—
3,157
Carrying amounts
Balance at 31 Dec 2024
10
3,392
2,240
4,596
12
10,250
222
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1
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2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Intangible assets 
€ million
Development 
costs
Concessions, 
patent rights, 
licences and 
similar rights
Customer 
relationships 
and similar 
assets
Goodwill
Advances paid
Total
Cost
Balance at 1 Jan 2023
26
4,943
155
2,800
17
7,941
Additions / disposals due to changes in the scope of consolidation
—
277
2,523
1,678
– 1
4,477
Additions
—
18
—
—
16
34
Transfers
—
5
—
—
– 8
– 3
Currency translation adjustments
1
61
– 101
– 31
—
– 70
Disposals
—
3
—
—
—
3
Balance at 31 Dec 2023
27
5,301
2,577
4,447
24
12,376
Accumulated amortisation / impairment losses
Balance at 1 Jan 2023
25
2,220
28
—
—
2,273
Additions / disposals due to changes in the scope of consolidation
—
– 16
—
—
—
– 16
Amortisation / impairment losses in the reporting period
1
205
121
—
—
327
Currency translation adjustments
—
10
– 4
—
1
7
Disposals
—
2
—
—
—
2
Balance at 31 Dec 2023
26
2,417
145
—
1
2,589
Carrying amounts
Balance at 31 Dec 2023
1
2,884
2,432
4,447
23
9,787
223
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2
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management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

The recoverable amount of the CGU is determined, which is defined as the higher of fair 
value less costs to sell or value in use. Fair value is the best estimate of the price that an 
independent third party would pay to purchase the CGU as of the balance-sheet date. 
Value in use reflects the present value of the future cash flows which are expected to be 
generated with the CGU. 
Fair value less costs to sell is assessed from an external perspective and value in use from 
a company-­internal perspective. Values are determined using a business valuation model, 
based on planned future cash flows. These cash flows, in turn, are based on the medium- 
and long-term business plans, as approved by the Executive Board and valid at the time  
of the impairment test. They pertain to a detailed planning period of three to ten years,  
the latter specifically for the segments Offshore Wind, RWE Clean Energy and Onshore 
Wind / Solar Europe & Australia, due to the growth business. The cash flow plans are  
based on experience as well as on expected market trends in the future. If available, 
market transactions in the same sector or third-party valuations are taken as a basis for 
determining fair value. Based on the use of internal planning assumptions, the determined 
fair values less costs to sell are assigned to Level 3 of the fair value hierarchy. 
The key planning assumptions in the medium- and long-term business plans mainly  
relate to the development of prices for electricity, CO2 emission allowances, natural gas 
and coal. Additionally, assumptions regarding the development of key economic indicators 
such as exchange rates, gross domestic product and inflation are also incorporated. 
Market data is used as much as possible for the medium-term planning, while fundamental 
models are deployed for long-term planning. The results of macro-economic and financial 
studies and forecasts are also used as benchmarks. The key planning assumptions 
determined in this way are updated to reflect current market conditions every six months.
In the reporting period, the RWE Group’s total expenditures on research and development  
amounted to €18 million (previous year: €17 million).
Goodwill breaks down as follows: 
Goodwill 
€ million
31 Dec 2024
31 Dec 2023
Offshore Wind
1,462
1,415
RWE Clean Energy
1,528
1,436
Onshore Wind / Solar Europe & Australia
495
485
Flexible Generation (previously Hydro / Biomass / Gas)
105
105
Supply & Trading
1,006
1,006
4,596
4,447
In the reporting period, the first-time consolidation of the three development projects 
Norfolk Vanguard West, Norfolk Vanguard East and Norfolk Boreas resulted in the creation 
of a preliminary difference of €8 million, which was assigned to the cash-generating unit 
(CGU) Offshore Wind. The intra-year changes in the CGU result from currency translation 
differences. 
In the previous year, goodwill of €1,495 million was created from the first-time consolidation 
of Con Edison Clean Energy Businesses and of €183 million from the first-time consolidation 
of the UK developer JBM Solar. Last year, these goodwill amounts were assigned to the 
CGUs RWE Clean Energy and Onshore Wind / Solar Europe & Australia, respectively. The 
goodwill previously assigned to the operating segment Onshore Wind / Solar was allocated 
in full to the CGU Onshore Wind / Solar Europe & Australia in the previous year. 
A regular impairment test is performed in the fourth quarter of each fiscal year, to 
determine if there is any need to write down goodwill. As part of this, goodwill is allocated 
to the CGUs. 
224
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2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

The value in use was taken as the basis for the recoverable amount of the CGU Supply & 
Trading. The pre-tax discount rate was 8.77 % (previous year: 8.77 %). The recoverable 
amounts of the other CGUs were determined as the fair value less costs to sell. As of the 
balance-sheet date, all of the recoverable amounts were higher than the carrying amounts. 
The surpluses react especially sensitively to changes in the discount rate and the growth 
rate, insofar as such are used in the model. 
The recoverable amount of the CGU Clean Energy was €4.1 billion higher than the 
carrying amount. This surplus would have been exhausted if the calculations had used  
a discount rate of 5.88 % or a growth rate of 0.69 %.
For the segments Offshore Wind, RWE Clean Energy and Onshore Wind / Solar Europe &  
Australia, the valuation is based on a normal wind year, which is ­calculated as the average 
of the last 20 years.
The after-tax discount rates used for business valuations are determined on the basis of 
market data. During the period under review, they were 6.75% for the CGU Supply &  
Trading (previous year: 6.75 %),  6.50% for Offshore Wind (previous year: 6.25 %), 5.25 %  
for RWE Clean Energy (previous year: 5.25 %), 5.75 % for Onshore Wind / Solar Europe &  
Australia (previous year: 6.25 %) and 6.00 % for Flexible Generation (previous year: 6.25 %).
For the segments Offshore Wind, RWE Clean Energy and Onshore Wind / Solar Europe &  
Australia, we used a growth rate of 1.50 % (previous year: 1.25 %) as a basis for extrapolating 
future cash flows going beyond the detailed planning period. For the CGU Supply & Trading, 
we used a growth rate of 0.00 % (previous year: 0.50 %). We did not use a growth rate as  
a basis for the CGU Flexible Generation. The growth rate for each segment is generally 
derived from experience and expectations of the future and does not exceed the long-
term average growth rates of the respective markets in which the Group companies are 
active. The annual cash flows assumed for the years after the detailed planning period 
include as a deduction capital expenditure in the amount ­necessary to maintain the  
scope of business.
225
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Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

(11)  Property, plant and equipment
Property, plant and equipment 
€ million
Land, land rights 
and buildings on 
third-party land
Technical plant 
and machinery
Other equipment, 
factory and office 
equipment
Advances paid
Plants under 
construction
Total
Cost
Balance at 1 Jan 2024
6,922
55,294
976
836
6,872
70,900
Additions / disposals due to changes in the scope of consolidation
6
– 10
—
—
643
639
Additions
435
1,291
72
545
8,256
10,599
Transfers
62
2,546
10
—
– 2,471
147
Currency translation adjustments
101
1,089
6
—
412
1,608
Disposals
334
3,749
42
40
821
4,986
IAS 29 adjustments
1
162
1
—
—
164
Balance at 31 Dec 2024
7,193
56,623
1,023
1,341
12,891
79,071
Accumulated depreciation / impairment losses
Balance at 1 Jan 2024
4,028
36,185
882
330
667
42,092
Additions / disposals due to changes in the scope of consolidation
4
– 11
—
—
7
—
Amortisation / impairment losses in the reporting period1
252
2,289
67
—
262
2,870
Transfers
5
38
3
—
– 33
13
Currency translation adjustments
20
255
4
—
2
281
Disposals
287
3,596
41
—
770
4,694
Write-backs
24
33
—
—
2
59
IAS 29 adjustments
—
110
—
—
—
110
Balance at 31 Dec 2024
3,998
35,237
915
330
133
40,613
Carrying amounts
Balance at 31 Dec 2024
3,195
21,386
108
1,011
12,758
38,458
1  In part from the use of provisions for onerous contracts for purchase commitments.
226
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1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Property, plant and equipment 
€ million
Land, land rights 
and buildings on 
third-party land
Technical plant 
and machinery2
Other equipment, 
factory and office 
equipment
Advances paid
Plants under 
construction
Total
Cost
Balance at 1 Jan 2023
6,307
57,148
1,057
463
4,432
69,407
Additions / disposals due to changes in the scope of consolidation
363
2,202
– 98
6
586
3,059
Additions
341
1,479
68
88
3,504
5,480
Transfers
68
1,251
– 10
278
– 1,584
3
Currency translation adjustments
– 5
– 123
– 1
1
– 53
– 181
Disposals
153
6,821
41
—
12
7,027
IAS 29 adjustments
1
158
1
—
– 1
159
Balance at 31 Dec 2023
6,922
55,294
976
836
6,872
70,900
Accumulated depreciation / impairment losses
Balance at 1 Jan 2023
3,696
40,252
861
330
521
45,660
Additions / disposals due to changes in the scope of consolidation
– 45
– 305
– 78
—
– 1
– 429
Amortisation / impairment losses in the reporting period1
492
2,837
144
—
172
3,645
Transfers
1
23
– 6
—
– 18
—
Currency translation adjustments
5
– 24
1
—
– 1
– 19
Disposals
112
6,702
40
—
6
6,860
Write-backs
9
14
—
—
—
23
IAS 29 adjustments
—
118
—
—
—
118
Balance at 31 Dec 2023
4,028
36,185
882
330
667
42,092
Carrying amounts
Balance at 31 Dec 2023
2,894
19,109
94
506
6,205
28,808
1  In part from the use of provisions for onerous contracts for purchase commitments.
2  Some prior-year figures restated due to the change in the accounting treatment of the German capacity reserve;  
see pages 211 et seq.
227
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Notes from the auditor
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2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Property, plant and equipment in the amount of €1,332 million (previous year: 
€1,348 million) was subject to restrictions from land charges, chattel mortgages or  
other restrictions. Disposals of property, plant and equipment resulted from sale  
or decommissioning.
Property, plant and equipment includes legally owned assets as well as right-of-use assets 
from leases of which RWE is the lessee.
These leases primarily comprise long-term rights of use to leased office buildings and land 
(e. g. leaseholds, properties for green electricity production) and rights of use to leased 
assets relating to vehicle fleets and power plants.
The following table shows the development of right-of-use assets recognised in property, 
plant and equipment: 
Right-of-use assets 
Development in 2024 
€ million
Balance at 
1 Jan 2024
Additions
Depreciation, 
amortisation and 
impairments
Disposals
Other changes1
Balance at 
31 Dec 2024
Cost
Buildings
299
33
35
2
5
300
Land
1,174
287
119
7
59
1,394
Technical plant and machinery
2
3
3
—
—
2
Pumped storage power stations
245
6
14
—
– 1
236
Vehicle fleet
6
14
13
—
—
7
Ships
34
45
29
—
2
52
Other plant, factory and office equipment
3
11
12
—
—
2
1,763
399
225
9
65
1,993
1  Other changes comprise transfers, write-backs, currency translation adjustments as well as additions and disposals  
in the scope of consolidation.
228
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2
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management report
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Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Right-of-use assets 
Development in 2023 
€ million
Balance at 
1 Jan 2023
Additions
Depreciation, 
amortisation and 
impairments
Disposals
Other changes1
Balance at 
31 Dec 2023
Cost
Buildings
261
81
37
5
– 1
299
Land
916
149
69
9
187
1,174
Technical plant and machinery
23
1
21
—
– 1
2
Pumped storage power stations
254
4
14
—
1
245
Vehicle fleet
21
8
17
—
– 6
6
Ships
—
43
15
—
6
34
Other plant, factory and office equipment
8
17
21
1
—
3
1,483
303
194
15
186
1,763
1  Other changes comprise transfers, write-backs, currency translation adjustments as well as additions and disposals  
in the scope of consolidation.
Disclosure on the corresponding lease liabilities and interest expenses can be found in 
Notes (8) Financial result, (23) Financial liabilities and (27) Reporting on financial 
instruments.
In addition, leases had the following effect on the RWE Group’s income and cash flows in 
the year under review:
Effects of leases on income and cash flows 
€ million
2024
2023
RWE as lessee
Expenses from short-term leases
156
198
Expenses from leases for low-value assets
2
2
Expenses from variable lease payments not considered  
in the measurement of lease liabilities
37
36
Income from subleases
16
6
Total cash outflows from leases
418
421
RWE as lessor
Income from operating leases
7
7
229
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Annual Report 2024
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management report
3
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financial statements
Notes
5
Responsibility statement
6
Further information

(12)  Investments accounted for using the equity method
Information on material and non-material investments in associates and joint ventures 
accounted for using the equity method is presented in the following summaries:
Material investments 
accounted for using the equity 
method
Amprion GmbH,  
Dortmund
KELAG-Kärntner Elektrizitäts- 
AG / Kärntner Energieholding 
Beteiligungs GmbH (KEH), 
Klagenfurt (Austria)
€ million
31 Dec 2024
31 Dec 2023
31 Dec 2024
31 Dec 2023
Balance sheet1
Non-current assets
15,037
11,220
2,461
2,324
Current assets
2,548
2,010
1,120
911
Non-current liabilities
9,348
7,022
1,124
1,206
Current liabilities
2,827
2,176
801
871
Share of equity2
1,358
1,0093
565
470
Goodwill
—
—
198
198
Carrying amounts
1,326
9733
763
668
Statement of comprehensive income1
Revenue
13,740
16,386
2,219
3,103
Income after taxes
685
938
463
215
Other comprehensive income
12
– 40
—
– 3
Total comprehensive income
697
898
463
212
Dividends (pro-rata)
43
33
87
37
RWE shareholding
25%
25%
49%
49%
1  Figures based on KEH’s last available consolidated financial statements; KELAG is fully consolidated in these figures.
2  Figures based on proportional share of equity in KEH and KELAG.
3  Prior-year figure restated due to the change in the accounting treatment of the German capacity reserve; see pages 211 et seq. 
Leases that have been contractually agreed, but not begun yet, primarily in relation to 
wind and solar farms and ships for the construction of offshore wind farms, lead to future 
lease payments of €1,232 million (previous year: €1,244 million). ­Moreover, potential 
lease payments predominantly relating to leases of wind farm sites were ­disregarded 
when valuing lease liabilities. This relates to €630 million (previous year: €706 million)  
in variable payments which may come due depending on generation volumes and 
€488 million (previous year: €332 million) in potential payments associated with  
extension and termination options.
As part of project development, RWE contractually secures future use rights for potential 
wind and solar farms; these contract can generally be terminated in the event that the 
projects are not realised.
In addition to right-of-use assets, property, plant and equipment also include land and 
­buildings leased as operating leases by RWE as lessor. As of 31 December 2024, the 
­carrying amount of these assets totalled €44 million (previous year: €170 million).
The following payment claims resulted from these operating leases: 
Nominal lease payments from operating leases 
€ million
31 Dec 2024
31 Dec 2023
Due in up to 1 year
9
6
Due in > 1 to 2 years
7
5
Due in > 2 to 3 years
7
4
Due in > 3 to 4 years
7
4
Due in > 4 to 5 years
4
4
Due after 5 years
13
13
230
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2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Amprion GmbH, headquartered in Dortmund, Germany, is a transmission system operator 
for the electricity sector, pursuant to the German Energy Act. Amprion’s main shareholder 
is a consortium of financial investors. 
KELAG-Kärntner Elektrizitäts-AG, headquartered in Klagenfurt, Austria, is a leading 
­Austrian energy supplier in the fields of electricity, district heating and natural gas. RWE 
has an interest of 49 % in Kärntner Energieholding Beteiligungs GmbH (KEH), KELAG’s 
largest shareholder and also holds 12.85 % of KELAG directly (imputed RWE shareholding  
of 37.9 %).
In addition, RWE holds 73% in the US joint venture Community Offshore Wind, LLC, 
Wilmington, USA, which is developing an offshore wind project off the coast of New York 
and has not yet generated any revenue. As of 31 December 2024, the carrying amount was 
€983 million (previous year: €801 million), which is included in the table below. Community 
Offshore Wind has non-current assets with a carrying amount of €1,310 million (previous 
year: €1,093 million), which primarily stem from seabed leases for offshore wind sites  
in the in the New York Bight.
Other investments 
accounted for using the  
equity method
Associates
Joint ventures
€ million
31 Dec 2024
31 Dec 2023
31 Dec 2024
31 Dec 2023
Income (pro-rata)
– 1
11
37
165
Other comprehensive income
– 32
64
– 7
7
Total comprehensive income
– 33
75
30
172
Carrying amounts
436
454
2,052
1,967
The RWE Group holds shares with a book value of €3 million (previous year: €3 million) in 
associates and joint ventures, which are subject to temporary restrictions or conditions in 
relation to their distributions of profits, due to conditions in loan agreements.
(13)  Other non-current financial assets
Other non-current financial assets encompass non-consolidated subsidiaries, other 
­investments and non-current securities. This item also includes the shares in E.ON with  
a carrying amount of €4,437 million (previous year: €4,782 million).
Non-current securities amounting to €66 million and €3 million (previous year: €94 million 
and €3 million) were deposited in trust for RWE AG and its subsidiaries, in order to cover 
credit balances stemming from the block model for pre-­retirement part-time work, pursuant 
to Sec. 8a of the Pre-Retirement Part-Time Work Act and from the management of long-
term ­working hours accounts pursuant to Sec. 7e of the German Code of Social Law IV, 
­respectively. This coverage applies to the employees of RWE AG as well as to the ­employees 
of Group companies.
(14)  Financial receivables
Financcial receivables
31 Dec 2024
31 Dec 2023
€ million
Non-current
Current
Non-current
Current
Loans to non-consolidated subsidiaries 
and investments
133
40
115
8
Collaterals for trading activities
2
1,550
1
2,156
Other financial receivables
Accrued interest
—
94
—
72
Miscellaneous other financial 
receivables1
365
287
323
369
500
1,971
439
2,605
1  Prior-year figures restated due to the change in the accounting treatment of the German capacity reserve; see pages 211 et seq.
231
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Notes from the auditor
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2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

The following payment claims resulted from finance leases:
Nominal lease payments 
from finance leases 
€ million
2024
2023
Due in up to 1 year1
121
84
Due in > 1 to 2 years
106
62
Due in > 2 to 3 years
62
62
Due in > 3 to 4 years
62
62
Due in > 4 to 5 years
62
62
Due after 5 years
252
315
Discounted unguaranteed residual value
5
2
Unearned finance income
265
257
Present value of outstanding lease receivables
405
392
1  Prior-year figure restated due to the change in the accounting treatment of the German capacity reserve; see pages 211 et seq.
Companies of the RWE Group deposited collateral for the trading activities stated above 
for exchange-­based and over-the-counter transactions. These are to guarantee that the 
­obligations from the trans­actions are discharged even if the development of prices is not 
favourable for RWE. Regular replacement of the deposited collateral depends on the 
­contractually agreed thresholds, above which collateral must be provided for the market 
value of the trading activities. 
RWE is the lessor in finance lease arrangements pursuant to IFRS 16. The resulting lease 
receivables are reported in the miscellaneous other financial receivables. These essentially 
consist of the amounts for the 300 MW grid stability reserve plant (‘special grid operating 
asset’) in Biblis, which has been used exclusively at the request of the transmission system 
operator to help stabilise grid frequency and thus ensure security of supply. The provision 
of reserve capacity from RWE power plants within the framework of the German capacity 
reserve system is also included.
Finance leases had the following effect on the RWE Group’s income in the year under 
review:
Effects of finance leases on income and cash flows 
€ million
2024
2023
Selling profit or loss
58
120
Finance income on the net investment1
58
63
1  Prior-year figure restated due to the change in the accounting treatment of the German capacity reserve; see pages 211 et seq.
232
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2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Miscellaneous other assets include compensatory payments for our early exit from the 
lignite business awarded by the German government in the amount of €1,497 million 
(previous year: €1,779 million). The review by the EU Commission for compliance with 
state aid law reached a positive conclusion in December 2023.
(16)  Deferred taxes
Deferred tax assets and liabilities principally stem from the fact that measurements in the 
IFRS statements differ from those in the tax bases. As of 31 December 2024, no deferred 
tax liabilities were recognised for the difference between net assets and the carrying value 
of the subsidiaries and associates for tax purposes (known as ‘outside basis differences’) in 
the amount of €1,146 million (previous year: €1,442 million), as it is neither probable that 
there will be any distributions in the foreseeable future, nor will the temporary differences 
reduce in the foreseeable future. €9,985 million and €11,546 million of the total amount 
of deferred tax assets and liabilities, respectively, will be realised within twelve months 
(previous year: €13,691 million and €15,961 million).
(15)  Derivatives and other assets
Derivatives and 
other assets
31 Dec 2024
31 Dec 2023
€ million
Non-current
Current
Non-current
Current
Derivatives1
2,195
8,487
4,344
20,204
Capitalised surplus of plan assets over 
benefit obligations
613
—
509
—
Prepayments for items other than 
inventories
—
333
—
264
CO2 emission allowances
—
301
—
1,273
Miscellaneous other assets
1,373
1,939
1,717
1,327
4,181
11,060
6,570
23,068
of which: financial assets1
4,030
8,944
6,329
20,634
of which: non-financial assets
151
2,116
241
2,434
1  Prior-year figures adjusted; see page 214.
The financial instruments reported under miscellaneous other assets are measured at 
amortised cost. Derivative financial instruments are stated at fair value. The carrying 
values of exchange-­traded derivatives with netting agreements are offset (see also  
(27) Reporting on financial instruments). 
233
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Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

The capitalised tax reduction claims from loss carryforwards result from the deferred tax 
liabilities of equivalent value and from the expected ­utilisation of previously unused tax loss 
carryforwards in subsequent years. It is sufficiently certain that these tax carryforwards will 
be realised. 
At the end of the reporting period, corporate income tax loss carryforwards and trade  
tax loss carryforwards (or such related to comparable foreign income tax) for which no 
deferred tax reduction claims were recognised amounted to €1,196 million and 
€738 million, respectively (previous year: €2,502 million and €1,798 million). Of this, 
corporate tax loss carryforwards amounting to €470 million and loss carryforwards in 
relation to foreign local income taxes amounting to €655 million will lapse within the 
following 12 and 20 years, respectively.
The remaining tax loss carryforwards can essentially be utilised without any time limits. 
As of 31 December 2024, temporary differences for which no deferred tax assets were 
recognised amounted to €10,214 million (previous year: €11,202 million).
In the year under review, deferred tax expenses of €73 million arising from the currency 
translation of foreign financial statements was offset against equity (previous year: 
€3 million).
(17)  Inventories
Inventories 
€ million
31 Dec 2024
31 Dec 2023
Raw materials, including nuclear fuel assemblies and earth 
excavated for lignite mining
709
706
Work in progress – goods / services
227
224
Finished goods and goods for resale
1,614
1,333
Advances paid and received
10
7
2,560
2,270
The following is a breakdown of deferred tax assets and liabilities by item: 
Deferred taxes
31 Dec 2024
31 Dec 2023
€ million
Assets
Liabilities
Assets
Liabilities
Non-current assets
777
3,729
842
2,861
Current assets
2,166
9,201
4,754
11,903
Exceptional tax items
—
94
—
100
Non-current liabilities
Provisions for pensions
4
51
3
60
Other non-current liabilities
1,850
880
390
962
Current liabilities
7,819
2,345
8,937
4,058
12,616
16,300
14,926
19,944
Tax loss carryforwards
Corporate income tax  
(or comparable foreign local  
income tax)1
844
—
620
—
Trade tax  
(or comparable foreign local  
income tax)1
95
—
96
—
Gross total1
13,555
16,300
15,642
19,944
Netting1
– 13,347
– 13,347
– 15,000
– 15,000
Net total1
208
2,953
642
4,944
1  Prior-year figures adjusted; see page 211.
As of 31 December 2024, RWE reported deferred tax claims which exceeded the deferred 
tax liabilities by €15 million (previous year: €25 million), in relation to companies at which 
losses occurred in the current or previous period. The basis for the recognition of these 
deferred tax assets is the judgement of the management that it is likely that the companies 
in question will generate taxable earnings, against which unutilised tax losses and 
deductible temporary differences can be applied.
234
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Annual Report 2024
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Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

(20)  Equity
A breakdown of fully paid-up equity is shown on pages 194 et seq. The subscribed capital 
of RWE AG consists exclusively of common no-par-value bearer shares (including treasury 
shares).
Subcribed capital
31 Dec 2024 
Number of 
shares
31 Dec 2023
Number of 
shares
31 Dec 2024 
Carrying 
amount
31 Dec 2023 
Carrying 
amount
in ’000
in ’000
€ million
€ million
Shares
743,841
743,841
1,904
1,904
Pursuant to a resolution passed by the Annual General Meeting on 4 May 2023, the 
capital stock was conditionally increased by up to €190,423,349.76, divided into up to 
74,384,121 bearer shares. This conditional capital increase serves the purpose of 
granting shares to the holders or creditors of convertible and / or option bonds which are 
issued on the basis of the resolution passed by the Annual General Meeting on 4 May 2023. 
Based on this resolution, in the period up to 3 May 2028, convertible and / or option bonds 
with a total nominal value of up to €5,500,000,000 can be issued by the Company or a 
Group company. The Executive Board is authorised, subject to Supervisory Board approval, 
to determine further details of implementing conditional capital increases. 
Pursuant to a resolution passed by the Annual General Meeting on 4 May 2023 and 
subject to Supervisory Board approval, the Executive Board is also authorised to increase 
the Company’s capital stock by up to €380,846,702.08 until 3 May 2028 through the 
issuance of up to 148,768,243 bearer shares in return for contributions in cash and / or in 
kind (authorised capital). In certain cases, with the approval of the Supervisory Board, the 
subscription rights of shareholders can be excluded. 
The carrying amount of inventories measured at fair value less costs to sell was 
€1,588 million (previous year: €1,310 million). As in the previous year, this entire  
amount related to gas inventories in the reporting period. 
(18)  Marketable securities
Current marketable securities include fixed-interest marketable securities totalling 
€6,814 million (previous year: €7,691 million) which predominantly have a maturity of 
more than three months from the date of acquisition. Stocks and profit-participation 
­certificates accounted for €37 million (previous year: €33 million). Marketable securities 
are stated in part at fair value and in part at amortised cost.
(19)  Cash and cash equivalents
Cash and cash equivalents 
€ million
31 Dec 2024
31 Dec 2023
Bank deposits
4,877
6,663
Marektable securities and other cash investments 
(maturity less than 3 months from the date of acquisition)
213
254
5,090
6,917
RWE keeps demand deposits exclusively for short-term cash positions. For cash investments, 
banks are selected on the basis of various creditworthiness criteria, including their rating 
from one of the three renowned rating agencies – Moody’s, S & P and Fitch – as well as their 
equity capital and prices for credit default swaps. As ­in the previous year, interest rates on 
cash and cash equivalents were at market levels in 2024.
235
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Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

In addition, 531,236 shares (previous year: 421,816 shares) were purchased by  
RWE AG on the capital market at a purchase price of €16,510,768.66 (previous year: 
€16,137,338.58) as part of an employee share ownership plan in fiscal 2024. The 
amount of the share capital attributable to them is €1,359,964.16 (0.07 % of the 
subscribed capital) (previous year: €1,079,848.96; 0.06 % of the subscribed capital).  
As in the previous year, all of the shares were transferred to employees of RWE AG and 
subsidiaries participating in the employee share programme. This resulted in total 
proceeds of €16,348,187.25 (previous year: €15,946,015.68). The difference  
compared to the purchase price was offset against available retained earnings.
As a result of equity capital transactions with subsidiary companies which did not lead to  
a change of control, the share of equity attributable to RWE AG’s shareholders changed by 
a total of €86 million (previous year: – €31 million) and the share of equity attributable to 
other shareholders changed by a total of €391 million (previous year: – €4 million). 
Additional paid-in capital essentially includes the amounts received in the course of 
issuing RWE AG shares that exceed the calculated value of the shares.
Retained earnings contain the Group’s income from past years, insofar as such has not 
been distributed. This item also includes the revaluation component of pensions and 
similar obligations, as well as changes in the fair value of equity instruments measured at 
fair value through other comprehensive income.
Accumulated Other Comprehensive Income (OCI) reflects changes in the fair values  
of debt instruments measured at fair value through other comprehensive income, cash 
flow hedges and hedges of the net investment in foreign operations, as well as changes 
stemming from foreign currency translation adjustments from foreign financial statements. 
As of 31 December 2024, the share of accumulated other comprehensive income 
­attributable to investments accounted for using the equity method amounted to 
– €103 million (previous year: – €79 million). 
Pursuant to a resolution passed by the Annual General Meeting on 4 May 2023, the 
­company was further authorised until 3 May 2025 to acquire shares of the company up to 
a volume of 10 % of the capital stock when the resolution on this authorisation was passed, 
or if the following is lower, when this authorisation is exercised. Based on the authorisation, 
the Executive Board is also authorised to cancel treasury shares without a further resolution 
by the Annual General Meeting. Moreover, the Executive Board is authorised to transfer  
or sell such shares to third parties under certain conditions and excluding shareholders’ 
­subscription rights. Furthermore, treasury shares may be issued to holders of option or 
­convertible bonds under certain conditions. The Executive Board is also authorised to use 
the treasury shares to discharge obligations from future employee share schemes; in this 
regard, shareholders’ subscription rights shall be excluded.
As of 31 December 2024, 4,448,369 treasury shares (previous year: 0) were held. These 
shares were acquired as part of RWE AG’s ongoing share buyback programme in the 
period from 28 November 2024 to 31 December 2024. They account for a pro-rata 
amount of the share capital of €11,387,824.64, which corresponds to 0.60 %. The 
average purchase price was €31.11. Additionally, another 75,000 shares were acquired 
on 30 December 2024, which were only received in 2025. The resulting payment obligation 
of €2 million was recorded as a financial liability against retained earnings. The buyback is 
based on the aforementioned authorisation of the Annual General Meeting of 4 May 2023. 
The purpose of the share buyback programme is to lower the Company’s capital stock. 
Consequently, the acquired shares are to be cancelled. 
The first tranche of the share buyback programme with a volume of up to €500 million 
started on 28 November 2024 and will be performed by an independent financial service 
provider until 28 May 2025. The entire amount of the resulting obligation as of the time  
of concluding the contract was offset against retained earnings as a financial liability, 
reduced by the share buybacks executed up until 31 December 2024. The obligation 
related to the remaining share buybacks after 31 December 2024 are recognised in the 
amount of €359 million.
236
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Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Non-controlling interests
The share ownership of third parties in Group entities is presented in this item. 
The income and expenses recognised directly in equity (OCI) include the following ­ 
non-­controlling interests:
Non-controllinginterests in OCI 
€ million
2024
2023
Currency translation adjustment
78
17
Fair valuation of financial instruments used for 
hedging purposes
10
– 17
Income and expenses recognised directly in equity, 
to be reclassified through profit or loss in the future
88
—
Actuarial gains and losses of defined benefit pension plans 
and similar obligations
—
2
Income and expenses recognised in equity, not to be 
reclassified through profit or loss
—
2
88
2
Material non-controlling interests are attributable to the subsidiary Rampion Offshore Wind 
Limited, headquartered in Swindon, United Kingdom.
During the reporting year, €237 million in differences from currency translation which had 
originally been recognised without an effect on income were realised as income (previous 
year: €19 million).
Dividend proposal 
We propose to the Annual General Meeting that RWE AG’s distributable profit for fiscal 2024 
be appropriated as follows: 
Distribution of a dividend of €1.10 per share. 
Dividend
€ 813,332,132.80 
Profit carryforward
€ 115,279,942.49
Distributable profit
 € 928,612,075.29
The dividend proposal is based on the number of dividend-bearing shares as of  
31 December 2024. By the time a resolution on the appropriation of distributable  
profit is adopted, this number will have declined due to the share buyback programme 
which was commenced in November 2024. Consequently, a dividend proposal which  
has been adjusted accordingly and foresees an unchanged dividend of €1.10 per 
dividend-bearing share shall be submitted to the Annual General Meeting.
Based on a resolution of RWE AG’s Annual General Meeting on 3 May 2024, the dividend 
for fiscal 2023 amounted to €1.00 per dividend-bearing share. The dividend payment to 
shareholders of RWE AG amounted to €744 million (previous year: €669 million).
237
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Subsidiaries with material non-controlling interests
Rampion Offshore Wind 
Limited, United Kingdom
€ million
31 Dec 2024
31 Dec 2023
Balance sheet
Non-current assets
1,630
1,663
Current assets
123
127
Non-current liabilities
229
233
Statement of comprehensive income
Revenue
349
375
Income
105
114
Total comprehensive income
176
147
Cash flows from operating activities
226
243
Non-controlling interests
Dividends paid to non-controlling interests
105
126
Income of non-controlling interests
52
57
Share of non-controlling interests in equity
49.90%
49.90%
Share of non-controlling interests in voting rights
49.90%
49.90%
(21)  Share-based payment  
For executives of RWE AG as well as of affiliated companies, Long Term Incentive Plans 
(LTIPs) are in place as share-based payment systems known as Strategic Performance 
Plans (SPPs). The expenses associated with these are borne by the Group companies 
which employ the persons holding notional stocks. 
The LTIP SPP 2016 – 2020 was introduced in 2016. It uses an internal performance 
target (net income of relevance to remuneration) derived from the mid-term planning  
and takes into account the development of RWE AG’s share price. Executives receive 
conditionally granted virtual shares (performance shares). The final number of virtual shares 
in a tranche is determined based on the achievement of the adjusted net income target. 
Each of the issued LTIP SPP tranches has a term of four years before payment is possible. 
The plan conditions of the LTIP SPP were adjusted and extended for grants starting from 
­fiscal 2021. In the future, along with the development of adjusted net income of relevance 
to remuneration, the share-based payment scheme LTIP SPP 2021 will orientate to two 
additional success factors: the CO2 intensity of our generation portfolio and the relative 
total shareholder return, which puts the total return of the RWE share in relation to that of 
other European utility stocks. These three success factors determine how many of the 
­conditionally granted performance shares are finally granted at the end of the performance 
period. The performance period was extended from the previous one year to three years. 
Once it ends, all three success factors will be given equal weight in calculating the final 
grant. Thereafter, the performance shares must be held for a further year. Therefore, the 
vesting period will still be four years.
238
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

LTIP SPP 2016-2020
2020 tranche
Start of term
1 Jan 2020
Number of conditionally granted 
performance shares
935,331
Term (vesting period)
4 years
Performance target
Adjusted net income
Cap / number of performance shares
150 %
Cap / payment amount
200 %
Determination of payment
The payment amount is calculated on the basis of the determined number of performance shares multiplied by the sum of 
a) the mathematical average of the closing share price of the RWE share (ISIN DE 0007037129), with all available decimal places, in Xetra trading of Deutsche Börse AG (or a successor 
trading system which subsequently takes the place of the Xetra system) for the last 30 trading days prior to the end of the vesting period rounded according to standard commercial 
practice to two decimal places, and 
b) the dividends paid per share for the fiscal years between the determination of the final number of performance shares and the end of the vesting period. Dividends do not bear interest 
and are not reinvested. If a dividend payment occurs during the 30-day period for calculating the share price in accordance with item a), the share prices of the trading days leading up 
to the payment (CUM share prices) are adjusted by the dividend, as the dividend would otherwise be considered twice. 
Payment amount = (number of finally granted performance shares) x (mathematical average of the share price + dividends paid). 
The payment amount calculated in this manner is limited to no more than 200 % of the grant amount.
Change in corporate control /  
merger
A change in corporate control (‘change of control’) shall occur if 
a) a shareholder gains control in accordance with Sec. 29 of the German Securities Acquisition and Takeover Act by holding at least 30 % of the voting rights including thirdparty voting 
rights attributable to it in accordance with Sec. 30 of the German Securities Acquisition and Takeover Act, or 
b) a control agreement in accordance with Sec. 291 of the German Stock Corporation Act is concluded with RWE AG as the dependent company, or 
c) RWE AG is merged with another legal entity that does not belong to the Group in accordance with Sec. 2 of the German Company Transformation Act, unless the value of the other 
legal entity is less than 50 % of the value of RWE AG based on the agreed conversion rate; in such a case, item a) shall not apply. 
In the event of a change of control, all of the performance shares which have been fully granted and have not been paid out shall be paid out early. The payment amount is determined 
according to the exercise conditions, with the deviation that the last 30 trading days prior to the announcement of the change in control is to be used; plus the dividends paid per share in 
the fiscal years between the determination of the final number of performance shares and the time of the change in control. The payment amount calculated in this manner shall be paid 
to the plan participant together with his or her next salary payment. 
All conditionally granted performance shares as of the effective date of the change of control shall lapse without consideration.
Form of settlement
Cash settlement
Payment date
2024
239
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Annual Report 2024
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Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

LTIP SPP 2021
Tranche 2021
2022 tranche
2023 tranche
2024 tranche
Start of term
1 Jan 2021
1 Jan 2022
1 Jan 2023
1 Jan 2024
Number of conditionally granted 
performance shares
823,566
855,532
743,079
822,920
Term (vesting period)
4 years
4 years
4 years
4 years
Performance targets
1. Adjusted net income;  
2. CO2 intensity; 
3. Relative total shareholder return
1. Adjusted net income;  
2. CO2 intensity; 
3. Relative total shareholder return
1. Adjusted net income;  
2. CO2 intensity; 
3. Relative total shareholder return
1. Adjusted net income;  
2. CO2 intensity; 
3. Relative total shareholder return
Weighting of performance targets
Average achievement of performance 
targets, each weighted 1 / 3
Average achievement of performance 
targets, each weighted 1 / 3
Average achievement of performance 
targets, each weighted 1 / 3
Average achievement of performance 
targets, each weighted 1 / 3
Performance period
3 years
3 years
3 years
3 years
Cap / number of performance shares
150 %
150 %
150 %
150 %
Cap / payment amount
200 %
200 %
200 %
200 %
Determination of payment
The payment amount is calculated on the basis of the determined number of performance shares multiplied by the sum of 
a) the mathematical average of the closing share price of the RWE share (ISIN DE 0007037129), with all available decimal places, in Xetra trading of Deutsche Börse AG (or a successor 
trading system which subsequently takes the place of the Xetra system) for the last 30 trading days prior to the end of the vesting period rounded according to standard commercial 
practice to two decimal places, and 
b) the dividends paid per share for the fiscal years during the vesting periods. Dividends do not bear interest and are not reinvested. If a dividend payment occurs during the 30-day 
period for calculating the share price in accordance with item a), the share prices of the trading days leading up to the payment (CUM share prices) are adjusted by the dividend, as the 
dividend would otherwise be considered twice. 
Payment amount = (number of finally granted performance shares) x (mathematical average of the share price + dividends paid). 
The payment amount calculated in this manner is limited to no more than 200 % of the grant amount.
Change in corporate control /  
merger
A change in corporate control (‘change of control’) shall occur if 
a) a shareholder gains control in accordance with Sec. 29 of the German Securities Acquisition and Takeover Act by holding at least 30 % of the voting rights including thirdparty voting 
rights attributable to it in accordance with Sec. 30 of the German Securities Acquisition and Takeover Act, or 
b) a control agreement in accordance with Sec. 291 of the German Stock Corporation Act is concluded with RWE AG as the dependent company, or 
c) RWE AG is merged with another legal entity that does not belong to the Group in accordance with Sec. 2 of the German Company Transformation Act, unless the value of the other 
legal entity is less than 50 % of the value of RWE AG based on the agreed conversion rate; in such a case, item a) shall not apply. 
In the event of a change of control, all of the performance shares which have been fully granted and have not been paid out shall be paid out without change on expiry of the holding 
 period. The payment amount is determined according to the exercise conditions, with the deviation that the takeover price per share is to be used, plus the dividends paid per share in the 
fiscal years between the start of the vesting period and the time of the change in control. The value of all performance shares granted conditionally at the time of the change of control 
shall be determined with appropriate application of the exercise conditions based on the full-year results for the targets that are available up to the fiscal year in which the change of 
control occurs, even if in this case the performance period only lasts one or two years. The payment amount is determined according to the exercise conditions, with the deviation that 
the takeover price per share is to be used, plus the dividends paid per share in the fiscal years between the start of the vesting period and the time of the change in control. 
All granted performance shares for the calendar year of the change of control shall lapse without consideration.
Form of settlement
Cash settlement
Cash settlement
Cash settlement
Cash settlement
Payment date
2025
2026
2027
2028
240
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Annual Report 2024
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Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

The fair value of the performance shares conditionally granted under SPP included the 
­following sums on the grant date:
Performance Shares 
from the RWE AG SPP 
€
2020 
tranche
2021 
tranche
2022 
tranche
2023 
tranche
2024 
tranche
Fair value per share
26.41
34.07
34.51
41.83
39.89
The fair values of the tranches of the RWE AG SPP 2016 – 2020 are based on RWE AG’s 
­current share price plus the dividends per share which have already been paid to the 
­shareholders during the term of the corresponding tranche. The limited payment per SPP 
was implemented via a sold call option. The option value calculated using the Black 
Scholes Model was deducted. The maximum payments per conditionally granted SPP  
(= option strike) established in the plan conditions, the discount rates relative to the 
remaining term as well as the volatilities and expected dividends of RWE AG were 
considered in determining the option price. 
Multivariate Monte Carlo simulations were used for the valuation of RWE AG’s SPP 2021 
tranches. In this context, the success factors not dependent on the capital market were 
taken as the best estimators without variability. In the valuation model, due consideration 
was given to the maximum payment amounts stipulated in the programme’s conditions 
for each conditionally granted SPP (= option strike), the success factors not dependent on 
the capital market, the current level of the RWE AG share and the index, the volatilities and 
­correlations, the discount rates for the remaining term and the expected dividends of 
RWE AG.
The performance shares displayed the following development in the fiscal year that just 
came to a close:
Performance Shares 
from the RWE AG SPP
Share
2020 
tranche
2021 
tranche
2022 
tranche
2023 
tranche
2024 
tranche
Outstanding at the start 
of the fiscal year
966,848
803,686
845,298
743,079
—
Granted
—
—
—
—
822,920
Change1
—
108,596
– 25,347
2,647
—
Paid out
966,848
—
—
—
—
Outstanding at the end 
of the fiscal year
—
912,282
819,951
745,726
822,920
Payable at the end 
of the fiscal year
—
912,282
—
—
—
1  ‘Change’ pertains to the final grant based on target achievement or the subsequent grant or lapse of performance shares.
For the SPP options exercised in the period under review, the average weighted daily share 
price on the day of exercise was €30.37. For the 2021 tranche, €31 million is payable.
During the period under review, expenses for the share-based ­payment system totalled 
€2 million (previous year: €46 million). As of the balance-sheet date, provisions for  
cash-settled share-­based payment programmes amounted to €65 million (previous year: 
€102 million).
241
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

(22)  Provisions
Provisions
31 Dec 2024
31 Dec 2023
€ million
Non-current
Current
Total
Non-current
Current
Total
Provisions for pensions and similar obligations
1,328
—
1,328
1,324
—
1,324
Provisions for nuclear waste management
4,403
578
4,981
4,814
570
5,384
Provisions for mining damage
6,028
251
6,279
6,741
208
6,949
11,759
829
12,588
12,879
778
13,657
Other provisions
Staff-related obligations (excluding restructuring)
212
778
990
249
1,090
1,339
Restructuring obligations
728
22
750
718
16
734
Purchase and sales obligations
783
353
1,136
1,533
374
1,907
Provisions for dismantling wind and solar farms
1,343
23
1,366
1,197
16
1,213
Other dismantling and retrofitting obligations
505
98
603
457
86
543
Environmental protection obligations
34
—
34
33
1
34
Interest payment obligations
42
—
42
81
—
81
Obligations to deliver CO2 emission allowances /  
certificates for renewable energies
—
3,608
3,608
—
3,959
3,959
Miscellaneous other provisions
284
336
620
284
495
779
3,931
5,218
9,149
4,552
6,037
10,589
15,690
6,047
21,737
17,431
6,815
24,246
Provisions for pensions and similar obligations. The company pension plan consists of 
defined contribution and defined benefit plans. The defined benefit commitments mainly 
relate to pension benefits based on final salary. These are exposed to the typical risks of 
­longevity, inflation and salary increases.
In the reporting period, €55 million (previous year: €49 million) was paid into defined 
­contribution plans. This includes payments made by RWE for a benefit plan in the 
­Netherlands which covers the commitments of various employers. This fund does not 
­provide the participating companies with information allowing for the pro-rata allocation 
of defined benefit obligations, plan assets and service cost. In the consolidated financial 
­statements, the contributions are thus recognised analogously to a defined contribution 
plan, although this is a defined benefit plan. The pension plan for employees in the 
242
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Annual Report 2024
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Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

­Netherlands is administered by Stichting Pensioenfonds ABP (see www.abp.nl). Contributions 
to the pension plan are calculated as a percentage rate of employees’ salaries and are 
paid by the employees and employers. The rate of the contributions is determined by ABP. 
There are no minimum funding obligations. Approximately €14 million in employer 
contributions are expected to be paid to the ABP pension fund in fiscal 2025 (prior-year 
figure for fiscal 2024: €13 million). The contributions are used for all of the beneficiaries.  
If ABP’s funds are insufficient, it can either curtail pension benefits and future post-
employment benefits, or increase the contributions of the employer and employees.  
In the event that RWE terminates the ABP pension plan, ABP will charge a termination fee. 
Amongst other things, its level depends on the number of participants in the plan, the 
amount of salary and the age structure of the participants. As of 31 December 2024,  
we had around 750 active participants in the plan (previous year: approximately 690).
RWE transferred assets to RWE Pensionstreuhand e.V. within the framework of a contractual 
trust arrangement (CTA) in order to finance the pension commitments of German Group 
companies. There is no obligation to provide further funds. From the assets held in trust, 
funds were transferred to RWE Pensionsfonds AG to cover pension commitments to most 
of the employees who have already retired. RWE Pensionsfonds AG falls under the scope of 
the Act on the Supervision of Insurance Undertakings and oversight by the Federal Financial 
Supervisory Agency (BaFin). Insofar as a regulatory deficit occurs in the pension fund, 
­supplementary payment shall be requested from the employer. Independently of the 
­aforementioned rules, the liability of the employer shall remain in place. The boards of RWE 
­Pensionstreuhand e. V. and RWE Pensionsfonds AG are responsible for ensuring that the 
funds under management are used in compliance with the contract and thus fulfil the 
requirements for recognition as plan assets. 
In the United Kingdom, it is legally mandated that defined benefit plans be provided with 
adequate and suitable assets to cover pension obligations. The corporate pension system 
is managed by the sector-wide Electricity Supply Pension Scheme (ESPS). There are two 
­dedicated, independent sections: the RWE Section and the Innogy Section. The sections 
are managed by trustees which are elected by members of the pension plans or appointed 
by the sponsoring employers. The trustees are responsible for managing the pension 
plans. This includes investments, pension payments and financing plans. The pension plans 
­comprise the benefit obligations and plan assets for the subsidiaries of the RWE Group.  
It is required by law to assess the required financing of the pension plans once every three 
years in compliance yg valuation). This involves measuring pension obligations on the 
basis of conservative assumptions, whicyh deviate from the requirements imposed by IFRS. 
The underlying actuarial assumptions ­primarily include the projected life expectancies of 
the members of the pension plans as well as assumptions relating to inflation, imputed 
interest rates and the market returns on the plan assets. 
The last funding valuation for the RWE Section on 31 March 2022 did not find a financing 
deficit. The next funding valuation must occur by 31 March 2025. For the Innogy Section, 
the last funding ­valuation occurred as at 31 March 2024; as of the balance-sheet date, 
this valuation had not yet been completed. We do not believe that the valuation will find a 
financing deficit.
The payments to settle a financing deficit that is identified are charged to the participating 
companies on the basis of a contractual agreement. Above and beyond this, payments 
are regularly made to finance the newly arising benefit obligations of active employees 
which increase the pension claims. 
243
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Annual Report 2024
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Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Provisions for defined benefit plans are determined using actuarial methods. We apply the  
following assumptions:
Calculation assumptions
31 Dec 2024
31 Dec 2023
in %
Germany
Foreign1
Germany
Foreign1
Discount rate
3.60
5.40
3.50
4.60
Wage and salary growth rate
2.75
3.20
2.75
3.10
Pension increase rate
1.00, 2.00 
and 2.15
2.00 and 3.00
1.00, 2.00 
and 2.15
2.00 and 2.90
1  Pertains to benefit commitments to employees of the RWE Group in the UK.
Composition of plan assets (fair value)
31 Dec 2024
31 Dec 2023
€ million
Germany1
Of which: 
Level 1 
pursuant to 
IFRS 13
Foreign2
Of which: 
Level 1 
pursuant to 
IFRS 13
Germany1
Of which: 
Level 1 
pursuant to 
IFRS 13
Foreign2
Of which: 
Level 1 
pursuant to 
IFRS 13
Equity instruments, exchange-traded funds
1,050
1,029
376
—
1,188
1,172
411
—
Interest-bearing instruments
5,026
—
2,909
175
5,017
5
3,145
328
Mixed funds3
47
—
—
—
46
—
—
—
Alternative investments
74
69
1,131
20
91
71
1,088
121
Other4
200
72
207
8
58
58
140
44
6,397
1,170
4,623
203
6,400
1,306
4,784
493
1  Plan assets in Germany primarily pertain to assets of RWE AG and other Group companies which are managed by RWE Pensionstreuhand e.V. as a trust, as well as to assets of RWE Pensionsfonds AG. 
2  Foreign plan assets pertain to the assets of the RWE Group within the British ESPS to cover benefit commitments to employees of the RWE Group in the UK.
3  Includes equity and interest-bearing instruments.
4  Includes reinsurance claims against insurance companies and other fund assets.
244
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Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Our investment policy in Germany is based on a detailed analysis of the plan assets and 
the pension commitments and the relation of these two items to each other in order to 
determine the best possible investment strategy (Asset Liability Management Study). 
Using an ­optimisation process, portfolios are identified which can earn the best targeted 
results at a defined level of risk. One of these efficient portfolios is selected and the strategic 
asset ­allocation is determined; furthermore, the related risks are analysed in detail. 
The focus of RWE’s strategic investment policy is on bonds. In addition to domestic and 
foreign government and corporate bonds, high-yield bonds are also used to increase the 
average yield. Furthermore, there is also a small amount of investment in equities from 
various regions . The investment position in equities is intended to earn a risk premium 
over bond investments over the long term. Furthermore, in order to achieve consistently 
high returns, there is also investment in products which are more likely to offer relatively 
regular positive returns over time. This involves products with returns which fluctuate like 
those of bond investments, but which achieve an additional return over the medium term, 
such as so-called absolute return products.
In the United Kingdom, our capital investment takes account of the structure of the 
pension obligations as well as liquidity and risk matters. The goal of the investment 
strategy in this context is to maintain the level of pension plan funding and ensure the full 
financing of the pension plans over time. To reduce financing costs and earn surplus 
returns, we also include higher-risk investments in our portfolio. The capital investment 
focusses on government and corporate bonds.
Pension provisions for pension commitments changed as follows:
Changes in pension provisions
€ million
Present 
value of 
pension 
commit-
ments
Fair value 
of plan 
assets
Capitalised 
surplus of 
plan assets
Total
Balance at 1 Jan 2024
11,999
11,184
509
1,324
Current service cost
91
—
—
91
Interest cost / income
458
436
—
22
Return on fund assets less interest 
components
—
– 219
—
219
Gain / loss on change in demographic 
assumptions
– 8
—
—
– 8
Gain / loss on change in financial 
assumptions
– 490
—
—
– 490
Experience-based gains / losses
220
—
—
220
Currency translation adjustments
200
223
24
1
Employee contributions
9
9
—
—
Employer contributions1
—
94
—
– 94
Benefits paid2
– 748
– 701
—
– 47
Changes in the scope of consolidation /  
transfers
4
—
—
4
General administration expenses
—
– 6
—
6
Change in capitalised surplus of plan 
assets
—
—
80
80
Balance at 31 Dec 2024
11,735
11,020
613
1,328
of which: domestic
7,658
6,397
50
1,311
of which: foreign
4,077
4,623
563
17
1  Of which: €94 million in cash flows from operating activities.
2  Contained in cash flows from operating activities.
245
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Annual Report 2024
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Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Changes in the actuarial assumptions would lead to the following changes in the present 
value of the defined benefit obligations:
Sensitivity analysis of 
pension provisions
Changes in the present value 
of defined benefit obligations
€ million
31 Dec 2024
31 Dec 2023
Change in the discount rate 
by + 50 / – 50 basis points
Domestic
– 433
482
– 444
494
Foreign
– 199
218
– 229
253
Change in the wage and  
salary growth rate  
by − 50 / + 50 basis points
Domestic
– 17
17
– 20
20
Foreign
– 13
16
– 15
16
Change in the pension increase rate 
by − 50 / + 50 basis points
Domestic
– 302
327
– 313
340
Foreign
– 135
106
– 138
139
Increase of one year in life expectancy
Domestic
—
315
—
321
Foreign
—
112
—
104
The sensitivity analyses are based on the change of one assumption each, with all other 
assumptions remaining unchanged. Actual developments will probably be different than 
this. The methods of calculating the aforementioned sensitivities and for calculating the 
pension provisions are in agreement. The dependence of pension provisions on market 
interest rates is limited by an opposite effect. The background of this is that the  commitments 
stemming from company pension plans are primarily covered by funds, and mostly plan 
assets exhibit negative correlation with the market yields of fixed- interest securities. 
Changes in pension provisions
€ million
Present 
value of 
pension 
commit-
ments
Fair value 
of plan 
assets
Capitalised 
surplus of 
plan assets
Total
Balance at 1 Jan 2023
11,239
11,019
680
900
Current service cost
75
—
—
75
Interest cost / income
490
487
—
3
Return on fund assets less interest 
components
—
182
—
– 182
Gain / loss on change in demographic 
assumptions
– 63
—
—
– 63
Gain / loss on change in financial 
assumptions
727
—
—
727
Experience-based gains / losses
161
—
—
161
Currency translation adjustments
87
98
11
—
Employee contributions
9
9
—
—
Employer contributions1
—
73
—
– 73
Benefits paid2
– 744
– 695
—
– 49
Changes in the scope of consolidation /  
transfers
17
15
—
2
Past service cost
1
—
—
1
General administration expenses
—
– 4
—
4
Change in capitalised surplus of plan 
assets
—
—
– 182
– 182
Balance at 31 Dec 2023
11,999
11,184
509
1,324
of which: domestic
7,664
6,400
45
1,309
of which: foreign
4,335
4,784
464
15
1  Of which: €73 million in cash flows from operating activities.
2  Contained in cash flows from operating activities.
246
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Notes from the auditor
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To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

adjustments in Germany are projected to be higher than the long-term trend assumed  
in the calculations. The surplus inflation that is expected and accumulates until the next 
mandatory date for the legal adjustment will thus be captured as a lump-sum premium, 
which will be derived from the consideration of past adjustments and the regular adjustment 
practices and will be applied to the claims in question. 
Some domestic pension plans guarantee a certain pension level, taking into account the 
statutory pension (total retirement earnings schemes). As a result, future reductions in the 
statutory pension can result in higher pension payments by RWE. 
The weighted average duration of the pension obligations was 12 years in Germany 
(previous year: 13 years) and 11 years outside of Germany (previous year: 11 years).
In fiscal 2025, RWE expects to make €135 million in payments for defined benefit plans 
(previous-year target: €140 million), as direct benefits and contributions to plan assets.
 Consequently, declines in market interest rates are typically reflected in an increase in plan 
assets, whereas rising market interest rates are typically reflected in a reduction in plan 
assets. 
The present value of pension obligations, less the fair value of the plan assets, equals the 
net amount of funded and unfunded pension obligations. 
As of the balance-sheet date, the recognised amount of pension provisions totalled 
€786 million for funded pension plans (previous year: €880 million) and €542 million for 
unfunded pension plans (previous year: €444 million).
Domestic company pensions are subject to an obligation to review for adjustment every 
three years pursuant to the Act on the Improvement of Company Pensions (Sec. 16 of the 
German Company Pension Act (BetrAVG)). Additionally, some commitments grant annual 
adjustments of pensions, which may exceed the adjustments in compliance with the legally 
mandated adjustment obligation. Due to the currently high level of inflation, future pension 
Provisions for nuclear energy and mining 
€ million
Balance at 
1 Jan 2024
Additions
Unused amounts 
released
Interest accretion
Amounts used
Balance at 
31 Dec 2024
Provisions for nuclear waste management
5,384
94
—
52
– 549
4,981
Provisions for mining damage
6,949
5
– 580
91
– 186
6,279
12,333
99
– 580
143
– 735
11,260
247
RWE
Annual Report 2024
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Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

scope of the Nuclear Energy Act. A request to decommission and dismantle the nuclear 
power plant was filed with the nuclear licensing authority during its operating period so 
that the ­decommissioning and dismantling work can be performed in time after the expiry 
of the operating permit. Dismantling operations essentially consist of dismantling and 
removal of the radioactive contamination from the facilities and structures, radiation 
protection and regulatory monitoring of the dismantling measures and residual 
operations. 
We thus subdivide our provisions for nuclear waste management into the residual operation 
of nuclear power plants, the dismantling of nuclear power station facilities as well as the 
cost of residual material processing and radioactive waste treatment facilities.
Provisions for nuclear waste management 
€ million
31 Dec 2024
31 Dec 2023
Residual operation
1,541
1,798
Dismantling
1,862
1,855
Processing of residual material and waste management
1,578
1,731
4,981
5,384
Provisions for the residual operation of nuclear power  facilities also include the costs for 
the post-operational phase, i.e. the period following the termination of production until 
receipt of the permit for decommissioning and dismantling. Residual operation covers all 
steps which must be taken largely independent of dismantling and disposal but are 
necessary to ensure that the assets are safe and in compliance with permits or which are 
required by the authorities. In addition to works monitoring and facility protection, these 
mainly include service, recurrent audits, maintenance, radiation and fire protection as well 
as infrastructural adjustments. 
Provisions for the dismantling of nuclear power plant facilities include all work done to 
 dismantle plants, parts of plants, systems and components as well as on buildings that 
Provisions for nuclear waste management are recognised for the nuclear power plants 
Biblis A and B, Emsland and Gundremmingen A, B and C, as well as Lingen and Mülheim-
Kärlich; for the Dutch nuclear power plant Borssele, such provisions are included at a rate 
of 30 % in line with RWE’s stake. 
Provisions for nuclear waste disposal are almost exclusively reported as non-current 
­provisions, and their settlement amount is discounted to the balance-sheet date. Based 
on the current state of planning, these provisions will essentially be used by the beginning 
of the 2040s. As of the balance-sheet date, the average discount rate calculated on the 
basis of the market interest rate level for no-risk cash investments was 2.3 % (previous 
year: 2.0 %), and the average escalation rate based on market inflation expectations was 
1.9 % (previous year: 2.0 %). As a result, the real average discount rate used for nuclear 
waste management purposes, which is the difference between the average discount rate 
and the average escalation rate, amounted to 0.4 % (previous year: 0.0 %). An increase 
(decrease) in this rate by 0.1 percentage point would reduce (increase) the present value  
of the ­provision by roughly €25 million. 
The additions to provisions for nuclear waste management in the amount of €94 million 
are mainly based on updates of the cost estimates. In the reporting period, we also  
used provisions of €500 million for the decommissioning of nuclear power plants. 
Decommissioning and dismantling costs had originally been capitalised in a ­corresponding 
amount and reported under the cost of the respective nuclear power plants. Interest 
accretion increased the provisions for nuclear waste management by €52 million, of  
which €12 million was offset against the corresponding acquisition costs for the Borssele 
nuclear power plant.
The provisions of the law on the reassignment of responsibility for nuclear waste disposal 
stipulate that accountability for the shutdown and dismantling of the assets in Germany 
as well as for packaging radio­active waste remains with the companies. The shutdown  
and ­dismantling process encompasses all activities following the final termination of 
production by the nuclear power plant until the plant site is removed from the regulatory 
248
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Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

In terms of their contractual definition, provisions for nuclear waste management break 
down as follows:
Provisions for nuclear waste management 
€ million
31 Dec 2024
31 Dec 2023
Provisions for nuclear obligations, not yet contractually defined
3,410
3,634
Provisions for nuclear obligations, contractually defined
1,571
1,750
4,981
5,384
The provision for obligations which are not yet contractually defined covers the costs of 
the remaining operational phase, the costs of dismantling as well as the residual material 
processing and waste treatment costs subject to future contractual agreement.
Provisions for contractually defined nuclear obligations relate to all obligations the value 
of which is specified in contracts under civil law. The obligations include the anticipated 
­residual costs of reprocessing and returning the resulting radioactive waste. These costs 
stem from existing contracts with foreign reprocessing companies and with the company 
Gesellschaft für Nuklear-Service mbH (GNS). Moreover, these provisions also include  
the costs for transport and intermediate storage containers for and the loading of spent 
fuel assemblies. Furthermore, this item also includes the volumes of the orders for the 
professional packaging of low-level and medium-level waste as well as the in-house 
personnel costs incurred for the decommissioning of plants.
Provisions for mining damage consist almost entirely of non-current provisions. They are 
reported at their settlement amount discounted to the balance-sheet date. The cost 
estimates are based on contracts as well as information from internal and external expert 
specialists. 
must be dismantled to comply with the Nuclear Energy Act. They also consider the 
conventional dismantling of nuclear power plant facilities to fulfil legal or other obligations. 
Provisions for residual material processing and waste management include the costs of 
processing radioactive residual material for non-hazardous recycling and the costs of 
 treating radioactive waste produced during the plant’s service life and dismantling 
 operations. This includes the various processes for conditioning, proper packaging of  
the low-level and intermediate-level radioactive waste in suitable containers, and the 
 transportation of such waste to BGZ Gesellschaft für Zwischenlagerung mbH (BGZ), which 
has been commissioned by the Federal government for intermediate storage. This item 
also contains the cost of transporting the waste produced by recycling and of the proper 
 packaging of spent nuclear fuel elements, i. e. the cost of procuring and loading freight  
and interim storage containers. 
Commissioned by the plant operator, the international company Siempelkamp NIS 
 Ingenieurgesellschaft mbH, Alzenau, annually assesses the prospective costs of residual 
operation, the dismantling of the nuclear power plants and the cost of conditioning and 
packaging low-level and intermediate-level radioactive waste and the transportation of 
such to BGZ’s interim storage facilities. The costs are determined specifically for each 
facility and take into consideration the current state of the art,  regulatory requirements 
and previous practical experience from ongoing and completed dismantling projects. 
 Further cost estimates for the disposal of radioactive waste are based on contracts with 
 foreign reprocessing companies and other disposal companies. Furthermore, the cost 
 estimates are based on plans by internal and external experts.
249
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Annual Report 2024
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Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

A decline of 0.1 percentage point in the real discount rate would increase the present 
value of the provision by around €100 million, while an increase of 0.1 percentage point 
would reduce the present value by around €90 million. 
In light of additional details in relation to permits for decommissioning lignite mining 
operations as part of the coal phaseout, planning and operational frameworks have been 
elaborated, along with the related expenditures for site resoration. In the reporting period, 
provisions for mining damage in the amount of €580 million were released. This was mainly 
based on updates of cost estimates and lower long-term electricity prices. Of the additions 
of €5 million, €1 million was capitalised in the line item ‘property, plant and equipment’. 
Interest accretion increased provisions for mining damage by €91 million.
In discounting the amounts used in the coming 30 years, we have oriented ourselves 
towards the market interest rates for no-risk cash investments as of the balance-sheet 
date. Since no market interest rates are available for later periods, a sustainable, long-
term interest rate is used to discount the amounts used after the next 30 years. The 
average discount rate was 3.0 % (previous year: 3.0 %). The majority of the provisions 
pertains to claims that are expected to materialise over the next 30 years. The average 
escalation rate based on market inflation expectations as of the balance-sheet date was 
1.9 % (previous year: 2.0 %). As a result, the real average discount rate applied for mining 
purposes, which is the difference between the average discount rate and the average 
escalation rate, amounted to 1.1 % (previous year: 1.0 %).
Other provisions
€ million
Balance at 
1 Jan 2024
Additions
Unused amounts 
released
Interest accretion
Changes in the 
scope of 
consolidation, 
currency 
adjustments, 
transfers
Amounts used
Balance at 
31 Dec 2024
Staff-related obligations 
(excluding restructuring)
1,339
524
– 18
11
30
– 896
990
Restructuring obligations
734
76
– 29
14
– 38
– 7
750
Purchase and sales obligations
1,907
422
– 814
25
1
– 405
1,136
Provisions for dismantling wind and solar farms
1,213
203
– 25
– 71
48
– 2
1,366
Other dismantling and retrofitting obligations
543
74
– 11
24
4
– 31
603
Environmental protection obligations
34
—
—
1
– 1
—
34
Interest payment obligations
81
—
– 39
—
—
—
42
Obligations to deliver CO2 emission allowances /  
certificates for renewable energies
3,959
3,607
– 213
—
33
– 3,778
3,608
Miscellaneous other provisions
779
219
– 71
– 9
– 107
– 191
620
10,589
5,125
– 1,220
– 5
– 30
– 5,310
9,149
250
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

(23)  Financial liabilities
Financial liabilities
31 Dec 2024
31 Dec 2023
€ million
Non-current
Current
Non-current
Current
Bonds1 and other notes payable
7,591
1,537
6,691
13
Commercial paper
—
50
—
209
Bank debt
3,725
656
4,077
759
Other financial liabilities
Collateral for 
trading activities
—
699
—
1,418
Lease liabilities
2,092
139
1,824
89
Miscellaneous other 
financial liabilities
1,364
817
1,472
476
14,772
3,898
14,064
2,964
1  Including hybrid bonds classified as debt as per IFRS.
Provisions for staff-related obligations mainly consist of provisions for pre-retirement 
part-time work arrangements, severance, outstanding vacation and service jubilees, and 
performance-based pay components. Based on current estimates, we expect most of 
these to be used by 2025. 
Provisions for restructuring obligations pertain mainly to measures for socially 
­acceptable payroll downsizing. We currently expect the majority of these to be used from 
2025 to 2034. In so doing, sums ear-marked for personnel measures are reclassified 
from provisions for restructuring obligations to provisions for staff-related obligations as 
soon as the underlying restructuring measure has been specified. This is the case if 
individual contracts governing socially acceptable payroll downsizing are signed by 
affected employees. 
Provisions for purchase and sales obligations primarily relate to onerous contracts. 
From the current perspective, we expect that the majority of the provisions for the 
­dismantling of wind and solar farms will be used from 2025 to 2059, and the 
provisions for other dismantling and retrofitting obligations will be used from 2025  
to 2060.
251
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

The following overview shows the key data on the bonds of the RWE Group as of 31 December 2024 and 31 December 2023:
Bonds payable 
Issuer
Carrying amount 
€ million
Outstanding 
amount
31 Dec 2024
31 Dec 2023
Coupon 
in %
Maturity
Issuances before 2024
RWE AG
€ 12 million
12
12
3.5
October 2037
RWE AG
€ 282 million1
282
281
3.5
April 2075
RWE AG
US$ 317 million1
305
286
6.625
July 2075
RWE AG
€ 500 million
500
500
0.625
June 2031
RWE AG
€ 750 million
748
748
0.5
November 2028
RWE AG
€ 600 million
595
594
1.0
November 2033
RWE AG
€ 1,000 million
998
997
2.125
May 2026
RWE AG
€ 1,000 million
993
992
2.75
May 2030
RWE AG
€ 1,250 million
1,249
1,247
2.5
August 2025
RWE AG
€ 500 million
498
498
3.625
February 2029
RWE AG
€ 500 million
498
497
4.125
February 2035
Issuances 2024
RWE AG
€ 500 million
497
—
3.625
January 2032
RWE Finance US, LLC
US$ 1,000 million
953
—
5.875
April 2034
RWE Finance US, LLC
US$ 1,000 million
954
—
6.25
April 2054
9,082
6,652
1  Hybrid bonds classified as debt as per IFRS. 
252
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5
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6
Further information

In April 2024, RWE AG’s Debt Issuance Programme (DIP) was increased from €10 billion to 
€15 billion. The green bond issued in the USA and the two outstanding hybrid bonds are 
not part of the DIP.
In February 2023, RWE issued two green bonds, each with a volume of €500 million  
(total volume: €1 billion). For the first bond with maturity in 2029, the yield-to-maturity 
amounted to 3.680 %, based on a coupon of 3.62 5 % p. a. and an issue price of 99.709 %. 
For the second bond with maturity in 2035, the yield-to-maturity was 4.148 %, based  
on a coupon of 4.125 % p. a. and an issue price of 99.786 %. 
(24)  Income tax liabilities
Income tax liabilities contain uncertain income tax items in the amount of €682 million 
­(previous year: €552 million). This item primarily includes income taxes for periods for 
which the tax authorities have not yet finalised a tax assessment, including the current 
year.
In accordance with IFRS, the hybrid bonds are classified as debt, as they have a fixed, finite 
maturity and there is no option to suspend interest payments for a longer period of time. 
In January 2024, RWE issued another green bond with a volume of €500 million. The bond 
matures in 2032 and has a yield-to-maturity of 3.7 %, based on a coupon of 3.625 % p.a. 
and an issue price of 99.489 %. In accordance with RWE’s guidelines for green bonds,  
the RWE Green Bond Framework, the proceeds from the issue may only be used for the 
financing or refinancing of wind and solar projects, as well as energy storage, and hydrogen 
production and storage facilities.
In April 2024, RWE issued its first green USD bond with a total volume of US$2 billion.  
The bond consisted of two tranches, one with a volume of US$1 billion and a maturity of 
ten years and one with a volume of US$1 billion and a maturity of thirty years. Based on  
a coupon of 5.875 % and an issue price of 99.619 %, the yield-to-maturity amounted to 
5.926 % for the first tranche. The yield-to-maturity was 6.261 % for the second tranche, 
with a coupon of 6.250 % and an issue price of 99.852 %.
253
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6
Further information

The principal component of social security liabilities are the amounts payable to social 
security institutions. 
Miscellaneous other liabilities contain €1,397 million in contract liabilities (previous  
year: €129 million). The increase in contract liabilities stems from portfolio optimisation 
activities.
Moreover, €191 million (previous year: €62 million) in miscellaneous other liabilities were 
­allocable to investment-related government grants primarily granted in connection with 
the construction of electrolysers and wind farms.
(25)  Derivatives and other liabilities
Derivatives 
and other liabilities
31 Dec 2024
31 Dec 2023
€ million
Non-current
Current
Non-current
Current
Derivatives1
1,455
8,794
1,609
16,239
Tax liabilities
—
129
—
107
Social security liabilities
—
33
1
35
Liabilities from restructuring
—
1
—
—
Miscellaneous other liabilities
1,801
2,814
1,319
1,375
3,256
11,771
2,929
17,756
of which: financial debt1
1,559
9,661
1,688
17,185
of which: non-financial debt
1,697
2,110
1,241
571
1  Prior-year figures restated; see page 214.
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financial statements
Notes
5
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6
Further information

Other information
(26)  Earnings per share
Basic and diluted earnings per share are calculated by dividing the portion of net income 
attributable to RWE shareholders by the average number of shares outstanding; treasury 
shares are not taken into account in this calculation. The RWE shares acquired within the 
framework of the share buyback programme are included in the number of outstanding 
shares on a pro-rata basis until their legal transfer to RWE. The number of shares resulting 
from the conversion on 15 March 2023 of the mandatory convertible bond issued on 
10 October 2022 are taken into account in the determination of basic and diluted 
earnings per share starting from the time at which the mandatory convertible bond was 
issued, using the weighted average number of shares in circulation. 
Earnings per share
2024
2023
Net income for RWE AG shareholders
€ million
5,135
1,515
Number of shares outstanding (weighted average)
thousand
743,554
743,841
Basic and diluted earnings per share
€
6.91
2.04
Dividend per share
€
1.101
1.00
1  Dividend proposal for fiscal 2024, subject to the resolution of the Annual General Meeting on 30 April 2025. 
(27)  Reporting on financial instruments
Financial instruments are divided into non-derivative and derivative. Non-derivative 
­financial assets essentially include other non-current financial assets, accounts receivable, 
marketable securities and cash and cash equivalents. Financial instruments are recognised 
either at amortised cost or at fair value, depending on their classification. Non-derivative 
financial instruments are recognised in the following categories: 
•	 Debt instruments measured at amortised cost:  
the contractual cash flows solely consist of interest and principal on the outstanding 
capital; there is an intention to hold the ­financial instrument until maturity.
•	 Debt instruments measured at fair value through other comprehensive income:  
the ­contractual cash flows solely consist of interest and principal on the outstanding 
capital; there is an intention to hold and sell the financial instrument. 
•	 Equity instruments measured at fair value through other comprehensive income:  
the option to recognise changes in fair value directly in equity is exercised.
•	 Financial assets measured at fair value through profit or loss:  
the contractual cash flows of a debt instrument do not solely consist of interest and 
principal on the outstanding capital or the option to recognise changes in the fair value 
of equity instruments in other comprehensive income is not exercised.
On the liabilities side, non-derivative financial instruments principally include liabilities 
measured at amortised cost. 
Financial instruments recognised at fair value are measured based on the published 
exchange price, insofar as the financial instruments are traded on an active market. The 
fair value of non-quoted debt and equity instruments is generally determined on the basis 
of expected payment flows discounted using current market interest rates corresponding 
to the remaining maturity, taking into consideration macro-economic developments and 
corporate business plan data. In part, they are also measured using external valuations, 
for example by banks. Depending on the availability of market parameters, the fair values of 
financial instruments are assigned to the three levels of the fair value hierarchy pursuant 
to IFRS 13.
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Further information

reported in the income statement under the line item ‘other operating income’ and ‘other 
operating expenses’.
Measurement of the fair value of a group of financial assets and financial liabilities is 
­conducted on the basis of the net risk exposure per business partner. 
The following overview presents the classifications of financial instruments measured at 
fair value in the fair value hierarchy prescribed by IFRS 13. The individual levels of the fair 
value hierarchy are defined as follows:
•	 Level 1:  
Measurement using (unadjusted) prices of identical financial instruments formed  
on active markets,
•	 Level 2:  
Measurement on the basis of input parameters which are not the prices from Level 1, 
but which can be observed for the financial instrument either directly (i. e. as price) or 
indirectly (i. e. derived from prices),
•	 Level 3:  
Measurement using factors which cannot be observed on the basis of market data. 
Derivative financial instruments are recognised at their fair values as of the balance-sheet 
date, insofar as they fall under the scope of IFRS 9. Exchange-traded products are ­measured 
using the published closing prices of the relevant exchange. Non-exchange traded products 
are measured on the basis of publicly available, market standard broker quotations or, if 
such quotations are not available, on generally accepted valuation methods. In doing so, 
we draw on prices on active markets as much as possible. If such prices are not available, 
­company-­specific planning estimates are used in the measurement process. These 
­estimates encompass all of the market factors which other market participants would 
take into account in the course of price determination, such as CVA / DVA. Assumptions 
pertaining to the energy sector and economy are made within the scope of a comprehensive 
process with the involvement of both in-house and external experts. 
Derivative financial instruments recorded within the framework of trading activities in  
the Supply & Trading segment pertain to physical and financial contracts to buy and sell 
electricity, natural gas, LPG and other energy trading-related contracts. All unrealised 
positions for these physical and financial transactions are marked to market. For both 
exchange-traded and over-the-counter transactions, the corresponding fair value is 
measured on a daily basis with the extensive use of observable and external data. The 
measurement of complex or long-term transactions can also include market-conform 
adjustments within generally recognised valuation models. Changes in fair value are 
Fair value hierarchy1
€ million
Total 
31 Dec 2024
Level 1
Level 2
Level 3
Total 
31 Dec 2023
Level 1
Level 2
Level 3
Other financial assets
5,244
4,642
183
419
5,573
5,059
126
388
Derivatives (assets)
10,682
563
8,497
1,622
24,548
293
22,130
2,125
of which: used for hedging purposes
1,902
—
1,871
31
7,016
1
7,015
—
Securities
5,275
5,275
—
—
6,771
6,771
—
—
Derivatives (liabilities)
10,249
546
9,204
499
17,848
247
16,589
1,012
of which: used for hedging purposes
1,237
—
1,182
55
3,092
2
3,090
—
Conditional purchase price obligations
—
—
—
—
29
—
23
6
1  Some prior-year figures restated.
256
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2
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financial statements
Notes
5
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6
Further information

Due to the higher number of price quotations on active markets, financial assets with a  
fair value of €9 million (previous year: €0 million) were reclassified from Level 2 to Level 1. 
Conversely, due to a drop in the number of price quotations, financial assets with a fair 
value of €1 million (previous year: €0 million) were reclassified from Level 1 to Level 2.
The development of the fair values of Level 3 financial instruments is presented in the 
­following table:
Level 3 financial instruments: 
Development in 2024
€ million
Balance at 
1 Jan 2024
Changes in the 
scope of 
consolidation, 
currency 
 adjustments 
and other
Changes
Balance at 
31 Dec 2024
Recognised in 
profit or loss
Recognised in OCI
With a 
cash effect1
Other financial assets
388
– 7
– 19
– 5
62
419
Derivatives (assets)
2,125
– 41
– 11
31
– 482
1,622
of which: used for hedging purposes
—
—
—
31
—
31
Derivatives (liabilities)
1,012
– 131
– 188
55
– 249
499
of which: used for hedging purposes
—
—
—
55
—
55
Conditional purchase price obligations
6
—
—
—
– 6
—
1  This item includes purchases, sales, issues and settlements.
Level 3 financial instruments: 
Development in 2023
€ million
Balance at 
1 Jan 2023
Changes in the 
scope of 
consolidation, 
currency 
adjustments 
and other
Changes
Balance at 
31 Dec 2023
Recognised in 
profit or loss
Recognised in OCI
With a 
cash effect1
Other financial assets
466
– 136
3
6
49
388
Derivatives (assets)
4,360
—
– 253
—
– 1,982
2,125
Derivatives (liabilities)
1,963
– 9
– 167
—
– 775
1,012
Conditional purchase price obligations
—
6
—
—
—
6
1  This item includes purchases, sales, issues and settlements.
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5
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6
Further information

Financial assets and liabilities can be broken down into the measurement categories with 
the following carrying amounts according to IFRS 9 in the year under review:
Carrying amount by category 
€ million
31 Dec 2024
31 Dec 2023
Financial assets measured at fair value through profit or loss
14,542
24,776
of which: obligatorily measured at fair value
14,542
24,776
Debt instruments measured at amortised cost
17,327
20,034
Debt instruments measured at fair value through other 
comprehensive income
289
283
Equity instruments measured at fair value through other 
comprehensive income
4,468
4,818
Financial liabilities measured at fair value through profit or loss
9,012
14,785
of which: obligatorily measured at fair value
9,012
14,785
Financial liabilities measured at amortised cost
22,680
21,051
Amounts recognised in profit or loss generated through Level 3 financial instruments 
relate to the following line items on the ­income statement: 
Level 3 financial instruments: 
Amounts recognised in profit or loss 
€ million
Total 
31 Dec 2024
Of which: 
attributable to 
financial instruments 
held at the 
 balance-sheet 
date
Total 
31 Dec 2023
Of which: 
attributable to 
financial 
instruments 
held at the 
balance-sheet 
date
Other operating income / expenses
177
177
– 74
– 74
Income from investments
– 19
– 17
– 9
– 7
158
160
– 83
– 81
Level 3 derivative financial instruments essentially consist of energy purchase and 
­commodity agreements, as well as other energy trading-related contracts, which relate to 
trading periods for which there are no active ­markets yet. The valuation of such depends 
on the development of electricity, oil and gas prices in particular. All other things being 
equal, rising market prices cause the fair values to decline, whereas declining market 
prices cause them to increase. A change in pricing by + / – 10 % would cause the market 
value to fall by €41 million (previous year: €196 million) or rise by €82 million (previous 
year: €196 million).
258
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5
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6
Further information

The carrying amounts of financial assets and liabilities within the scope of IFRS 7 basically 
correspond to their fair values. The only deviations are for other assets, financial receivables 
and financial liabilities. The carrying amount of the other assets is €10,458 million (previous 
year: €19,438 million) and the fair value amounts to €10,450 million (previous year: 
€19,438 million). Of this, €563 million (previous year: €292 million) is related to Level 1, 
€8,296 million (previous year: €17,021 million) to Level 2 and €1,591 million (previous 
year: €2,125 million) to Level 3 of the fair value hierarchy. The carrying amount of the 
financial receivables is €2,075 million (previous year: €2,652 million) and the fair value 
amounts to €2,072 million (previous year: €2,652 million). Of this, €0 million (previous year: 
€0 million) is related to Level 1 and €2,072 million (previous year: €2,652 million) to Level 2  
of the fair value hierarchy. The carrying amount of the financial liabilities is €16,439 million 
(previous year: €15,115 million) and the fair value amounts to €16,360 million (previous 
year: €14,902 million). Of this, €6,958 million (previous year: €6,357 million) is related to 
Level 1 and €9,402 million (previous year: €8,545 million) to Level 2 of the fair value 
hierarchy.
The following net results from financial instruments as per IFRS 7 were recognised on the 
income statement, depending on the category:
Net gain / loss by category 
€ million
2024
2023
Financial assets and liabilities measured at fair value through  
profit or loss1
1,637
1,380
of which: obligatorily measured at fair value
1,637
1,380
Debt instruments measured at amortised cost1
1,011
684
Debt instruments measured at fair value through other 
comprehensive income
5
3
Equity instruments measured at fair value through other 
comprehensive income
210
202
Financial liabilities measured at amortised cost
– 926
– 1,344
1  Prior-year figure restated; see pages 211 et seq.
The net result as per IFRS 7 essentially includes interest, dividends and results from the 
measurement of financial instruments at fair value. 
The option to recognise changes in fair value in other comprehensive income is exercised 
for a portion of the ­investments in equity instruments. These are strategic investments and 
other long-term investments.
In fiscal 2024, €210 million (previous year: €202 million) in income from dividends from 
these financial instruments was recognised.
Fair value of equity instruments measured at 
fair value through other comprehensive income 
€ million
31 Dec 2024
31 Dec 2023
Nordsee One GmbH
31
36
E.ON SE
4,437
4,782
259
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financial statements
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5
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6
Further information

The following is an overview of the financial assets and financial liabilities which are netted 
out in accordance with IAS 32 or are subject to enforceable master netting agreements or 
similar agreements. The netted financial assets and liabilities essentially consist of collateral 
for stock market transactions due on a daily basis.
Netting of financial assets and financial liabilities 
as of 31 Dec 2024
Gross amounts 
recognised
Netting
Net amounts 
recognised
Related amounts not set off
Net amount
€ million
Financial 
instruments
Cash collateral 
received / pledged
Derivatives (assets)
13,653
– 12,387
1,266
—
– 530
736
Derivatives (liabilities)
12,587
– 11,342
1,245
– 546
– 690
9
Netting of financial assets and financial liabilities 
as of 31 Dec 2023
Gross amounts 
recognised
Netting
Net amounts 
recognised
Related amounts not set off
Net amount
€ million
Financial 
instruments
Cash collateral 
received / pledged
Derivatives (assets)
26,939
– 25,284
1,655
—
– 1,405
250
Derivatives (liabilities)
25,097
– 24,262
835
– 93
– 742
—
The related amounts not set off include cash collateral received and pledged for  
over-the-counter transactions as well as collateral pledged in advance for stock  
market transactions. 
As an energy producer with international operations, the RWE Group is exposed to market, 
credit and liquidity risks in its ordinary business activity. We limit these risks via systematic, 
groupwide risk management. The range of action, responsibilities and controls are defined 
in binding internal directives. 
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financial statements
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5
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6
Further information

Using the VaR method, RWE determines and monitors the maximum expected loss arising 
from changes in market prices with a specific level of probability during specific periods. 
­Historical price volatility is taken as a basis in the calculations. With the exception of the 
CFaR data, all VaR figures are based on a confidence interval of 95 % and a holding period 
of one day. For the CFaR, a confidence interval of 95 % and a holding period of one year is 
taken as a basis. 
In respect of interest rate risks, RWE distinguishes between two risk categories: on the one 
hand, increases in interest rates can result in declines in the prices of securities from the 
holdings of RWE. This pertains primarily to fixed-rate instruments. Price risk is measured 
using sensitivity analysis in relation to an interest rate change of 100 basis points (with an 
effect on equity and earnings). As of the balance-sheet date, it amounted to €19.5 million 
(previous year: €22.3 million). On the other hand, financing costs also increase along  
with the level of interest rates. The sensitivity of interest expenses to increases in market 
interest rates is measured with the CFaR (with an effect on equity and earnings). As of  
31 December 2024 this amounted to €21.1 million (previous year: €43.6 million). RWE 
­calculates the CFaR based on the assumption of the refinancing of maturing debt. 
Risks related to financial positions in foreign currency are also measured using sensitivity 
analysis, which shows the impact on the value of the position stemming from a 10 % change 
in the exchange rate (with an effect on equity and earnings). As of 31 December 2024, this 
sensitivity was €0.1 million (previous year: €0.4 million).
The price risk of equities in RWE’s portfolio is also measured using sensitivity analysis.  
As of the balance-sheet date, this analysis yielded the following results (before taxes): In 
the event of a 10 % rise in the relevant share prices, equity would increase by €450 million 
(previous year: €480 million) and income by €0 million (previous year: €2 million). In the 
event of a 10 % fall in the relevant share prices, equity would decrease by €450 million 
(previous year: €480 million) and income by €0 million (previous year: €2 million).
Market risks stem from changes in exchange rates and share prices as well as interest 
rates and commodity prices, which can have an influence on business results. 
Due to the RWE Group’s international profile, currency management is a key issue. Fuels 
are traded in British pounds and US dollars as well as in other currencies. In addition,  
RWE does business in a number of currency areas. The companies of the RWE Group are 
required to hedge their foreign currency risks via RWE AG. Foreign currency risks arising 
from the involvement in and the financing of the renewable energy business are hedged  
by RWE Renewables International Participations B.V.
Interest rate risks stem primarily from financial debt and the Group’s interest-bearing 
investments. We hedge against negative changes in value caused by unexpected ­interest-
rate movements using non-derivative and derivative financial instruments.
Opportunities and risks from changes in the values of non-current securities are centrally 
controlled by a professional fund management system operated by RWE AG.
The Group’s other financial transactions are recorded using centralised risk management 
software and monitored by RWE AG. 
For commodity operations, risk management directives have been established by 
RWE AG’s Controlling & Risk Management Department. These regulations stipulate that 
derivatives may be used to hedge price risks. Furthermore, commodity derivatives may  
be traded, ­subject to limits. Compliance with limits is monitored daily.
Risks stemming from fluctuations in commodity prices and financial market risks  
(foreign currency risks, interest rate risks, securities risks) are monitored and managed  
by RWE using indicators such as the Value at Risk (VaR) and sensitivities, amongst other 
things. In ­addition, for the management of interest rate risk, a Cash Flow at Risk (CFaR)  
is determined. 
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5
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6
Further information

One of our most important instruments to limit market risk is the conclusion of hedging 
transactions. The instruments most commonly used are forwards and options with foreign 
currency, interest rate swaps, interest rate currency swaps, equity derivatives and forwards, 
options, futures and swaps with commodities. 
Maturities of derivatives related to interest rates, currencies, equity, indices and 
commodities for the purpose of hedging are based on the maturities of the underlying 
transactions and are thus primarily short term and medium term in nature. Hedges of  
the foreign currency risks of foreign investments have maturities of up to seven years. 
All derivative financial instruments within the scope of IFRS 9 are recognised as assets or 
­liabilities and are measured at fair value. When interpreting their positive and negative fair 
values, it should be taken into account that, with the exception of trading in commodities, 
these financial instruments are generally matched with underlying transactions that carry 
offsetting risks. 
Hedge accounting pursuant to IFRS 9 is used primarily for mitigating currency risks from 
net investments in foreign functional currencies, commodity market price risks, interest 
risks from non-current liabilities, and currency and price risks from sales and purchase 
transactions. 
Cash flow hedges are primarily used to hedge against interest risks from non-current 
­liabilities as well as currency and price risks from sales and purchase transactions. 
Hedging instruments consist of forwards, swaps and options with foreign currency and 
interest rates, and forwards, futures and swaps with commodities. Changes in the fair value 
of the hedging instruments – insofar as they affect the effective portion – are recorded in 
other ­comprehensive income until the underlying transaction is realised. The ineffective 
portion of changes in value is recognised in profit or loss. When hedging commodities, 
underlying and hedging transactions are based on the same price index. This generally 
does not result in ineffectiveness; however, ineffectiveness can result from the difference 
in timing between the origination of the hedged item and the hedging instrument. When 
The key internal control parameters for commodity positions in the Supply & Trading 
segment are the VaR for the trading business and the VaR for the pipeline and liquefied 
natural gas (LNG) business. Here, the maximum VaR is €60 million and €40 million, 
respectively. As of 31 December 2024, the VaR was €10.7 million in the trading business 
(previous year: €7.2 million) and €9.8 million for the pooled gas and LNG business 
(previous year: €7.5 million).
Additionally, stress tests are carried out on a monthly basis in ­relation to the trading and 
pooled LNG and gas business in the Supply & Trading segment to model the impact of 
commodity price ­changes on the earnings conditions and take risk-mitigating measures  
if necessary. In these stress tests, market price curves are modified, and the commodity 
position is revalued on this basis. Historical scenarios of ­extreme prices and realistic, 
fictitious price scenarios are modelled. In the event that the stress tests exceed internal 
­thresholds, these scenarios are then analysed in detail in relation to their impact and 
probability, and – if necessary – risk-mitigating measures are considered.
Commodity risks of the Group’s power generation companies ­are managed by the 
­Commodity Management Committee (CMC) and hedged by RWE Supply & Trading on the 
basis of available market liquidity in accordance with the guidelines from the ­Commodity 
Strategy Group. In accordance with the approach for long-term investments for example, 
it is not possible to manage commodity risks from long-term positions or positions which 
cannot be hedged due to their size and the prevailing market liquidity using the VaR 
concept. As a result, these positions are not included in the VaR figures. Above and beyond 
open production positions which have not ­yet been transferred, Group companies are not 
allowed to maintain significant risk positions, according to a Group guideline. Furthermore, 
commodity price risks may exist in the gas storage business. The subsidiaries that own the 
gas storage facilities manage their positions independently, in compliance with unbundling 
regulations.
262
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Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Hedging instruments in cash flow hedges 
as of 31 Dec 2023
Maturity
1 – 6 months
7 – 12 months
> 12 months
Currency forwards – purchases
Nominal volume (€ million)
631
842
2,152
Avg. EUR / USD exchange rate
1.13
1.13
1.21
Avg. EUR / GBP exchange rate
0.89
0.89
0.91
Avg. EUR / DKK exchange rate
7.13
7.14
7.05
Avg. EUR / SGD exchange rate
1.47
1.62
1.61
Currency forwards – sales
Nominal volume (€ million)
– 197
– 415
– 1,336
Avg. EUR / GBP exchange rate
0.87
0.88
0.91
Avg. EUR / DKK exchange rate
7.38
7.36
7.20
RWE held the following instruments to hedge future cash flows relating to interest risks:
Hedging instruments in cash flow hedges 
as of 31 Dec 2024
Maturity
1 – 6 months
7 – 12 months
> 12 months
Interest swaps
Nominal volume (£ million)
—
—
1,158
Secured average interest rate (%)
—
—
1.82
hedging foreign currency risks, ineffectiveness can also result from the ­difference in timing 
between the origination of the hedged item and the hedging instrument. Ineffectiveness  
can likewise stem from hedges containing material foreign currency basis spreads. Upon 
realisation of the underlying trans­action, the hedge’s contribution to income from 
accumulated other comprehensive income is recognised on the income statement or is 
offset against the initial value recognition of an asset or a liability. 
RWE held the following instruments to hedge future cash flows relating to foreign 
currency risks:
Hedging instruments in cash flow hedges 
as of 31 Dec 2024
Maturity
1 – 6 months
7 – 12 months
> 12 months
Currency forwards – purchases
Nominal volume (€ million)
307
245
54
Avg. EUR / USD exchange rate
1.09
1.14
1.12
Avg. EUR / GBP exchange rate
0.85
0.90
0.91
Avg. EUR / CAD exchange rate
1.51
1.49
1.46
Avg. EUR / DKK exchange rate
7.45
7.44
7.44
Avg. EUR / SGD exchange rate
1.42
1.52
—
Currency forwards – sales
Nominal volume (€ million)
– 723
– 670
– 205
Avg. EUR / USD exchange rate
1.07
1.09
1.10
Avg. EUR / GBP exchange rate
0.86
0.90
0.89
Avg. EUR / CAD exchange rate
—
—
—
Avg. EUR / DKK exchange rate
7.45
7.44
7.45
Avg. EUR / SGD exchange rate
1.41
—
—
263
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Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

RWE held the following instruments to hedge net investments in foreign operations:
Hedging instruments in net investment hedges 
as of 31 Dec 2024
Maturity
1 – 6 months
7 – 12 months
> 12 months
Currency forwards – sales
Nominal volume (€ million)
—
—
– 10,112
Avg. EUR / GBP exchange rate
—
—
0.89
Avg. EUR / USD exchange rate
—
—
1.13
Hedging instruments in net investment hedges 
as of 31 Dec 2023
Maturity
1 – 6 months
7 – 12 months
> 12 months
Currency forwards – sales
Nominal volume (€ million)
– 3,281
– 3,316
– 2,395
Avg. EUR / GBP exchange rate
0.87
0.86
0.86
Avg. EUR / USD exchange rate
1.08
—
1.10
Hedging instruments in cash flow hedges 
as of 31 Dec 2023
Maturity
1 – 6 months
7 – 12 months
> 12 months
Interest swaps
Nominal volume (£ million)
—
—
1,332
Secured average interest rate (%)
—
—
1.85
The commercial optimisation of the power plant portfolio is based on a dynamic hedging 
strategy. Hedged items and hedging instruments are constantly adjusted based on changes 
in market prices, market liquidity and the sales business with consumers. Commodity prices 
are hedged if this leads to a positive margin. Proprietary commodities trading is strictly 
­separated from this when managing risks. 
Hedges of net investment in a foreign operation are used to hedge the foreign currency 
risks of net investment in foreign entities whose functional currency is not the euro. We  
use ­interest rate currency swaps and other currency derivatives as hedging instruments.  
If there are changes in the fair value of interest rate currency swaps, the amount of the 
effective portion is recorded under foreign currency translation adjustments in other 
comprehensive income. 
The forward and spot elements of the hedging instruments used in net investment hedges 
are sometimes treated separately and only the value of the spot element is designated.  
In these cases, the fair value change of the forward element (hedging costs) is recognised 
in other comprehensive income to the extent that the fair value change relates to the 
hedged net investment. Moreover, the fair value of the forward element as of the time of 
designation is amortised over the duration of the hedging instrument using the straight-
line method. The amortisation is recognised in the items ‘financial income’ and ‘financial 
expenses’ on the income statement.
264
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Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

The hedging instruments designated in hedging relationships had the following effects on the company’s net asset, financial and earnings position:
Hedging instruments - 
effects on the net asset, financial and earnings position as of 31 Dec 2024
Nominal 
amount
Carrying value
Fair value 
changes 
 in the current 
period
Recognised 
ineffectiveness
€ million
Assets
Liabilities
Cash flow hedges
Interest risks
1,158
175
—
224
—
Foreign currency risks
991
6
4
– 3
—
Commodity price risks
5451
1,304
751
– 2,913
—
Net investment hedges
Foreign currency risks
10,156
417
482
– 185
– 33
1  The net nominal amount stated is made up of purchases in the amount of €6,422 million and sales in the amount of €6,967 million.
Hedging instruments - 
effects on the net asset, financial and earnings position as of 31 Dec 2023
Nominal 
amount
Carrying value
Fair value 
changes 
in the current 
period
Recognised 
ineffectiveness
€ million
Assets
Liabilities
Cash flow hedges
Interest risks
1,332
139
—
– 49
—
Foreign currency risks
2,224
20
15
– 1
—
Commodity price risks
3,6001
6,3862
2,921
3,044
—
Net investment hedges
Foreign currency risks
9,623
471
157
– 115
– 12
1  The net nominal amount stated is made up of purchases in the amount of €12,030 million and sales in the amount of €15,630 million.
2  Figure restated.
265
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Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

The carrying amounts of the hedging instruments are recognised in the balance-­sheet  
items ‘derivatives and other assets’ and ‘derivatives and other liabilities’.
The hedged items designated in hedging relationships had the following effects on the 
­company’s net asset, financial and earnings position:
Cash flow hedges and net investment hedges 
as of 31 Dec 2024
€ million
Changes in 
fair value 
during the 
current period
Reserve for 
current 
hedges
Reserve for 
terminated 
hedges
Cash flow hedges
Interest risks
25
139
– 35
Foreign currency risks
– 24
– 47
2
Commodity price risks
– 6,150
5,483
—
Net investment hedges
Foreign currency risks
– 295
750
350
Cash flow hedges and net investment hedges 
as of 31 Dec 2023
€ million
Changes in 
fair value 
during the 
current period
Reserve for 
current 
hedges
Reserve for 
terminated 
hedges
Cash flow hedges
Interest risks
17
46
– 39
Foreign currency risks
– 62
50
1
Commodity price risks
4,225
11,629
—
Net investment hedges
Foreign currency risks
14
1,045
350
Amounts realised from other comprehensive income and any ineffectiveness are 
­recognised in the items on the income statement in which the underlying transactions are 
also recognised with an effect on income. The amounts realised from other comprehensive 
income are recognised in the items ‘revenue’ and ‘cost of materials’, whereas any 
­ineffectiveness is recognised in the items ‘other operating income’ and ‘other operating 
expenses’. Amounts recognised and any ­ineffectiveness of hedging interest risks are 
recognised in ‘financial income’ and ‘finance costs’ on the income statement.
266
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Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

The reconciliation of the changes in the hedge reserve in relation to the various risk 
­categories of hedge accounting follows below: 
Hedge reserve 
€ million
2024
2023
Balance at 1 Jan
8,227
5,333
Cash flow hedges
Effective portion of changes in market value
– 1,839
717
Interest risks
81
– 91
Foreign currency risks
– 81
– 60
Commodity price risks
– 1,839
786
Gain or loss reclassified from OCI to the income 
statement – realisation of underlying transactions
– 4,982
6,421
Interest risks
– 48
– 411
Commodity price risks
– 4,934
6,462
Gain or loss recognised as a basis adjustment
432
– 3,017
Foreign currency risks
49
1
Commodity price risks
383
– 3,018
Tax effect of the change in the hedge reserve
2,010
– 1,252
Net investment hedges
Effective portion of changes in market value
424
23
Foreign currency risks
424
23
Offsetting against currency adjustments
– 424
– 23
Fair value changes of hedging costs
136
– 17
Amortisation of hedging costs
– 41
42
Balance at 31 Dec
3,943
8,227
1 Prior-year figure restated.
Credit risks. In the fields of finance and commodities, RWE primarily has credit relationships 
with banks that have good creditworthiness and other trading partners with predominantly 
good creditworthiness. At the same time, due to its growth strategy of developing 
renewables, RWE has credit relationships with suppliers which have widely varying levels of 
creditworthiness. RWE mitigates the related risks by establishing limits which are adjusted 
during the business relationships if the creditworthiness of the business partners changes. 
Counterparty risks are monitored constantly so that countermeasures can be initiated 
early on. Furthermore, RWE is exposed to credit risks due to the possibility of customers, 
including one large customer group which accounts for more than 10 % of RWE’s 
consolidated revenue, failing to fulfil their payment or peformance obligations as agreed, 
resulting in additional costs. We identify these risks by conducting regular analyses of  
the creditworthiness of our customers and initiate countermeasures if necessary. The 
aftorementioned large customers are subject to a separate review.
Persistently high energy prices, inflation, elevated interest rate levels and the current 
economic slowdown continue to weigh on the economic ­situation of many companies,  
and RWE’s business partners, competitors and customers may be impacted by the 
consequences of these developments. RWE is thus carefully monitoring critical branches 
of the economy and exercising greater caution when ­conducting new transactions or 
extending existing ones. If necessary, previously approved limits are being lowered.
Amongst other things, RWE demands guarantees, cash collateral and other forms of 
­security in order to mitigate credit risks. To a more limited degree, RWE also concludes 
credit insurance ­policies to protect against defaults. Bank guarantees received as collateral 
are from ­financial institutions with the required good ratings. Collateral for credit insurance 
is pledged by insurers with an investment-grade rating.
267
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4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

•	 Stage 1 – Expected 12-month credit losses:  
At initial recognition, financial assets are generally assigned to this stage – with the 
exception of those that have been purchased or originated credit impaired, which  
are thus considered separately. The level of ­impairment results from the cash flows 
expected for the entire term of the financial instrument, multiplied by the probability of  
a default within 12 months from the reporting date. The effective interest rate used for 
measurement is determined on the basis of the carrying amount before impairment 
(gross).
•	 Stage 2 – Lifetime expected credit losses (gross): ­ 
If the credit risk has risen significantly between initial recognition and the reporting  
date, the financial instrument is assigned to this stage. Unlike Stage 1, default events 
expected beyond the 12-month period from the reporting date are also considered in 
calculating the impairment. The effective interest rate used for measurement is still 
determined on the basis of the carrying amount before impairment (gross).
•	 Stage 3 – Lifetime expected credit losses (net):  
If in addition to the criteria for Stage 2 there is an objective indication of an impairment, 
the financial asset is assigned to Stage 3. The impairment is calculated analogously to 
Stage 2. In this case, however, the effective interest rate used for measurement is applied 
to the carrying amount after impairment (net).
In the RWE Group, risk provisions are formed for financial instruments in the following 
­categories:
•	 debt instruments measured at amortised cost,
•	 debt instruments measured at fair value through other comprehensive income.
The maximum balance-sheet default risk is derived from the carrying amounts of the 
­financial assets stated on the balance sheet. The default risks for derivatives correspond 
to their positive fair values. Risks can also stem from financial guarantees and loan 
­commitments which we have to fulfil vis-à-vis external creditors in the event of a default of 
a certain debtor. As of 31 December 2024, these obligations amounted to €3,370 million 
(previous year: €1,123 million). As of 31 December 2024, default risks were balanced 
against credit collateral, financial guarantees, bank guarantees and other collaterals 
amounting to €3.0 billion (previous year: €9.3 billion). Of this, €0.9 billion relates to trade 
receivables (previous year: €1.4 billion), €0.3 billion to derivatives used for hedging 
purposes (previous year: €1.2 billion) and €1.8 billion to other derivatives (previous year: 
€6.7 billion). The fair value of the collaterals which can be pledged onward amounted to 
€0.2 billion (previous year: €0.0 billion). There were no material defaults in fiscal 2024 or 
the previous year. 
In the RWE Group, the risk provision for financial assets is determined on the basis of 
expected credit losses. These are determined on the basis of the probability of default, loss 
given default and the exposure at default. We determine the probability of default and loss 
given default using historical data and forward-looking information. The exposure at 
default date for financial assets is the gross carrying amount on the balance-sheet date. 
The expected credit loss for financial assets determined on this basis corresponds to the 
­difference between the contractually agreed payments and the payments expected by 
RWE, ­discounted by the original effective interest rate. The assignment to one of the levels 
described below influences the level of the expected losses and the effective interest 
­income recognised. 
268
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Annual Report 2024
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Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Independent thereof, a significant rise in credit risk and thus an assignment of the  
financial instrument to Stage 2 are assumed if the contractually agreed payments are 
more than 30 days overdue and there is no information that contradicts the assumption 
of a payment default.
We draw conclusions about the potential default of a counterparty from information  
from internal credit risk management. If internal or external information indicates that  
the ­counterparty cannot fulfil its obligations, the associated receivables are classified  
as ­unrecoverable and assigned to Stage 3 of the impairment model.
Examples of such ­information are:
•	 The debtor of the receivable has apparent financial difficulties.
•	 The debtor has already committed a breach of contract by missing or  
delaying payments.
•	 Concessions already had to be made to the debtor. 
•	 An insolvency or another restructuring procedure is impending.
•	 The market for the financial asset is no longer active.
•	 A sale is only possible at a high discount, which reflects the  
debtor’s reduced ­creditworthiness.
For debt instruments for which there has been no significant rise in credit risk since initial 
recognition, a risk provision is recognised in the amount of the expected 12-month credit 
losses (Stage 1). In addition, a financial instrument is assigned to Stage 1 of the impairment 
model if the absolute credit risk is low on the balance-sheet date. 
The credit risk is classified as low if the debtor’s internal or external rating is ­investment-
grade. For trade accounts receivable, the risk provision corresponds to the ­lifetime expected 
credit losses (Stage 2).
To determine whether a financial instrument is assigned to Stage 2 of the impairment 
model, it must be determined whether the credit risk has increased significantly since initial 
recognition. To make this assessment, we consider quantitative and qualitative information 
supported by our experience and assumptions regarding future developments. In so doing, 
special importance is accorded to the sector in which the RWE Group’s debtors are active. 
Our experience is based on studies and data from financial analysts and government 
authorities, amongst others. Special attention is paid to the following developments:
•	 significant deterioration of the internal or external rating of the  
financial instrument,
•	 unfavourable changes in risk indicators, e. g. credit spreads or  
debtor-related credit default swaps,
•	 negative development of the debtor’s regulatory, technological or  
economic environment,
•	 danger of an unfavourable development of business resulting in a  
significant reduction in ­operating income. 
269
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To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Impairment of financial assets 
€ million
Stage 1 – 
12-month 
expected 
credit 
losses
Stage 2 – 
lifetime 
expected 
credit 
losses
Stage 3 – 
lifetime 
expected 
credit 
losses
Total
Financial receivables
Balance at 1 Jan 2023
4
—
11
15
Remeasurement due to  
new measurement parameters
1
—
– 11
– 10
Balance at 31 Dec 2023
5
—
—
5
For trade accounts receivable, the expected credit loss is determined by applying the 
­simplified approach taking account of the entire lifetime of the financial instruments. 
In part, a risk provision for trade accounts receivable was not recognised due to the 
collateral on the books.
The following tables show the development of the risk provisions for trade accounts 
­receivable:
Risk provisions for trade accounts receivable 
€ million
2024
2023
Balance at 1 Jan
35
32
Addition
2
2
Newly acquired / issued
1
—
Change in scope of consolidation
—
1
Balance at 31 Dec
38
35
A payment default and an associated assignment of the financial asset to Stage 3 is  
also assumed if the contractually agreed payments are more than 90 days overdue and 
there is no information disproving the assumption of a payment default. Based on our 
experience, we generally assume that this assumption does not apply to trade accounts 
receivable. 
A financial asset is impaired if there are indications that the counterparty is in serious 
­financial difficulty and the situation is unlikely to improve. We may also take legal recourse 
and other measures in order to enforce the contractually agreed payments in the event of 
an impairment.
The following impairments were recognised for financial assets ­stated under the following 
balance-sheet items within the scope of IFRS 7:
Impairment of financial assets
€ million
Stage 1 – 
12-month 
expected 
credit 
losses
Stage 2 – 
lifetime 
expected 
credit 
losses
Stage 3 – 
lifetime 
expected 
credit 
losses
Total
Financial receivables
Balance at 1 Jan 2024
5
—
—
5
Remeasurement due to  
new measurement parameters
—
5
—
5
Reclassifications
– 1
—
—
– 1
Currency adjustments
– 1
1
—
—
Balance at 31 Dec 2024
3
6
—
9
270
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Annual Report 2024
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Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

The following table presents the gross carrying amounts of the financial instruments under the scope of the impairment model: 
Gross carrying amounts of financial assets 
as of 31 Dec 2024
€ million
Equivalent to 
S & P scale
Stage 1 – 
12-month 
expected 
credit 
losses
Stage 2 – 
lifetime 
expected 
credit 
losses
Stage 3 – 
lifetime 
expected 
credit 
losses
Trade accounts 
receivables
Total
Class 1 – 5: low risk
AAA to BBB-
10,333
17
—
6,901
17,251
Class 6 – 9: medium risk
BB+ to BB-
113
—
—
401
514
Class 10: high risk
B+ to B-
55
31
—
180
266
Class 11: doubtful
CCC to C
20
—
—
21
41
Class 12: loss
D
—
—
1
9
10
10,521
48
1
7,512
18,082
Gross carrying amounts of financial assets 
as of 31 Dec 2023 
€ million
Equivalent to 
S & P scale
Stage 1 – 
12-month 
expected 
credit 
losses
Stage 2 – 
lifetime 
expected 
credit 
losses
Stage 3 – 
lifetime 
expected 
credit 
losses
Trade accounts 
receivables
Total
Class 1 – 5: low risk
AAA to BBB-
12,3311
19
—
7,608
19,9581
Class 6 – 9: medium risk
BB+ to BB-
208
1
—
225
434
Class 10: high risk
B+ to B-
105
—
—
158
263
Class 11: doubtful
CCC to C
30
—
—
79
109
Class 12: loss
D
—
—
1
8
9
12,6741
20
1
8,078
20,7731
1  Prior-year figure restated.
271
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1
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2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

The volume of RWE AG’s credit line amounts to €10 billion. It consists of three tranches:  
A and B, which run until April 2026 (with volumes of €3 billion and €2 billion, respectively) 
and C, which runs until June 2027 at the latest (with a volume of €5 billion). RWE AG has 
two commercial paper programmes for short-term refinancing. The European commercial 
paper programme allows for issuance up to a maximum amount of €5 billion (previous 
year: €5 billion), while the US commercial paper programme allows for issuance up to a 
maximum amount of US$3 billion (previous year: US$3 billion). As of the balance-sheet 
date, €0.1 billion of the European programme was used (previous year: €0.2 billion); the  
US commercial paper programme was not used. Above and beyond this, RWE AG can 
finance itself using a €15 billion debt issuance programme; as of the balance-sheet  
date, outstanding bonds from this programme amounted to €6.6 billion (previous year: 
€6.1 billion) at RWE AG. Accordingly, the RWE Group’s medium-term liquidity risk can be 
classified as low.
Liquidity risks. As a rule, RWE Group companies refinance with RWE AG. In this regard, 
there is a risk that liquidity reserves will prove to be insufficient to meet financial obligations 
in a timely manner. In 2025, liabilities owed to banks of €0.4 billion (previous year: 
€2.2 billion) and bonds in the amount of €1.5 billion (previous year: €0.0 billion) are due. 
Above and beyond this, commercial paper in the amount of €0.1 billion matures in 2025 
(previous year: €0.2 billion).
As of 31 December 2024, holdings of cash and cash equivalents and current marketable 
securities amounted to €11,941 million (previous year: €14,641 million).
272
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2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Financial liabilities falling under the scope of IFRS 7 are expected to result in the following (undiscounted) payments in the coming years:
Redemption and interest payments 
on financial liabilities 
€ million
Redemption payments
Interest payments
Carrying amounts 
31 Dec 2024
2025
2026 to 2029
From 2030
2025
2026 to 2029
From 2030
Bonds payable1
9,128
1,539
2,583
5,023
299
900
1,968
Commercial paper
50
50
—
—
—
—
—
Bank debt2
4,054
441
2,054
1,559
170
434
349
Lease liabilities
2,231
143
382
1,711
72
280
891
Other financial liabilities
2,181
829
658
744
111
236
460
Derivative financial liabilities
10,249
8,805
1,391
53
– 2
26
29
Collateral for trading activities
699
699
—
—
—
—
—
Purchase liabilities from put options
31
—
31
—
—
—
—
Miscellaneous other financial liabilities
6,242
6,174
71
1
—
—
—
1  Including hybrid bonds classified as debt as per IFRS, taking into account the earliest possible call date.
2  Excluding deferred interest.
Redemption and interest payments  
on financial liabilities 
€ million
Redemption payments
Interest payments
Carrying amounts 
31 Dec 2023
2024
2025 to 2028
From 2029
2024
2025 to 2028
From 2029
Bonds payable1
6,704
9
3,604
3,091
163
510
262
Commercial paper
209
209
—
—
—
—
—
Bank debt2
4,544
2,244
1,177
1,123
84
254
123
Lease liabilities
1,913
115
357
1,448
54
212
600
Other financial liabilities
1,948
726
657
610
99
251
508
Derivative financial liabilities
17,848
16,0393
9373
874
44
41
48
Collateral for trading activities
1,418
1,418
—
—
—
—
—
Miscellaneous other financial liabilities
5,965
5,929
78
2
—
—
—
1  Including hybrid bonds classified as debt as per IFRS, taking into account the earliest possible call date.
2  Excluding deferred interest.
3  Restated figure.
273
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Above and beyond this, as of 31 December 2024, there were financial guarantees for 
external creditors in the amount of €3,323 million (previous year: €1,056 million), which are 
to be allocated to the first year of repayment. Additionally, Group companies have provided 
loan commitments to third-party companies amounting to €47 million (previous year: 
€67 million), which are callable in 2025. 
Detailed information on the risks of the RWE Group and on the objectives and procedures 
of the risk management is presented on pages 61 et seqq. in the management report. 
(28)  Financial commitments, contingent liabilities and contingent receivables
As of 31 December 2024, the amount of contractual commitments totalled €12,150 million 
(previous year: €8,063 million). This mainly consisted of investment in property, plant and 
equipment. 
We have made long-term contractual purchase commitments for supplies of fuels, 
­including natural gas in particular. Payment obligations stemming from major long-term 
purchase contracts with terms of more than 5 years amounted to €4.2 billion as of  
31 December 2024 (previous year: €3.9 billion), of which €0.1 billion is due within one  
year (previous year: €0.1 billion).
Gas purchases by the RWE Group are partially based on long-term take-or-pay contracts. 
The conditions in these contracts, which have terms up to 2043 in some cases, are 
­renegotiated by the contractual partners at certain intervals, which may result in changes 
in the reported payment obligations. Calculation of the payment obligations resulting  
from the purchase contracts is based on parameters from the internal planning. 
Furthermore, RWE has long-term financial commitments for purchases of electricity.  
As of 31 December 2024, the minimum payment obligations stemming from major 
purchase contracts with terms of more than 5 years totalled €5.7 billion (previous year: 
€5.6 billion), of which €0.3 billion is due within one year (previous year: €0.3 billion). Above 
and beyond this, there are also purchase and service contracts for uranium, conversion, 
enrichment and fabrication. 
We bear legal and contractual liability from our membership in various associations which 
exist in connection with power plant projects, profit- and loss-transfer agreements, and for 
the provision of liability cover for nuclear risks, amongst others. 
On the basis of a mutual benefit agreement, RWE AG and other parent companies of 
German nuclear power plant operators undertook to provide approximately €2,244 million 
in funding to liable nuclear power plant operators to ensure that they are able to meet 
their payment obligations in the event of nuclear damages. RWE AG has a 36.927 % 
contractual share in the liability, plus 5 % for damage settlement costs.
As part of the Group restructuring that occurred in fiscal 2016, a large portion of the 
pension commitments which up to then had been reported at the holding level were 
transferred to former Group companies (former subsidiaries innogy SE, Essen, and 
affiliated companies) by cancelling the performance obligation existing on an intra-group 
basis. The guarantees remaining vis-à-vis external parties were cancelled. The Group  
is liable for the accrued claims of the active and former employees of these companies  
in the amount of €4,244 million (previous year: €4,392 million).
RWE AG and its subsidiaries are involved in official, regulatory and antitrust proceedings, 
litigation and arbitration proceedings related to their operations and are affected by the 
results of such. In some cases, out-of-court claims are also filed. However, RWE does not 
expect any material negative repercussions from these proceedings on the RWE Group’s 
economic or financial position.
In mid-September 2023, the Dutch government resolved to pay RWE €332 million in 
compensation for restricting coal-fired generation in the first half of 2022. The cap was 
imposed as part of a 2022 amendment to the coal phaseout legislation from 2019, which 
stipulated that between 2022 and 2024, annual CO2 emissions from coal-fired power 
generation should not exceed 35 % of the individual power plant’s theoretical capacity. 
274
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Motivated by the war in Ukraine and the strained energy supply situation, the Dutch 
government lifted the 35 % CO2 limit in June 2022, meaning the cap on coal-fired 
generation was only effective for almost six months. The agreed compensation in 
September 2023 is subject to approval by the EU Commission under state aid law.
(29)  Segment reporting 
RWE is divided into five segments, which are separated from each other based on 
functional criteria. 
In the segment Offshore Wind, we report on our business in offshore wind, which is 
overseen by RWE Offshore Wind. The main production sites are located in the United 
Kingdom and Germany. In addition to electricity generation, activities in this field also 
include the ­development and realisation of projects to expand capacity, in particular  
in the United Kingdom, Germany, Denmark, the USA and the Netherlands.
The operating segment RWE Clean Energy is active on the American continent, while the 
operating segment Onshore Wind / Solar Europe & Australia is active in Europe (mainly  
in the United Kingdom, Germany, Italy, Spain, Poland and the Netherlands) as well as in 
Australia. Both of these segments are responsible for business activities in onshore wind, 
photovoltaics and some aspects of battery storage in their respective regions. In addition 
to electricity generation, the focus of these segments is on expanding capacities. They 
have comparable processes in terms of the planning, development, operation and 
maintenance of wind and solar farms. With regard to product and customer groups, there 
is also cross-segment comparability, as electricity from renewables is sold mainly in 
wholesale business to commercial customers. The regulatory conditions in these two 
segments are also comparable, as they are designed to provide economic incentives  
for the expansion of renewables. The main value drivers are identical and financial 
performance is influenced by the same factors. Bearing this in mind, these operating 
segments have comparable economic features and are merged together into the 
reporting segment Onshore Wind / Solar. 
Activities with run-of-river, pumped storage, biomass and gas-fired power plants are 
bundled in the segment Flexible Generation (previously: Hydro / Biomass / Gas). It also 
contains the Dutch power stations Amer and Eemshaven, which use hard coal and 
biomass, certain battery storage units and the company RWE Technology International, 
which specialises in project management and engineering services. This segment is  
the responsibility of RWE Generation, which is also responsible for formulating and 
implementing RWE’s hydrogen strategy. The 37.9 % stake in the Austrian energy utility 
KELAG and the pro-rata activities of the Dutch power plant operator EPZ (30 %) are  
also reported in Flexible Generation.
The segment Supply & Trading handles trading in electricity, pipeline gas, LNG and other 
energy commodities. This segment is the responsibility of RWE Supply & Trading, which  
also oversees key account sales, the gas storage business and development of LNG 
infrastructure. It also supports the Group’s generation companies, for example by 
marketing their output to third parties and optimising power plant dispatch in the short 
term; income from these activities is assigned to the respective generation companies. 
RWE Supply & Trading is also responsible for the acquisition of fuels and emissions 
allowances, which we require for electricity generation. 
The segment Phaseout Technologies (formerly Coal / Nuclear), which represents our  
non-core business, includes our lignite mining, generation and refining operations in the 
Rhenish region as well as decommissioning our now-closed nuclear power plants. RWE 
Power is responsible for these operations.
‘Other, consolidation’ covers the corporate headquarters RWE AG, consolidation effects 
and the activities of other business areas which are not presented separately. These 
activities primarily include the shareholdings in the German transmission system operator 
Amprion (25.1 %), in Uranit (50 %), which holds a 33 % stake in uranium enrichment specialist 
Urenco, and in E.ON (15 %); the E.ON dividend is reported in the financial result.
275
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

In the previous year, the pro-rata activities of the Dutch nuclear power plant operator EPZ and the investment in Uranit were assigned to the Phaseout Technologies segment. 
The prior-year figures were adjusted in accordance with the new segment classification.
Segment reporting 
Divisions 2024 
€ million
Offshore 
Wind
Onshore 
Wind / Solar
Flexible 
Generation
Supply & 
Trading
Other, 
consoli- 
dation
Core business
Phaseout 
Technolo-
gies
Consoli- 
dation
RWE Group
External revenue (incl. natural gas tax / electricity tax)
1,071
2,394
1,090
19,071
2
23,628
811
—
24,439
Intra-group revenue
1,316
1,111
8,277
8,051
– 16,800
1,955
4,525
– 6,480
—
Total revenue
2,387
3,505
9,367
27,122
– 16,798
25,583
5,336
– 6,480
24,439
External revenue (excl. natural gas tax / electricity tax)
1,071
2,394
1,092
18,865
2
23,424
800
—
24,224
Cost of materials
654
1,697
7,326
25,565
– 16,828
18,414
3,409
– 6,415
15,408
Adjusted EBIT
895
559
1,464
653
– 10
3,561
—
—
3,561
Operating income from investments
100
2
194
– 32
221
485
—
—
485
Operating income from investments accounted for using the equity method
99
1
195
9
220
524
—
—
524
Operating depreciation, amortisation and impairment losses
664
943
485
26
1
2,119
—
—
2,119
Impairment losses
334
343
668
3
—
1,348
40
– 1
1,387
Write-backs
—
—
33
7
—
40
19
—
59
Adjusted EBITDA
1,559
1,502
1,949
679
– 9
5,680
—
—
5,680
Adjusted cash flow Phaseout Technologies
—
—
—
—
—
—
584
—
—
Capital expenditure on intangible assets, property, plant and equipment
3,685
4,838
515
70
—
9,108
269
—
9,377
Regions 2024 
€ million
Germany
UK
Rest of Europe
North America
Other
RWE Group
External revenue1, 2
11,217
5,315
5,784
1,567
341
24,224
Intangible assets and property, plant and equipment
7,040
17,613
4,670
18,946
439
48,708
1  Excluding natural gas tax / electricity tax.
2  Broken down by the region in which the service was provided.
276
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Segment reporting 
Divisions 2023 
€ million
Offshore 
Wind
Onshore 
Wind / Solar
Flexible 
Generation1
Supply & 
Trading
Other, 
consoli- 
dation2
Core 
business3
Phaseout 
Technolo-
gies4
Consoli- 
dation
RWE Group5
External revenue (incl. natural gas tax / electricity tax)
1,202
2,295
1,235
23,147
—
27,879
810
—
28,689
Intra-group revenue
1,201
984
10,423
8,532
– 18,938
2,202
4,464
– 6,666
—
Total revenue
2,403
3,279
11,658
31,679
– 18,938
30,081
5,274
– 6,666
28,689
External revenue (excl. natural gas tax / electricity tax)
1,202
2,295
1,235
22,989
—
27,721
800
—
28,521
Cost of materials
609
1,694
8,011
28,520
– 18,904
19,930
3,837
– 6,608
17,159
Adjusted EBIT
1,010
535
2,695
1,520
42
5,802
—
—
5,802
Operating income from investments
104
13
160
– 14
286
549
—
—
549
Operating income from investments accounted for using the equity method
99
9
154
—
286
548
—
—
548
Operating depreciation, amortisation and impairment losses
654
713
522
58
—
1,947
—
—
1,947
Impairment losses
169
27
647
19
– 1
861
1,086
—
1,947
Write-backs
—
7
7
—
—
14
9
—
23
Adjusted EBITDA
1,664
1,248
3,217
1,578
42
7,749
—
—
7,749
Adjusted cash flow Phaseout Technologies
—
—
—
—
—
—
117
—
—
Capital expenditure on intangible assets, property, plant and equipment
1,349
2,709
617
151
—
4,826
320
—
5,146
1  Some prior-year figures restated due to the change in the accounting treatment of the German capacity reserve (see pages 211 et seq.) and the change in the segment classification of the pro-rata activities of the Dutch nuclear power plant operator EPZ 
(see pages 275 et seq.).
2  Some prior-year figures restated due to the change in the segment classification of the investment in Uranit (see pages 275 et seq.).
3  Some prior-year figures restated due to the change in the accounting treatment of the German capacity reserve (see pages 211 et seq.) and the change in the segment classification of the pro-rata activities of the Dutch nuclear power plant operator EPZ  
and the investment in Uranit (see pages 275 et seq.).
4  Some prior-year figures restated due to the change in the reporting of the result from Phaseout Technologies in the non-operating result (see page 279) and the change in the segment classification of the pro-rata activities of the Dutch  
nuclear power plant operator EPZ and the investment in Uranit (see pages 275 et seq.).
5  Some prior-year figures restated due to the change in the accounting treatment of the German capacity reserve (see pages 211 et seq.) and the change in the reporting of the result from Phaseout Technologies in the non-operating result (see page 279).
Regions 2023 
€ million
Germany
UK
Rest of Europe
North America
Other
RWE Group
External revenue1, 2, 3
13,708
7,647
5,576
1,209
381
28,521
Intangible assets and property, plant and equipment
6,185
13,269
4,484
14,284
373
38,595
1  Excluding natural gas tax / electricity tax.
2  Broken down by the region in which the service was provided.
3  Prior-year figures restated due to the change in the accounting treatment of the German capacity reserve; see pages 211 et seq.
277
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

External revenue by product 
€ million
2024
2023
External revenue1
24,224
28,521
of which: electricity2
21,047
25,038
of which: gas
1,805
1,750
of which: other revenue
1,372
1,733
1  Excluding natural gas tax / electricity tax.
2  Prior-year figure restated due to the change in the accounting treatment of the German capacity reserve; see pages 211 et seq.
Notes on segment data. We report revenue between the segments as RWE intra-group 
revenue. Internal supply of goods and services is settled at arm’s length conditions. 
Adjusted EBITDA is used for the internal management of the segments comprising the 
core business. This indicator is defined as earnings, depreciation and amortisation, the 
financial result and taxes, adjusted to exclude aperiodic or non-operating effects. The 
following table presents the ­reconciliation of adjusted EBITDA to adjusted EBIT and 
income before tax:
Reconciliation of income 2024
€ million
Adjusted 
figures
Adjustments
Figures 
before 
adjustments 
Adjusted EBITDA / Income 
before depreciation, amortisation, 
impairment losses, financial result and tax
5,680
3,883
9,563
(Operating) Depreciation, amortisation and 
impairment losses
– 2,119
– 1,115
– 3,234
Adjusted EBIT / Income 
before financial result and tax
3,561
2,768
6,329
(Adjusted) Financial result
– 466
480
14
(Adjusted) Income before tax
3,095
3,248
6,343
(Operating) Taxes on income
– 619
– 435
– 1,054
(Adjusted) Income
2,476
2,813
5,289
Non-controlling interests
– 154
—
– 154
(Adjusted) Net income
2,322
2,813
5,135
 
Reconciliationof income 2023
€ million
Adjusted 
figures
Adjustments
Figures 
before 
adjustments 
Adjusted EBITDA / Income 
before depreciation, amortisation, 
impairment losses, financial result and tax
7,749
517
8,266
(Operating) Depreciation, amortisation and 
impairment losses
– 1,947
– 1,877
– 3,824
Adjusted EBIT / Income 
before financial result and tax
5,802
– 1,360
4,442
(Adjusted) Financial result
– 495
52
– 443
(Adjusted) Income before tax
5,307
– 1,308
3,999
(Operating) Taxes on income
– 1,062
– 1,275
– 2,337
(Adjusted) Income
4,245
– 2,583
1,662
Non-controlling interests
– 147
—
– 147
(Adjusted) Net income
4,098
– 2,583
1,515
278
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Income and expenses that are unusual from an economic perspective, or stem from 
­exceptional events, prejudice the assessment of operating activities. They are reclassified 
to the non-operating result. In addition to proceeds from the disposal of shareholdings or 
non-current assets not necessary for operations, this item mainly covers effects from the 
valuation of certain derivatives. These involve valuation effects which are only temporary 
and mainly arise because financial instruments to hedge price risks are reported at their 
fair value on the respective reporting date, while the hedged underlying transactions may 
only be recorded with an effect on income upon the realisation of such. One-off effects 
such as the adjustment of discount rates, which we use to determine nuclear power or 
mining provisions and ­temporary gains or losses stemming from the measurement of 
currency derivatives used for hedging purposes are not included in the financial result. 
Since 2024 the entire earnings contribution of the Phaseout Technologies segment 
(formerly Coal / Nuclear) is reported in the non-operating result. In order to ensure the 
comparability of the current figures with those from the previous year, the latter have  
been adjusted retroactively. The non-operating result corresponds to the adjustments to 
income before tax.
The adjustments to EBIT amounted to €2,768 million (previous year: – €1,360 million).  
The largest individual items were temporary effects from the valuation of derivatives of 
€2,070 million (previous year: €1,395 million). At €1,595 million, EBIT for Phaseout 
Technologies was significantly higher than in 2023 (previous year: –€2,422 million).  
One factor here was that we were able to release provisions for impending losses for  
long-term power purchase agreements, while the previous year was negatively impacted 
by impairments on lignite-fired power plants and mining operations. Additionally, this 
segment’s operating earnings also improved. The result for the line item ‘other’ fell to 
– €894 million (previous year: – €454 million), in part because we recognised impairment 
on our Dutch power plant portfolio, due to more conservative margin expectations.
Adjustments to the financial result yielded a contributiuon of €480 million (previous year: 
€52 million). One positive factor was the rise in discount rates for the calculation of our 
non-current provisions and recognition of the ensuing reduction in the present value of  
the obligations with an effect on profit or loss.
Non-operating result1
€ million
2024
2023
Adjustments to EBIT
2,768
– 1,360
Of which:
Disposal result
– 3
121
Effects on income from the valuation of derivatives
2,070
1,395
EBIT from Phaseout Technologies
1,595
– 2,422
Other
– 894
– 454
Adjustments to the financial result
480
52
Non-operating result
3,248
– 1,308
1  Some prior-year figures restated due to the change in the reporting of the result from the Phaseout Technologies segment 
in the non-operating result; see page 279.
The Phaseout Technologies segment is managed using an adjusted cash flow figure, 
which is determined by deducting net investments from the cash flows of operating 
activities. In addition, non-periodic effects from the use of provisions (with a cash effect) 
are eliminated and periodic (non-cash) effects from additions / reversals of provisions  
are included.
Phaseout Technologies generated an adjusted cash flow of €584 million in 2024, up 
€467 million on the previous year. During the reporting period, we recorded exceptionally 
high margins on electricity forward sales and the commercial optimisation of power plant 
dispatch. Proceeds from the sale of land also had a positive effect. One offsetting factor 
was that the Emsland nuclear power station, which was decommissioned in April 2023,  
no longer contributed to power generation.
279
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Reconciliation to adjusted cash flow from Phaseout Technologies 
€ million
2024
2023
Cash flows from operating activities
6,620
4,223
Cash flows from operating activities of the core business
– 5,824
– 3,381
Cash flows from operating activities of Phaseout Technologies
796
842
Net investments of Phaseout Technologies
– 171
– 287
Use of provisions
3,328
3,074
Additions to / reversals of provisions
– 2,385
– 2,251
Other
– 984
– 1,261
Adjusted cash flow from Phaseout Technologies
584
117
In addition to changes in the working capital of the phaseout technologies, the line item 
‘other’ mainly includes interest received from other business areas of the RWE Group  
and the annual payment received for claims to compensatory payments for the German 
lignite phaseout.
(30)  Notes to the cash flow statement
The cash flow statement classifies cash flows according to operating, investing and 
­financing activities. Cash and cash equivalents in the cash flow statement correspond  
to the amount stated on the balance sheet. Cash and cash equivalents consist of cash  
on hand, demand deposits and fixed-interest marketable securities with a maturity of 
three months or less from the date of acquisition. 
Among other things, cash flows from operating activities include: 
•	 interest income of €506 million (previous year: €639 million) and interest expenses of 
€751 million (previous year: €916 million),
•	 dividend income of €211 million (previous year: €203 million),
•	 income tax paid (less refunds) of €755 million (previous year: €800 million),
•	 income from investments, corrected for items without an effect on cash flows, in 
particular from accounting using the equity method, which amounted to €325 million 
(previous year: €281 million),
•	 variation margins received in the amount of €2,068 million (previous year:  
variation margins paid of €1,031 million). 
Cash flows from the acquisition and sale of consolidated subsidiaries and other business 
units are included in cash flows from investing activities, while effects stemming from 
exchange rate developments and other changes in value are shown separately. During the 
fiscal year, reduced by the amount of cash and cash equivalents disposed of, sales prices 
in the amount of €94 million (previous year: €351 million) were recognised for disposals 
resulting in a change of control. During the fiscal year, increased by the amount of cash 
and cash equivalents acquired, purchase prices amounting to €1,220 million (previous 
year: €4,575 million) were recognised for acquisitions which also resulted in a change of 
control. As in the previous year, the purchase prices paid and sales prices received were 
effected exclusively in cash. In relation to this, cash and cash equivalents (disregarding 
assets held for sale) were acquired in the amount of €57 million (previous year: €78 million) 
and were sold in the amount of €1 million (previous year: €30 million).
280
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Cash flows from financing activities include €744 million (previous year: €669 million) 
which was distributed to RWE shareholders, and €262 million (previous year: €274 million) 
which was distributed to non-controlling shareholders. Furthermore, cash flows from 
financing activities include purchases and sales amounting to €0 million and €494 million 
(previous year: €34 million and €0 million), respectively, of shares in subsidiaries and other 
business units which did not lead to a change of control.
With regard to subsidiaries or other business units of which control was gained or lost,  
the amounts of assets and liabilities (with the exception of cash and cash equivalents)  
are ­presented in the following, broken down by main groups:
Balance-sheet items
Additions
Disposals
€ million
2024
2023
2024
2023
Non-current assets
1,474
8,467
– 184
– 317
Intangible assets
573
4,459
—
– 5
Property, plant and equipment
806
3,686
– 184
– 310
Other non-current assets
95
322
—
– 2
Current assets
77
1,054
– 2
– 62
Non-current liabilities
121
3,481
—
– 64
Provisions
—
98
—
– 15
Financial liabilities
—
2,317
—
– 7
Other non-current liabilities
121
1,066
—
– 42
Current liabilities
94
1,401
– 97
– 79
281
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Changes in liabilities from financing activities are presented in the following table:
Development of financial liabilities 
€ million
1 Jan 2024
Increase /  
repayment
Changes in 
the scope of 
consolidation
Currency 
effects
Other changes
31 Dec 2024
Current financial liabilities
2,964
– 2,172
224
– 51
2,933
3,898
Non-current financial liabilities
14,064
3,211
– 1
385
– 2,887
14,772
Other items
631
Development of financial liabilities 
€ million
1 Jan 2023
Increase /  
repayment
Changes in 
the scope of 
consolidation
Currency 
effects
Other changes
31 Dec 2023
Current financial liabilities
11,214
– 8,176
526
– 34
– 566
2,964
Non-current financial liabilities
9,789
1,459
2,292
– 110
634
14,064
Other items
6,141
The amount stated in the ‘other items’ line item contains cash-­effective changes resulting 
from derivative financial instruments and margin payments, which are recognised in cash 
flows from financing activities in the cash flow statement and in financial receivables in 
the balance sheet.
In addition to interest expenses, which are reported in cash flows from operating activities, 
the line item ‘other changes’ also includes the recognition of lease liabilities amounting to 
€390 million (previous year: €294 million).
Restrictions on the disposal of cash and cash equivalents amounted to €5 million 
(previous year: €2 million).
282
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4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Above and beyond this, the RWE Group did not execute any material transactions with 
related companies or persons. 
The members of the Executive Board and Supervisory Board of RWE AG are deemed  
to be key management personnel for the RWE Group, in respect of whom the following 
­information on total compensation is to be reported pursuant to IAS 24. 
For fiscal 2024, key management personnel (Executive and Supervisory Board  
members) received total compensation in the amount of €11,675,000 (previous year: 
€19,412,000), which was comprised of €10,903,000 in short-term compensation 
components (previous year: €12,209,000) and share-based payments within the 
framework of LTIP SPP (see (21) Share-based payment) amounting to €772,000 
(previous year: €7,203,000). Share-based payment was ­measured according to IFRS 2. 
Provisions totalling €12,050,000 (previous year: €22,138,000) were formed for 
obligations vis-à-vis key management personnel. 
The following information pertains to total remuneration pursuant to the guidelines of 
­German commercial law.
In total, the remuneration of the Executive Board amounted to €11,756,000 (previous 
year: €14,176,000). This contains share-­based payments amounting to €4,604,000 
(115,418 RWE performance shares) granted within the framework of the LTIP SPP. ­ 
In the previous year, share-based payments amounting to €4,684,000 (111,961 RWE 
performance shares) were granted. 
Including remuneration from subsidiaries for the exercise of mandates, the Supervisory 
Board received total remuneration of €3,600,000 (previous year: €3,603,000 ) in 
fiscal 2024. The employee representatives on the Supervisory Board have labour contracts 
with the respective Group companies. Remuneration occurs in accordance with the 
relevant contractual conditions. 
(31)  Related party disclosures
Within the framework of their ordinary business activities, RWE AG and its subsidiaries have 
business relationships with numerous companies. These include associated companies 
and joint ventures, which are classified as related parties. In particular, this category includes 
material investments of the RWE Group, which are accounted for using the equity method. 
Business transactions were concluded with major associates and joint ventures, resulting 
in the following items in RWE’s consolidated financial statements:
Key items from transactions with 
associates and joint ventures  
€ million
Associated companies
Joint ventures
2024
2023
2024
2023
Income
835
1,036
156
152
Expenses
344
464
49
46
Receivables
578
677
96
41
Liabilities
192
194
61
100
The key items from transactions with associates and joint ventures mainly stem from 
supply and service transactions. In addition to supply and service transactions, there are 
also financial links with joint ventures. During the reporting period, income of €10 million 
(previous year: €0 million) was recorded from interest-bearing loans to joint ventures. As of 
the ­balance-sheet date, financial receivables accounted for €71 million of the receivables 
from joint ventures (previous year: €32 million). All transactions were completed at arm’s 
length conditions, i. e. on principle the conditions of these transactions did not differ from 
those with other enterprises. €591 million of the receivables (previous year: €679 million) 
and €55 million of the liabilities (previous year: €243 million) fall due within one year.  
Other ­obligations from executory contracts amounted to €159 million (previous year: 
€166 million).  In addition, there were obligations from executory power supply contracts  
in the amount of €17 million (previous year: €0 million).
283
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

Deloitte network fees  
(Previous year: PwC network fees)
2024
2023
€ million
Total 
Of which: 
Germany
Total 
Of which: 
Germany
Audit services
18.2
9.1
17.0
8.6
Other assurance services
0.5
0.5
0.7
0.5
18.7
9.6
17.7
9.1
(33)  Application of the exemption rule pursuant to Sec. 264, Para. 3 and Sec. 264b 
of the German Commercial Code
In fiscal 2024, the following German subsidiaries made partial use of the exemption 
clause pursuant to Sec. 264, Para. 3 and Sec. 264b of the German Commercial Code 
(HGB): 
•	 BGE Beteiligungs-Gesellschaft für Energieunternehmen mbH, Essen
•	 GBV Zweiunddreißigste Gesellschaft für Beteiligungsverwaltung mbH, Essen
•	 KMG Kernbrennstoff-Management Gesellschaft mit beschränkter Haftung, Essen
•	 Nordsee Windpark Beteiligungs GmbH, Essen
•	 Rheinbraun Brennstoff GmbH, Frechen
•	 Rheinische Baustoffwerke GmbH, Bergheim
•	 RV Rheinbraun Handel und Dienstleistungen GmbH, Frechen
•	 RWE Nukleus Green H2 GmbH, Essen
•	 RWE Offshore Wind GmbH, Essen
•	 RWE Renewables Beteiligungs GmbH, Dortmund
•	 RWE Renewables Deutschland GmbH, Berlin
•	 RWE Renewables Offshore HoldCo One GmbH, Essen
•	 RWE Renewables Offshore HoldCo Three GmbH, Essen
•	 RWE Renewables Trident Offshore GmbH, Essen
•	 RWE Technology International GmbH, Essen
During the period under review, no loans or advances were granted to members of the 
­Executive Board. Two employee representatives on the Supervisory Board had employee 
loans totalling €9,000.
Former members of the Executive Board and their surviving dependants received 
€13,199,000 (previous year: €13,304,000), of which €698,000 came from subsidiaries 
(previous year: €698,000). As of the balance-sheet date, €112,979,000 (previous year: 
€115,711,000) were accrued for defined benefit obligations to former members of the 
Executive Board and their surviving dependants. Of this, €4,766,000 was set aside at 
­subsidiaries (previous year: €5,120,000). 
Information on the members of the Executive and Supervisory Boards is presented on 
pages 346 et seqq. of the Notes.
(32)  Auditors’ fees
The fees for audit services primarily contain the fees for the audit of the consolidated 
financial statements and for the audit of the financial statements of RWE AG and its 
subsidiaries, along with the review of the interim statements. Other assurance services 
mainly include fees for reviews related to statutory or court-ordered requirements. 
RWE recognised the following fees as expenses for the services rendered by the auditors  
of the consolidated financial statements, Deloitte GmbH Wirtschaftsprüfungsgesellschaft 
(Deloitte) (previous year: PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft 
[PwC]) and companies belonging to Deloitte’s international network (previous year: PwC’s 
international network):
284
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

New tariffs in the USA – allegations of price dumping against solar module 
manufacturers in Southeast Asia. In February 2025, the US government decided to 
introduce a 25% tax on steel and aluminium imports. In addition, duties were imposed  
on goods from Canada, Mexico and China. Imports that are already subject to tariffs are 
also affected. The surcharge for products from China has been set at 10 %. Goods from 
Mexico and Canada are subject to a 25 % tariff, although an exception has been made for 
Canadian fuel, which is taxed at 10 %. The tariffs for Canada and Mexico were suspended, 
however, after the countries committed to strengthen controls along their borders to the 
United States. The new tariffs also affect countries in Southeast Asia, where we source 
components for solar modules. In late 2024, following an extensive probe, the US 
Department of Commerce declared that many solar module manufacturers in Cambodia, 
Malaysia, Thailand and Vietnam received subsidies, enabling them to sell their products  
at giveaway prices in the USA. The probe’s findings are pending official confirmation, which 
is expected to be received in the second quarter of 2025. Despite this, provisional tariffs 
have already been imposed on the imports of most of the affected companies. These 
duties range between 21 % and 271 %. 
Lower net investment until 2030. Over the 6-year period from 2025 to 2030, RWE is 
planning net investments totalling €35 billion. This figure is one-fourth lower than previously 
scheduled for this period. The reduction reflects the changes in overall conditions in the 
energy sector. Moreover, we increased the yield expectations for projects. The planned 
reduction in net investment does not result in the recoverable amounts of goodwill for the 
cash-generating units falling below the respective carrying amounts of the units. 
(34)  Events after the balance-sheet date
In the period from 1 January 2025 until the completion of the consolidated financial 
­statements on 27 February 2025, the following significant events occurred: 
New US administration evaluates wind projects. Upon taking office in January 2025, 
US President Donald Trump set a new course for the country’s energy and climate policy by 
signing several executive orders. Among other things, he announced that the USA would 
withdraw from the Paris Climate Agreement and declared a national energy emergency in 
order to facilitate the development of new oil and gas fields as well as the construction of 
new power plants. Furthermore, President Trump suspended the issuance of any federal 
permits for offshore wind projects and ordered a comprehensive review of federal approval 
processes for wind projects. Initiatives on federally-owned sites that have already been 
approved will also be subjected to an extensive review.
It is impossible to predict the consequences of the change of course in US energy policy  
for the expansion of renewable energy in the USA at this time. We assume that support for 
onshore wind projects in the construction phase is secure. However, we believe that the 
situation regarding our current offshore wind projects is less certain. After the presidential 
elections in November 2024, we decided to reduce our expenditure on these projects to a 
minimum for now. RWE holds the right to develop wind projects at three US coastal sites. 
The Community Offshore Wind project in the New York Bight has progressed the furthest, 
but has not yet reached the construction phase. We had already secured a preliminary 
offtake agreement for a portion of the electricity with the State of New York. However, it 
was not finalised as the turbine manufacturer rescinded its supply commitment and the 
contract did not cover the resulting added cost. We intend to continue all three offshore 
projects if possible under the framework conditions. As a result of the delays, our capital 
expenditure in 2025 and 2026 will be lower than budgeted. The savings will be transferred 
to a share buyback programme, on which we report on page 39.
285
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

	
	
	
(35)  Declaration according to Sec. 161 of the German Stock Corporation Act
The declaration on the German Corporate Governance Code prescribed by Sec. 161 of 
the German Stock Corporation Act (AktG) has been submitted for RWE AG and has been 
made permanently and publicly available to shareholders on the Internet pages of 
RWE AG.1
Essen, 27 February 2025 
The Executive Board
	
Krebber	
Müller	
van Doren
1  https://www.rwe.com/statement-of-compliance-2024
286
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Notes
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
3.7 List of Shareholdings (part of the Notes)
List of shareholdings as per Sec. 285 No. 11 and No. 11a and Sec. 313 Para. 2 (in relation to Sec. 315e Para. 1) of HGB as of 31 December 2024
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
1525 White Marsh, LLC, Wilmington/USA
100
—
—
360 Solar Center, LLC, Wilmington/USA
100
—
—
5045 Wind Partners, LLC, Des Moines/USA
100
– 2,939
231
924 Hosier, LLC, Wilmington/USA
100
—
—
951 Hosier, LLC, Wilmington/USA
100
—
—
Adams Wind Farm, LLC, Roseville/USA
100
—
—
Aktivabedrijf Wind Nederland B.V., Geertruidenberg/Netherlands
100
42,325
12,465
Alpaugh 50, LLC, Wilmington/USA
100
– 41,125
– 1,074
Alpaugh BESS, LLC, Wilmington/USA
100
– 645
– 620
Alpaugh North, LLC, Wilmington/USA
100
– 20,209
– 1,458
Alpha Solar sp. z o.o., Warsaw/Poland
100
– 2,230
– 2,513
Altamont NY 1, LLC, Wilmington/USA
100
—
—
Altamont NY 2, LLC, Wilmington/USA
100
—
—
Altamont NY 3, LLC, Wilmington/USA
100
—
—
Alte Haase Bergwerks-Verwaltungs- Gesellschaft mbH, Dortmund
100
– 68,046
1,118
Amherst Solar, LLC, Wilmington/USA
100
—
—
Amrum-Offshore West GmbH, Essen
100
2,632
—1
Anacacho Holdco, LLC, Wilmington/USA
100
58,268
– 16
Anacacho Wind Farm, LLC, Wilmington/USA
100
65,462
– 2,870
Andromeda Wind s.r.l., Bolzano/Italy
100
12,301
1,904
An Suidhe Wind Farm Limited, Swindon/United Kingdom
100
17,278
2,258
287
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Arizona Georgia Equity Holdings, LLC, Wilmington/USA
100
—
—
Arizona Georgia Portfolio Holdings, LLC, Wilmington/USA
100
78,958
– 2,080
Arizona MS5 Equity Holdings, LLC, Wilmington/USA
100
—
—
Arizona MS5 Portfolio Holdings, LLC, Wilmington/USA
100
169,301
1,161
Arlington Valley Solar Energy III, LLC, Wilmington/USA
100
—
—
Arlington Valley Solar Energy, LLC, Wilmington/USA
100
5,440
5,230
Ashwood Solar I, LLC, Wilmington/USA
100
88
– 14,177
Avolta Storage Limited, Kilkenny/Ireland
100
2,790
2,247
Baron Winds II LLC, Chicago/USA
100
– 3,544
– 3,407
Baron Winds LLC, Chicago/USA
100
236,943
12,332
Battle Mountain Solar 2, LLC, Wilmington/USA
100
—
—
Battle Mountain SP, LLC, Wilmington/USA
100
– 315,757
– 4,365
BGE Beteiligungs-Gesellschaft für Energieunternehmen mbH, Essen
100
100
201
—1
Big Star Class B, LLC, Wilmington/USA
100
230,649
– 195
Big Star Holdco, LLC, Wilmington/USA
100
227,407
– 1,460
Big Star Solar, LLC, Wilmington/USA
100
104,503
12,456
Big Timber Wind LLC, Wilmington/USA
100
– 60,158
– 964
Bilbster Wind Farm Limited, Swindon/United Kingdom
100
6,967
861
Blackjack Creek Wind Farm, LLC, Wilmington/USA
100
311,381
9,601
Blackstone MA 1, LLC, Wilmington/USA
100
—
—
Blue Rock Solar, LLC, Wilmington/USA
100
– 2,370
– 2,278
Bobilli BSS, LLC, Roseville/USA
100
—
—
Boiling Springs Holdco, LLC, Wilmington/USA
100
155,198
– 150
Boiling Springs Wind Farm, LLC, Wilmington/USA
100
102,564
– 41,474
Bray Offshore Wind Limited, Kilkenny/Ireland
504
– 303
– 117
Bridgeville DEA, LLC, Wilmington/USA
100
—
—
288
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Bright Arrow Solar, LLC, Wilmington/USA
100
662,846
27,496
Bruenning’s Breeze Holdco, LLC, Wilmington/USA
100
205,043
– 100
Bruenning’s Breeze Wind Farm, LLC, Wilmington/USA
100
146,128
41,910
Buffalo Solar Farm, LLC, Wilmington/USA
100
– 2,416
– 2,323
Bursjöliden Vind AB, Malmö/Sweden
100
424
– 73
Campbell County Wind Farm 2, LLC, Wilmington/USA
100
—
—
Campbell County Wind Farm, LLC, Wilmington/USA
100
– 182,920
– 2,602
Camp Creek Wind, LLC, Wilmington/USA
100
– 5,181
– 4,980
Camp Solar LLC, Wilmington/USA
100
—
—
Canopy Offshore Wind, LLC, Wilmington/USA
100
– 17
– 16
Carl Scholl GmbH, Cologne
100
968
76
Carmagnola Sp. z o.o., Warsaw/Poland
100
23
– 5,344
Carnedd Wen Wind Farm Limited, Swindon/United Kingdom
100
– 5,834
– 299
Cartwheel BESS, LLC, Wilmington/USA
100
– 2,204
– 2,105
Carver MA 3, LLC, Wilmington/USA
100
—
—
Casey Fork Solar, LLC, Wilmington/USA
100
– 2,804
– 2,695
Cassadaga Class B Holdings LLC, Wilmington/USA
100
184,817
– 218
Cassadaga Wind Holdings LLC, Wilmington/USA
100
180,581
– 482
Cassadaga Wind LLC, Chicago/USA
100
230,027
– 74,814
CED Alamo 3, LLC, Wilmington/USA
100
– 7,434
– 202
CED Alamo 5, LLC, Wilmington/USA
100
5,171
682
CED Alamo 7, LLC, Wilmington/USA
100
60,560
– 3,208
CED Amherst Solar, LLC, Wilmington/USA
100
—
—
CED Atwell Island West, LLC, Wilmington/USA
100
– 69,684
– 987
CED Aurora County Wind, LLC, Wilmington/USA
100
– 44,934
– 456
CED Avenal Solar, LLC, Wilmington/USA
100
– 77,025
– 527
289
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
CED Basin Street Solar, LLC, Wilmington/USA
100
—
—
CED Beadle County Wind, LLC, Wilmington/USA
100
—
—
CED Brule County Wind, LLC, Wilmington/USA
100
– 42,792
– 1,407
CED BTM Development Solar, LLC, Wilmington/USA
100
– 106
– 4,957
CED Burt County Wind, LLC, Lincoln/USA
100
—
—
CED Cal Flats EPC, LLC, Wilmington/USA
100
—
—
CED California Assets Holdings 1, LLC, Wilmington/USA
100
—
—
CED California Battery Storage, LLC, Wilmington/USA
100
—
—
CED California Holdings 2, LLC, Wilmington/USA
100
270,210
4,425
CED California Holdings 3, LLC, Wilmington/USA
100
304,817
4,258
CED California Holdings 4, LLC, Wilmington/USA
100
1,329,886
13,382
CED California Holdings Financing III, LLC, Wilmington/USA
100
—
—
CED California Holdings Financing II, LLC, Wilmington/USA
100
—
—
CED California Holdings Financing I, LLC, Wilmington/USA
100
—
—
CED California Holdings Financing IV, LLC, Wilmington/USA
100
—
—
CED California Holdings, LLC, Wilmington/USA
100
– 199,364
10,747
CED California Texas Assets Holdings, LLC, Wilmington/USA
100
—
—
CED California Texas Financing Holdings, LLC, Wilmington/USA
100
410,503
4,532
CED Centerville Wind, LLC, Wilmington/USA
100
– 26,786
– 804
CED Champaign Solar, LLC, Wilmington/USA
100
– 2,290
– 131
CED Chicopee Solar, LLC, Wilmington/USA
100
725
– 358
CED Copper Mountain Solar 1 Holdings, LLC, Wilmington/USA
100
—
—
CED Copper Mountain Solar 2 Holdings, LLC, Wilmington/USA
100
—
—
CED Copper Mountain Solar 3 Holdings, LLC, Wilmington/USA
100
—
—
CED Corcoran Solar 2, LLC, Wilmington/USA
100
– 65,609
– 1,064
CED Corcoran Solar 3, LLC, Wilmington/USA
100
– 69,462
– 494
290
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
CED Corcoran Solar, LLC, Wilmington/USA
100
– 1,652
– 1,458
CED Crane Solar 2, LLC, Wilmington/USA
100
—
—
CED Davison County Wind, LLC, Wilmington/USA
100
—
—
CED Denmark Solar, LLC, Wilmington/USA
100
—
—
CED Development, Inc., Albany/USA
100
—
—
CED Dona Ana County, LLC, Wilmington/USA
100
—
—
CED Donaldson Wind, LLC, Roseville/USA
100
—
—
CED Ducor Solar 1, LLC, Wilmington/USA
100
– 66,682
– 717
CED Ducor Solar 2, LLC, Wilmington/USA
100
– 77,028
– 710
CED Ducor Solar 3, LLC, Wilmington/USA
100
– 52,990
– 534
CED Ducor Solar 4, LLC, Wilmington/USA
100
– 69,405
– 729
CED Foster Solar, LLC, Wilmington/USA
100
– 3,016
– 269
CED II California Solar Holdings, LLC, Wilmington/USA
100
—
—
CED Lost Hills OpCo, LLC, Wilmington/USA
100
—
—
CED Lost Hills Solar, LLC, Wilmington/USA
100
– 66,136
– 1,596
CED Manchester Wind, LLC, Wilmington/USA
100
– 26,497
– 925
CED Mason City Wind, LLC, Wilmington/USA
100
– 21,957
– 414
CED McCook County Wind, LLC, Wilmington/USA
100
—
—
CED Mesquite Solar 1 Holdings, LLC, Wilmington/USA
100
—
—
CED Nevada Virginia Asset Holdings, LLC, Wilmington/USA
100
—
—
CED Nevada Virginia Construction Borrower, LLC, Wilmington/USA
100
—
—
CED Nevada Virginia Equity Holdings, LLC, Wilmington/USA
100
—
—
CED Nevada Virginia Financing Holdings, LLC, Wilmington/USA
100
374,219
15,254
CED Nevada Virginia Pledgor, Inc., Albany/USA
100
—
—
CED Nevada Virginia Portfolio Holdings, LLC, Wilmington/USA
100
69,902
– 35,629
CED Northampton Solar, LLC, Wilmington/USA
100
– 25,131
– 579
291
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
CED OpCo, LLC, Wilmington/USA
100
95,432
– 31,174
CED Oro Loma Solar, LLC, Wilmington/USA
100
– 85,822
– 665
CED Peregrine Solar, LLC, Wilmington/USA
100
– 78,198
– 12,936
CED Pilesgrove Holdings, LLC, Wilmington/USA
100
—
—
CED Pondera Wind, LLC, Wilmington/USA
100
—
—
CED Red Lake Falls Community Hybrid, LLC, Roseville/USA
100
– 19,604
– 296
CED Ridgefield Solar, LLC, Wilmington/USA
100
– 1,360
– 23
CED Ridgefield Windsor Solar, LLC, Wilmington/USA
100
—
—
CED Rock Springs Solar, LLC, Wilmington/USA
100
—
—
CED Sanford Solar, LLC, Wilmington/USA
100
—
—
CED Seven Bridges Solar, LLC, Wilmington/USA
100
—
—
CED Solar Development, LLC, Wilmington/USA
100
—
—
CED Solar Holdings, LLC, Wilmington/USA
100
—
—
CED Solar, LLC, Wilmington/USA
100
—
—
CED Southwest Asset Holdings 1, LLC, Wilmington/USA
100
—
—
CED Southwest Holdco Financing 1, LLC, Wilmington/USA
100
732,154
6,229
CED Southwest Holdings, Inc., Albany/USA
100
—
—
CED Spring Ridge Wind, LLC, Wilmington/USA
100
—
—
CED Teton County Wind, LLC, Wilmington/USA
100
—
—
CED Texas Holdings 3, LLC, Wilmington/USA
100
—
—
CED Texas Holdings 4, LLC, Wilmington/USA
100
—
—
CED Texas Holdings 5, LLC, Wilmington/USA
100
—
—
CED Texas Holdings 7, LLC, Wilmington/USA
100
—
—
CED Timberland Solar 2, LLC, Wilmington/USA
100
—
—
CED Timberland Solar, LLC, Wilmington/USA
100
– 143,053
– 11,087
CED Townsite EPC, LLC, Wilmington/USA
100
—
—
292
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
CED Upton County Solar, LLC, Wilmington/USA
100
– 81,280
– 785
CED Upton Texas Holdings, LLC, Wilmington/USA
100
—
—
CED Uvalde Solar 1, LLC, Wilmington/USA
100
—
—
CED Uvalde Solar 2, LLC, Wilmington/USA
100
—
—
CED Wellesley Solar, LLC, Wilmington/USA
100
– 1,581
55
CED Westfield Solar, LLC, Wilmington/USA
100
– 549
– 298
CED Westside Canal Battery Storage, LLC, Wilmington/USA
100
– 125,950
240
CED Wheatland Wind, LLC, Wilmington/USA
100
—
—
CED White River Solar 2, LLC, Wilmington/USA
100
– 87,701
– 1,159
CED White River Solar, LLC, Wilmington/USA
100
– 823
– 1,751
CED Wind Holdings Financing I, LLC, Wilmington/USA
100
—
—
CED Wind Holdings, LLC, Wilmington/USA
100
220,883
– 11,838
CED Wind Power, LLC, Wilmington/USA
100
—
—
CED Windsor Solar, LLC, Wilmington/USA
100
—
—
CED Wistaria Holdings, LLC, Wilmington/USA
100
—
—
CED Wistaria Solar 2, LLC, Wilmington/USA
100
—
—
CED Wistaria Solar, LLC, Wilmington/USA
100
– 689,963
– 6,455
CES ADNY Solar, LLC, Wilmington/USA
100
– 1,311
– 19
CES BNY Solar, LLC, Wilmington/USA
100
– 703
– 15
CES Canton Solar, LLC, Wilmington/USA
100
– 1,234
– 59
CES Cape Solar, LLC, Wilmington/USA
100
—
—
CES Cherry Hill Solar, LLC, Wilmington/USA
100
– 2,097
– 181
CES Danbury Solar, LLC, Wilmington/USA
100
– 41,329
156
CES DHS Solar, LLC, Wilmington/USA
100
– 1,270
– 46
CES Diversified Realty Solar, LLC, Wilmington/USA
100
– 65
– 11
CES Farrell Solar, LLC, Wilmington/USA
100
– 122
2
293
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
CES Hawthorne Solar, LLC, Wilmington/USA
100
—
—
CES Hogansburg Solar, LLC, Wilmington/USA
100
– 2,870
– 60
CES Kerman Solar, LLC, Wilmington/USA
100
– 2,346
– 31
CES Marbletown Solar, LLC, Wilmington/USA
100
– 6,566
– 792
CES Massachusetts Solar, LLC, Wilmington/USA
100
1,744
– 35
CES Montville Solar, LLC, Wilmington/USA
100
– 2,097
– 74
CES Moore Solar, LLC, Wilmington/USA
100
– 230
3
CES Mount Pleasant Solar, LLC, Wilmington/USA
100
– 7,135
– 64
CES NBHS Solar, LLC, Wilmington/USA
100
1,411
– 92
CES Newark Solar, LLC, Wilmington/USA
100
5
– 47
CES NYC Solar, LLC, Wilmington/USA
100
3
– 243
CES Philly TA Solar, LLC, Wilmington/USA
100
– 5,201
– 62
CES Rocklin Solar, LLC, Wilmington/USA
100
336
– 115
CES Sol Fund 1, LLC, Wilmington/USA
100
– 21,179
– 621
CES Spackenkill Solar, LLC, Wilmington/USA
100
– 991
14
CES Stepinac Solar, LLC, Wilmington/USA
100
– 541
– 12
CES Tihonet Solar, LLC, Wilmington/USA
100
4,304
– 232
CES VMT Solar, LLC, Wilmington/USA
100
– 1,667
– 102
Champion WF Holdco, LLC, Wilmington/USA
100
49,791
—
Champion Wind Farm, LLC, Wilmington/USA
100
10,329
– 17,158
Charleston NY 1, LLC, Wilmington/USA
100
—
—
Cheshire MA 2, LLC, Wilmington/USA
100
—
—
Churchill Storage Solutions, LLC, Richmond/USA
100
—
—
Cloghaneleskirt Energy Supply Limited, Kilkenny/Ireland
100
5,058
496
Clymer Solar LLC, Wilmington/USA
100
—
—
CMMS Equity Holdings, LLC, Wilmington/USA
100
112,318
– 1,628
294
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
CMMS Solar Portfolio Holdings, LLC, Wilmington/USA
100
25,331
5,634
Colbeck’s Corner Holdco, LLC, Wilmington/USA
100
82,127
– 70
Colbeck’s Corner, LLC, Wilmington/USA
100
74,660
– 26,227
Competitive Shared Services, Inc., Albany/USA
100
—
—
Conrad Solar Inc., Vancouver/Canada
100
4,238
– 19,513
Copper Mountain Solar 1, LLC, Wilmington/USA
100
– 98,887
– 2,764
Copper Mountain Solar 2 Holdings, LLC, Wilmington/USA
100
—
—
Copper Mountain Solar 2, LLC, Wilmington/USA
100
– 431,773
– 19,629
Copper Mountain Solar 3 Holdings, LLC, Wilmington/USA
100
—
—
Copper Mountain Solar 3, LLC, Wilmington/USA
100
– 327,409
– 14,361
Copper Mountain Solar 4, LLC, Wilmington/USA
100
– 341,620
– 6,771
Copper Mountain Solar 5, LLC, Wilmington/USA
100
– 592,953
– 4,025
Cormano Sp. z o.o., Warsaw/Poland
100
– 5,538
– 11,150
County Run, LLC, Wilmington/USA
100
– 7,764
– 7,464
Crowned Heron 2, LLC, Wilmington/USA
100
– 2,127
– 2,044
Crowned Heron, LLC, Wilmington/USA
100
– 1,991
102
Curns Energy Limited, Kilkenny/Ireland
70
– 1,360
– 17
Custom Energy Services, LLC, Topeka/USA
100
—
—
Danta de Energías, S.A., Soria/Spain
99
25,935
8,641
Dartmouth Business Park Solar, LLC, Wilmington/USA
100
1,204
– 200
Dartmouth II Solar, LLC, Wilmington/USA
100
5,938
– 376
Delmar DEB, LLC, Wilmington/USA
100
—
—
Delmar DEC. LLC, Wilmington/USA
100
—
—
Delmar DED, LLC, Wilmington/USA
100
—
—
DOTTO MORCONE S.r.l., Rome/Italy
100
27,406
14,231
Douglas Solar, LLC, Wilmington/USA
100
8,822
– 109
295
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Dromadda Beg Wind Farm Limited, Kilkenny/Ireland
100
4,005
452
Edgware Energy Limited, Swindon/United Kingdom
100
754
36
EJ Terry Solar 1, LLC, Wilmington/USA
100
– 1,323
– 204
Eko-En 1 Sp. z o.o., Warsaw/Poland
100
1,752
– 448
Eko-En 2 Sp. z o.o., Warsaw/Poland
100
393
– 9
Eko-En 3 Sp. z o.o., Warsaw/Poland
100
85
122
Eko-En 4 Sp. z o.o., Warsaw/Poland
100
102
– 103
El Algodon Alto Wind Farm, LLC, Wilmington/USA
100
333,826
12,466
Elevate Holdco Funding, Wilmington/USA
100
106,357
– 4,061
Elevate Wind Holdco, LLC, Wilmington/USA
100
110,922
110
Elm Spring Solar 1, LLC, Wilmington/USA
100
—
—
Energy Resources Holding B.V., Geertruidenberg/Netherlands
100
123,996
56,191
Energy Resources Ventures B.V., Geertruidenberg/Netherlands
100
4,951
– 1,256
Eoliennes de la Grande Bleue SAS, Clichy/France
100
36
– 1
Etna ME 1, LLC, Wilmington/USA
100
—
—
Etna ME 2, LLC, Wilmington/USA
100
—
—
Explotaciones Eólicas de Aldehuelas, S.L., Soria/Spain
95
13,143
3,673
Extension Du Parc Eolien Des Nouvions SAS, Clichy/France
100
– 15
– 36
Extension Du Parc Eolien Du Douiche SAS, Clichy/France
100
– 333
– 280
Fairhaven MA 2, LLC, Wilmington/USA
100
– 11,573
– 165
Fairhaven MA 4, LLC, Wilmington/USA
100
—
—
Farma Wiatrowa Barzowice Sp. z o.o., Warsaw/Poland
100
29,046
516
Farma Wiatrowa Rozdrazew sp. z o.o., Warsaw/Poland
100
232
640
Fifth Standard Solar PV, LLC, Wilmington/USA
100
380,113
26,091
Fishersville VAA, LLC, Wilmington/USA
100
—
—
Flemington Solar, LLC, Wilmington/USA
100
10,823
– 1,480
296
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Forest Creek Investco, Inc., Wilmington/USA
100
119
– 4
Forest Creek WF Holdco, LLC, Wilmington/USA
100
– 1,257
—
Forest Creek Wind Farm, LLC, Wilmington/USA
100
7,898
– 3,233
Frankford DEB, LLC, Wilmington/USA
100
—
—
Freetown MA 2, LLC, Wilmington/USA
100
—
—
Frenchtown III Solar, LLC, Wilmington/USA
100
5,143
– 1,958
Frenchtown II Solar, LLC, Wilmington/USA
100
2,606
– 573
Frenchtown I Solar, LLC, Wilmington/USA
100
3,015
– 636
Future Generation Wind, LLC, Boston/USA
100
– 25,488
– 375
Garwind, LLC, Roseville/USA
100
—
—
Gazules I Fotovoltaica, S.L., Barcelona/Spain
100
356
– 962
Gazules II Solar, S.L., Barcelona/Spain
100
– 14
– 817
GBV Zweiunddreißigste Gesellschaft für Beteiligungsverwaltung mbH, Essen
100
100
17,585,771
—1
Generación Fotovoltaica Castellano Manchega, S.L., Murcia/Spain
100
5,413
5,329
Generación Fotovoltaica De Alarcos, S.L.U., Barcelona/Spain
100
1,101
890
Generación Fotovoltaica Puerta del Sol, S.L.U., Murcia/Spain
100
978
239
GfV Gesellschaft für Vermögensverwaltung mbH, Dortmund
100
100
119,008
5,506
GLC-(MA) Assumption College, LLC, Wilmington/USA
100
2,891
126
GLC-(MA) Taunton, LLC, Wilmington/USA
100
4,658
– 116
Goose Farm, LLC, Wilmington/USA
100
—
—
Grandview Holdco, LLC, Wilmington/USA
100
93,314
– 570
Great Valley Equity Holdings, LLC, Wilmington/USA
100
58,817
– 7,776
Great Valley Solar 1, LLC, Wilmington/USA
100
– 242,382
– 5,205
Great Valley Solar 2, LLC, Wilmington/USA
100
– 156,037
– 3,333
Great Valley Solar 3, LLC, Wilmington/USA
100
– 75,421
– 1,650
Great Valley Solar 4, LLC, Wilmington/USA
100
– 78,089
– 1,530
297
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Great Valley Solar Portfolio Holdings, LLC, Wilmington/USA
100
– 65,659
10,478
Green Gecco GmbH & Co. KG, Essen
51
58,799
7,074
Grid-Way 1 SAS, Clichy/France
100
– 18
– 17
Groveland Solar, LLC, Wilmington/USA
100
8,054
– 169
Groves Solar, LLC, Wilmington/USA
100
—
—
Hallowell A, LLC, Wilmington/USA
100
—
—
Hampden MA 1, LLC, Wilmington/USA
100
—
—
Hardin Class B Holdings LLC, Wilmington/USA
100
155,290
– 548
Hardin Wind Holdings LLC, Wilmington/USA
100
137,445
– 738
Hardin Wind LLC, Chicago/USA
100
239,764
– 3,745
Harrisonburg Solar, LLC, Wilmington/USA
100
—
—
Harwich MA 1, LLC, Wilmington/USA
100
—
—
Hickory Park Class B, LLC, Wilmington/USA
100
203,465
– 295
Hickory Park Holdco, LLC, Wilmington/USA
100
202,356
709
Hickory Park Solar, LLC, Wilmington/USA
100
241,104
25,677
Honey Mesquite Wind Farm, LLC, Wilmington/USA
100
– 3,851
– 3,702
Inadale Wind Farm, LLC, Wilmington/USA
100
40,509
– 2,053
JBM Solar Projects 10 Ltd., Swindon/United Kingdom
100
– 43
– 9
JBM Solar Projects 11 Ltd., Swindon/United Kingdom
100
– 37
– 11
JBM Solar Projects 12 Ltd., Swindon/United Kingdom
100
– 33
– 9
JBM Solar Projects 13 Ltd., Swindon/United Kingdom
100
– 31
– 6
JBM Solar Projects 14 Ltd., Swindon/United Kingdom
100
– 33
– 7
JBM Solar Projects 15 Ltd., Swindon/United Kingdom
100
– 28
– 6
JBM Solar Projects 17 Ltd., Swindon/United Kingdom
100
– 59
– 35
JBM Solar Projects 19 Ltd., Swindon/United Kingdom
100
– 31
– 7
JBM Solar Projects 20 Ltd., Swindon/United Kingdom
100
– 49
– 14
298
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
JBM Solar Projects 21 Ltd., Swindon/United Kingdom
100
– 37
– 11
JBM Solar Projects 22 Ltd., Swindon/United Kingdom
100
– 26
– 6
JBM Solar Projects 24 Ltd., Swindon/United Kingdom
100
– 71
– 46
JBM Solar Projects 25 Ltd., Swindon/United Kingdom
100
– 80
– 52
JBM Solar Projects 26 Ltd., Swindon/United Kingdom
100
– 58
– 22
JBM Solar Projects 27 Ltd., Swindon/United Kingdom
100
– 31
– 7
JBM Solar Projects 28 Ltd., Swindon/United Kingdom
100
– 21
– 6
JBM Solar Projects 29 Ltd., Swindon/United Kingdom
100
– 52
– 30
JBM Solar Projects 2 Ltd., Swindon/United Kingdom
100
– 117
– 86
JBM Solar Projects 30 Ltd., Swindon/United Kingdom
100
– 40
– 23
JBM Solar Projects 31 Ltd., Swindon/United Kingdom
100
– 24
– 9
JBM Solar Projects 32 Ltd., Swindon/United Kingdom
100
– 35
– 19
JBM Solar Projects 33 Ltd., Swindon/United Kingdom
100
– 25
– 9
JBM Solar Projects 34 Ltd., Swindon/United Kingdom
100
– 23
– 9
JBM Solar Projects 35 Ltd., Swindon/United Kingdom
100
– 13
– 5
JBM Solar Projects 36 Ltd., Swindon/United Kingdom
100
– 13
– 6
JBM Solar Projects 37 Ltd., Swindon/United Kingdom
100
– 21
– 13
JBM Solar Projects 39 Ltd., Swindon/United Kingdom
100
– 12
– 6
JBM Solar Projects 3 Ltd., Swindon/United Kingdom
100
– 57
– 27
JBM Solar Projects 40 Ltd., Swindon/United Kingdom
100
– 11
– 5
JBM Solar Projects 41 Ltd., Swindon/United Kingdom
100
– 10
– 5
JBM Solar Projects 5 Ltd., Swindon/United Kingdom
100
– 38
– 8
JBM Solar Projects 6 Ltd., Swindon/United Kingdom
100
– 124
– 94
JBM Solar Projects 7 Ltd., Swindon/United Kingdom
100
– 55
– 23
JBM Solar Projects 8 Ltd., Swindon/United Kingdom
100
– 40
– 11
Juhl Energy Services, Inc., Roseville/USA
100
1,810
– 192
299
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Kenbridge VAB, LLC, Wilmington/USA
100
—
—
Kent Offshore Wind Holding Pty. Ltd., Melbourne/Australia
100
—
—
Kent Offshore Wind Pty. Ltd., Melbourne/Australia
100
—
—
Kish Offshore Wind Limited, Kilkenny/Ireland
504
– 298
– 113
K & K Wind Enterprises, LLC, Roseville/USA
100
—
—
KMG Kernbrennstoff-Management Gesellschaft mit beschränkter Haftung, Essen
100
696,225
—1
Knabs Ridge Wind Farm Limited, Swindon/United Kingdom
100
24,467
3,196
KW Solar IV Sp. z o.o., Warsaw/Poland
100
– 89
– 78
L100 Sp. z o.o., Warsaw/Poland
100
– 35
– 22
L120 Sp. z o.o., Warsaw/Poland
100
– 4
– 2
L130 Sp. z o.o., Warsaw/Poland
100
– 4
– 2
L140 Sp. z o.o., Warsaw/Poland
100
– 5
– 2
L30 Sp. z o.o., Warsaw/Poland
100
– 79
– 57
L40 Sp. z o.o., Warsaw/Poland
100
– 6
– 3
L70 Sp. z o.o., Warsaw/Poland
100
– 26
– 22
L80 Sp. z o.o., Warsaw/Poland
100
– 18
– 15
L90 Sp. z o.o., Warsaw/Poland
100
– 4
– 2
Lafitte Solar, LLC, Wilmington/USA
100
– 6,739
– 6,478
Lakehurst Solar, L.L.C., Wilmington/USA
100
– 24,556
– 2,915
Lane City Wind LLC, Wilmington/USA
100
– 15,619
– 15,013
Las Vaguadas I Fotovoltaica S.L., Barcelona/Spain
100
– 1,790
– 174
Lebanon Solar, LLC, Wilmington/USA
100
2,016
– 455
Limondale Battery Holding Pty. Ltd., Melbourne/Australia
100
– 18
– 19
Limondale Battery Pty. Ltd., Melbourne/Australia
100
– 4
– 4
Limondale Sun Farm Pty. Ltd., Melbourne/Australia
100
148,194
11,547
Little Cheyne Court Wind Farm Limited, Swindon/United Kingdom
59
20,145
12,558
300
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Lordsburg NMA, LLC, Wilmington/USA
100
—
—
Loving NMA, LLC, Wilmington/USA
100
—
—
Loving NMB, LLC, Wilmington/USA
100
—
—
Matoaca VAA, LLC, Wilmington/USA
100
—
—
Matoaca VAC, LLC, Wilmington/USA
100
—
—
Merrimac Solar, LLC, Wilmington/USA
100
2,688
– 243
Mesquite Solar 1 Holdings, LLC, Wilmington/USA
100
—
—
Mesquite Solar 1, LLC, Wilmington/USA
100
– 559,191
– 20,697
Mesquite Solar 2, LLC, Wilmington/USA
100
– 297,637
– 4,846
Mesquite Solar 3, LLC, Wilmington/USA
100
– 443,819
– 9,410
Mesquite Solar 4, LLC, Wilmington/USA
100
– 86,147
– 2,769
Mesquite Solar 5, LLC, Wilmington/USA
100
– 203,127
– 13,517
Mifflin Solar LLC, Wilmington/USA
100
—
—
ML Wind LLP, Swindon/United Kingdom
51
52,214
12,599
Montgomery Ranch Wind Farm, LLC, Wilmington/USA
100
200,504
– 63,711
Munnsville Investco, LLC, Wilmington/USA
100
20,171
– 265
Munnsville WF Holdco, LLC, Wilmington/USA
100
14,551
—
Munnsville Wind Farm, LLC, Wilmington/USA
100
19,494
– 200
Murray Hill Solar, LLC, Wilmington/USA
100
4,424
– 345
NB HoldCo Limited, Swindon/United Kingdom
100
32,527
– 13
NB TopCo Limited, Swindon/United Kingdom
100
32,527
– 53
Neulsaem Ui Offshore Wind Power Co., Ltd., Aphae-eup/South Korea
90
17,904
– 462
Nordseecluster A GmbH, Hamburg
100
8,906
– 1,233
Nordseecluster B GmbH, Hamburg
100
25,975
– 3,325
Nordsee Windpark Beteiligungs GmbH, Essen
100
15,318
—1
Norfolk Boreas Limited, Swindon/United Kingdom
100
– 142,344
– 162,557
301
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Norfolk Vanguard East Limited, Swindon/United Kingdom
100
56,689
44
Norfolk Vanguard West Limited, Swindon/United Kingdom
100
8,476
– 2,503
Northbridge Solar, LLC, Wilmington/USA
100
5,737
– 159
Northern Orchard Solar PV, LLC, Wilmington/USA
100
– 93,960
– 80,331
NVE HoldCo Limited, Swindon/United Kingdom
100
56,649
– 15
NVE TopCo Limited, Swindon/United Kingdom
100
56,627
– 17
NVW HoldCo Limited, Swindon/United Kingdom
100
48,808
– 15
NVW TopCo Limited, Swindon/United Kingdom
100
48,808
– 15
Oak Tree Energy LLC, Wilmington/USA
100
– 22,897
– 1,142
OCI Alamo 4, LLC, Wilmington/USA
100
– 19,929
– 278
OCI Solar San Antonio 4, LLC, Wilmington/USA
100
—
—
Orange CEC MA 1, LLC, Wilmington/USA
100
—
—
Orange VAA, LLC, Wilmington/USA
100
—
—
Orcoien Energy Orcoien, S.L.U., Barcelona/Spain
100
– 180
– 216
Panoche Valley Solar, LLC, Wilmington/USA
100
– 933,111
– 11,320
Panther Creek Holdco, LLC, Wilmington/USA
100
217,260
—
Panther Creek Three Class B, LLC, Wilmington/USA
100
233,808
—
Panther Creek Three Holdco, LLC, Wilmington/USA
100
233,808
—
Panther Creek Wind Farm I&II, LLC, Wilmington/USA
100
114,243
7,994
Panther Creek Wind Farm Three, LLC, Wilmington/USA
100
99,197
4,611
Papalote Creek II WF, Wilmington/USA
100
13,037
– 11,012
Papalote Creek I WF, Wilmington/USA
100
56,714
– 4,583
Parc Eolien De Beg Ar C'hra SAS, Clichy/France
100
– 138
– 158
Parc Eolien De Catillon-Fumechon SAS, Clichy/France
100
– 379
– 336
Parc Eolien De La Brie Nangissienne SAS, Clichy/France
100
– 185
– 201
Parc Eolien de la Loutre Noire SAS, Clichy/France
100
– 59
– 70
302
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Parc Eolien De La Plaine De Beaulieu SAS, Clichy/France
100
– 3
– 33
Parc Eolien De La Voie Corette SAS, Clichy/France
100
– 257
– 108
Parc Eolien De Luçay-Le-Libre Et De Giroux SAS, Clichy/France
100
– 76
– 86
Parc Eolien De Mirebalais SAS, Clichy/France
100
– 573
– 499
Parc Eolien Des Grands Lazards SAS, Clichy/France
100
– 157
– 177
Parc Eolien D’Ormesnil SAS, Clichy/France
100
– 31
– 59
Parc Eolien Du Balinot SAS, Clichy/France
100
– 240
– 209
Parc Eolien Du Ban Saint-Jean SAS, Clichy/France
100
—
– 18
Parc Eolien Du Catesis SAS, Clichy/France
100
– 605
– 459
Parc Eolien Du Chemin De Châlons SAS, Clichy/France
100
– 844
– 827
Parc Eolien Du Chemin De Saint-Gilles SAS, Clichy/France
100
– 262
– 202
Parc Eolien Du Moulin Du Bocage SAS, Clichy/France
100
– 25
– 35
Parc Eolien Les Pierrots SAS, Clichy/France
60
4,809
1,219
Parc Solaire des Pierrieres SAS, Clichy/France
100
26
– 6
Park Wiatrowy Dolice Sp. z o.o., Warsaw/Poland
100
1,447
– 6
Park Wiatrowy Gaworzyce Sp. z o.o., Warsaw/Poland
100
3,976
821
PA Solar Park II, LLC, Wilmington/USA
100
– 21,382
19
PA Solar Park, LLC, Wilmington/USA
100
– 22,706
356
Peyton Creek Holdco, LLC, Wilmington/USA
100
– 9,267
4,250
Peyton Creek Wind Farm II, LLC, Wilmington/USA
100
– 16,263
– 9,790
Peyton Creek Wind Farm, LLC, Wilmington/USA
100
50,982
– 597
Piecki Sp. z o.o., Warsaw/Poland
51
20,072
2,276
Pilesgrove Solar, LLC, Wilmington/USA
100
6,185
– 4,532
Pioneer Trail Wind Farm, LLC, Wilmington/USA
95
74,191
5,516
Pittstown NY 1, LLC, Wilmington/USA
100
—
—
Pleasant Hill BESS, LLC, Wilmington/USA
100
—
—
303
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Pleasant Hill Solar, LLC, Wilmington/USA
100
– 39,402
– 160
Prairie Creek Wind, LLC, Wilmington/USA
100
– 1
– 1
Primus Projekt GmbH & Co. KG, Hanover
100
—
– 251
Project Greenwich NY 1, LLC, Wilmington/USA
100
—
—
PV 1000 Sp. z o.o., Warsaw/Poland
100
– 17
– 12
PV 1010 Sp. z o.o., Warsaw/Poland
100
– 20
– 6
PV 1020 Sp. z o.o., Warsaw/Poland
100
– 8
– 3
PV 1040 Sp. z o.o., Warsaw/Poland
100
– 10
– 3
PV 1050 Sp. z o.o., Warsaw/Poland
100
– 27
– 6
PV 1060 Sp. z o.o., Warsaw/Poland
100
– 11
– 4
PV 1070 Sp. z o.o., Warsaw/Poland
100
– 19
– 11
PV 1090 Sp. z o.o., Warsaw/Poland
100
– 7
– 3
PV 1160 Sp. z o.o., Warsaw/Poland
100
– 22
– 12
PV 1170 Sp. z o.o., Warsaw/Poland
100
– 61
– 51
PV 1180 Sp. z o.o., Warsaw/Poland
100
– 5
– 3
PV 1190 Sp. z o.o., Warsaw/Poland
100
– 44
– 9
PV 1200 Sp. z o.o., Warsaw/Poland
100
– 20
– 15
PV 1220 Sp. z o.o., Warsaw/Poland
100
– 28
– 19
PV 1240 Sp. z o.o., Warsaw/Poland
100
– 30
– 25
PV 1250 Sp. z o.o., Warsaw/Poland
100
– 12
– 8
PV 1260 Sp. z o.o., Warsaw/Poland
100
– 20
– 5
PV 1280 Sp. z o.o., Warsaw/Poland
100
– 44
– 38
PV 1290 Sp. z o.o., Warsaw/Poland
100
– 29
– 20
PV 1300 Sp. z o.o., Warsaw/Poland
100
– 4
– 2
PV 1320 Sp. z o.o., Warsaw/Poland
100
– 36
– 9
PV 1340 Sp. z o.o., Warsaw/Poland
100
– 17
– 4
304
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
PV 1360 Sp. z o.o., Warsaw/Poland
100
– 94
– 84
PV 1380 Sp. z o.o., Warsaw/Poland
100
– 21
– 4
PV 1390 Sp. z o.o., Warsaw/Poland
100
– 36
– 29
PV 1400 Sp. z o.o., Warsaw/Poland
100
– 5
– 2
PV 1420 Sp. z o.o., Warsaw/Poland
100
– 28
– 5
PV 1430 Sp. z o.o., Warsaw/Poland
100
– 16
– 4
PV 1440 Sp. z o.o., Warsaw/Poland
100
– 138
– 108
PV 1450 Sp. z o.o., Warsaw/Poland
100
– 5
– 2
PV 1470 Sp. z o.o., Warsaw/Poland
100
– 13
– 6
PV 1480 Sp. z o.o., Warsaw/Poland
100
– 5
– 2
PV 1490 Sp. z o.o., Warsaw/Poland
100
– 17
– 14
PV 1530 Sp. z o.o., Warsaw/Poland
100
– 15
– 12
PV 1540 Sp. z o.o., Warsaw/Poland
100
– 16
– 10
PV 1550 Sp. z o.o., Warsaw/Poland
100
– 28
– 4
PV 1570 Sp. z o.o., Warsaw/Poland
100
– 28
– 12
PV 1590 Sp. z o.o., Warsaw/Poland
100
– 7
– 4
PV 1600 Sp. z o.o., Warsaw/Poland
100
– 8
– 3
PV 1620 Sp. z o.o., Warsaw/Poland
100
– 11
– 3
PV 1640 Sp. z o.o., Warsaw/Poland
100
– 13
– 9
PV 1650 Sp. z o.o., Warsaw/Poland
100
– 14
– 3
PV 1660 Sp. z o.o., Warsaw/Poland
100
– 14
– 4
PV 1670 Sp. z o.o., Warsaw/Poland
100
– 21
– 16
PV 1680 Sp. z o.o., Warsaw/Poland
100
– 7
– 3
PV 1690 Sp. z o.o., Warsaw/Poland
100
– 37
– 23
PV 1700 Sp. z o.o., Warsaw/Poland
100
– 10
– 4
PV 1710 Sp. z o.o., Warsaw/Poland
100
– 14
– 10
305
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
PV 1730 Sp. z o.o., Warsaw/Poland
100
– 9
– 3
PV 1740 Sp. z o.o., Warsaw/Poland
100
– 59
– 48
PV 1750 Sp. z o.o., Warsaw/Poland
100
– 31
– 23
PV 1780 Sp. z o.o., Warsaw/Poland
100
– 7
– 4
PV 1790 Sp. z o.o., Warsaw/Poland
100
– 3
– 2
PV 1910 Sp. z o.o., Warsaw/Poland
100
– 6
– 3
PV 1920 Sp. z o.o., Warsaw/Poland
100
– 3
– 2
PV 1930 Sp. z o.o., Warsaw/Poland
100
– 7
– 4
PV 2010 Sp. z o.o., Warsaw/Poland
100
– 3
– 2
PV 2030 Sp. z o.o., Warsaw/Poland
100
– 5
– 3
PV 2050 Sp. z o.o., Warsaw/Poland
100
– 4
– 3
PV 2070 Sp. z o.o., Warsaw/Poland
100
– 4
– 3
PV 2080 Sp. z o.o., Warsaw/Poland
100
– 14
– 4
PV 2090 Sp. z o.o., Warsaw/Poland
100
– 4
– 2
PV 2100 Sp. z o.o., Warsaw/Poland
100
– 6
– 3
PV 2120 Sp. z o.o., Warsaw/Poland
100
– 5
– 4
PV 2130 Sp. z o.o., Warsaw/Poland
100
– 4
– 2
PV 2140 Sp. z o.o., Warsaw/Poland
100
– 4
– 2
PV 2150 Sp. z o.o., Warsaw/Poland
100
– 12
– 4
PV 2170 Sp. z o.o., Warsaw/Poland
100
– 3
– 2
PV 270 Sp. z o.o., Warsaw/Poland
100
– 50
– 38
PV 290 Sp. z o.o., Warsaw/Poland
100
– 13
– 6
PV 300 Sp. z o.o., Warsaw/Poland
100
– 37
– 30
PV 320 Sp. z o.o., Warsaw/Poland
100
– 50
– 44
PV 330 Sp. z o.o., Warsaw/Poland
100
– 15
– 9
PV 340 Sp. z o.o., Warsaw/Poland
100
– 19
– 13
306
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
PV 360 Sp. z o.o., Warsaw/Poland
100
– 10
– 3
PV 370 Sp. z o.o., Warsaw/Poland
100
– 15
– 10
PV 380 Sp. z o.o., Warsaw/Poland
100
– 47
– 40
PV 400 Sp. z o.o., Warsaw/Poland
100
– 28
– 21
PV 410 Sp. z o.o., Warsaw/Poland
100
– 17
– 13
PV 420 Sp. z o.o., Warsaw/Poland
100
– 14
– 7
PV 430 Sp. z o.o., Warsaw/Poland
100
– 93
– 26
PV 470 Sp. z o.o., Warsaw/Poland
100
– 4
—
PV 500 Sp. z o.o., Warsaw/Poland
100
– 8
– 3
PV 630 Sp. z o.o., Warsaw/Poland
100
– 46
– 37
PV 640 Sp. z o.o., Warsaw/Poland
100
– 24
– 17
PV 660 Sp. z o.o., Warsaw/Poland
100
– 14
– 11
PV 670 Sp. z o.o., Warsaw/Poland
100
– 67
– 52
PV 680 Sp. z o.o., Warsaw/Poland
100
– 8
– 3
PV 700 Sp. z o.o., Warsaw/Poland
100
– 36
– 28
PV 710 Sp. z o.o., Warsaw/Poland
100
– 26
– 18
PV 720 Sp. z o.o., Warsaw/Poland
100
– 17
– 12
PV 730 Sp. z o.o., Warsaw/Poland
100
– 12
– 5
PV 740 Sp. z o.o., Warsaw/Poland
100
– 11
– 3
Pyron Wind Farm, LLC, Wilmington/USA
100
280,629
– 15,430
Quartz Solar, LLC, Wilmington/USA
100
684
3,174
R3 Renewables II, LLC, Wilmington/USA
75
22,041
—
Radford’s Run Holdco, LLC, Wilmington/USA
100
58,813
– 118
Radford’s Run Wind Farm, LLC, Wilmington/USA
100
155,706
39,512
Rampion Offshore Wind Limited, Greenwood/United Kingdom
50
726,435
165,124
Renewables Solar Holding GmbH, Essen
100
4,993
– 1,826
307
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Rheinbraun Brennstoff GmbH, Frechen
100
82,619
—1
Rheinische Baustoffwerke GmbH, Bergheim
100
9,236
—1
Rheinkraftwerk Albbruck-Dogern Aktiengesellschaft, Waldshut-Tiengen
77
32,366
1,757
Rhenas Insurance Limited, St. Julians/Malta
100
100
60,888
1,813
Rhyl Flats Wind Farm Limited, Swindon/United Kingdom
50
85,563
21,512
R Morris Solar LLC, Wilmington/USA
100
—
—
Roeder Family Wind Farm, LLC, Des Moines/USA
100
—
—
Roscoe WF Holdco, LLC, Wilmington/USA
100
61,971
—
Roscoe Wind Farm, LLC, Wilmington/USA
100
31,574
– 2,847
Rose Creek Wind, LLC, Wilmington/USA
100
—
—
Rose Wind Holdings, LLC, Roseville/USA
100
– 6,190
– 54
RP Wind, LLC, Upper Arlington/USA
100
– 3,648
– 203
RV Rheinbraun Handel und Dienstleistungen GmbH, Frechen
100
36,694
—1
RWE Aktiengesellschaft, Essen
13,105,733
1,857,176
RWE Battery Solutions GmbH, Essen
100
1,180
—1
RWE Canada Ltd., Saint John/Canada
100
11,130
2,728
RWECE Clean Energy, Inc., Albany/USA
100
– 1,549,484
1,013
RWE Clean Energy Asset Holdings, Inc., Albany/USA
100
981,652
30,073
RWE Clean Energy Asset Management, LLC, Wilmington/USA
100
136,154
10,935
RWE Clean Energy Battery Storage, LLC, Wilmington/USA
100
– 71,452
735
RWE Clean Energy DCE Development, LLC, Wilmington/USA
100
—
—
RWE Clean Energy DCE Holdco, LLC, Wilmington/USA
100
—
—
RWE Clean Energy DCE Operations, LLC, Wilmington/USA
100
—
—
RWE Clean Energy Development, LLC, Wilmington/USA
100
1,515,306
– 3,211
RWE Clean Energy, LLC, Wilmington/USA
100
10,816,977
—
RWE Clean Energy O&M, LLC, Wilmington/USA
100
32,030
– 7,728
308
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
RWE Clean Energy QSE, LLC, Wilmington/USA
100
225,912
1,293
RWE Clean Energy Services, LLC, Wilmington/USA
100
– 3,752
– 232,241
RWE Clean Energy Solutions, Inc., Albany/USA
100
399,941
– 9,848
RWE Clean Energy Solutions Residential Solar, LLC, Wilmington/USA
100
– 11,811
– 1,075
RWE Clean Energy Wholesale Services, Inc., Albany/USA
100
151,481
– 20,346
RWE Eemshaven Holding II B.V., Geertruidenberg/Netherlands
100
599,214
803,263
RWE Eemshaven Magnum B.V., Eemshaven/Netherlands
100
306,692
– 118,696
RWE Eemshydrogen B.V., Geertruidenberg/Netherlands
100
– 4,730
– 1,192
RWE Energie Odnawialne Sp. z o.o., Szczecin/Poland
100
156,618
9,853
RWE Energy Marketing III, LLC, Wilmington/USA
100
– 63
3,648
RWE Energy Services, LLC, Wilmington/USA
100
899
– 14
RWE Eolien en Mer France SAS, Clichy/France
100
6,625
– 7,903
RWE Evendorf Windparkbetriebsgesellschaft mbH, Hanover
100
25
—1
RWE Finance US, LLC, Wilmington/USA
100
2,883
– 4
RWE Foundation gGmbH, Essen
100
100
125,297
– 1,227
RWE Gas Storage West GmbH, Essen
100
350,087
—1
RWE Generation Belgium N.V., Hasselt/Belgium
100
– 2,517
—
RWE Generation Holding B.V., Geertruidenberg/Netherlands
100
– 3,900
4,700
RWE Generation Hydro GmbH, Essen
100
25
—1
RWE Generation NL B.V., Geertruidenberg/Netherlands
100
604,314
748,135
RWE Generation NL Personeel B.V., Geertruidenberg/Netherlands
100
5,316
– 51
RWE Generation SE, Essen
100
100
281,269
—1
RWE Generation UK Holdings Limited, Swindon/United Kingdom
100
4,324,752
1,001,182
RWE Generation UK plc, Swindon/United Kingdom
100
3,183,540
1,051,218
RWE Green Gecco Windparks GmbH, Hanover
100
181
—1
RWE Hydrogen US, LLC, Wilmington/USA
100
– 442
– 425
309
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
RWE indeland Windpark Eschweiler GmbH & Co. KG, Eschweiler
51
36,522
4,332
RWE Investco EPC Mgmt 2, LLC, Wilmington/USA
100
—
—
RWE Investco EPC Mgmt, LLC, Wilmington/USA
100
1,063,042
168
RWE Investco Mgmt II, LLC, Wilmington/USA
100
1,385,331
106,048
RWE Investco Mgmt, LLC, Wilmington/USA
100
2,960,345
6,268
RWE Kaskasi GmbH, Hamburg
100
302,099
—1
RWE Lengerich Windparkbetriebsgesellschaft mbH, Gersten
100
25
—1
RWE Limondale Sun Farm Holding Pty. Ltd., Melbourne/Australia
100
151,560
6,468
RWE Magicat Holdco, LLC, Wilmington/USA
100
51,063
6,034
RWE Markinch Limited, Swindon/United Kingdom
100
75,413
90,634
RWE Metzler SPF H20, Frankfurt am Main
100
130,869
2,291
RWE Neuland Erneuerbare Energien GmbH & Co. KG, Essen
51
34,941
133
RWE Nuclear GmbH, Essen
100
100
100,000
—1
RWE Nukleus Green H2 GmbH, Lingen (Ems)
100
201,500
—1
RWE Offshore Celtic Sea Limited, Swindon/United Kingdom
100
—
—
RWE Offshore Development, LLC, Boston/USA
100
– 25,403
– 3,793
RWE Offshore Neptuni AB, Malmö/Sweden
100
71
– 1
RWE Offshore Södra Victoria AB, Malmö/Sweden
100
28
– 44
RWE Offshore Wind GmbH, Essen
100
25
—1
RWE Offshore Wind Holdings, LLC, Dover/USA
100
986,312
– 14
RWE Offshore Wind Japan Murakami-Tainai K.K., Tokyo/Japan
100
122
– 46
RWE Offshore Wind Netherlands B.V., Geertruidenberg/Netherlands
100
– 10,882
– 7,997
RWE Offshore Wind Netherlands Participations VII B.V., Geertruidenberg/Netherlands
100
105
105
RWE Offshore Wind Netherlands Participations VIII B.V., Geertruidenberg/Netherlands
100
105
105
RWE Offshore Wind Norway 1 AS, Oslo/Norway
100
12
8
RWE Offshore Wind Poland Sp. z o.o., Slupsk/Poland
100
65,221
– 722
310
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
RWE Offshore Wind Services, LLC, Wilmington/USA
100
– 17,291
– 16,604
RWE Operations France SAS, Clichy/France
100
– 1,095
– 1,414
RWE Personeel B.V., Geertruidenberg/Netherlands
100
679
– 6
RWE Power Aktiengesellschaft, Essen
100
100
1,988,572
—1
RWE Renewables Australia Pty. Ltd., Melbourne/Australia
100
– 6,511
– 11,167
RWE Renewables Benelux B.V., Geertruidenberg/Netherlands
100
– 14,404
4,545
RWE Renewables Beteiligungs GmbH, Dortmund
100
358,950
—1
RWE Renewables Canada Holdings Inc., Vancouver/Canada
100
34,441
– 861
RWE Renewables Denmark A/S, Copenhagen/Denmark
100
1,629
– 3,578
RWE Renewables Deutschland GmbH, Berlin
100
25
—1
RWE Renewables Distribution Poland Sp. z o.o., Warsaw/Poland
100
– 13
– 12
RWE Renewables Energy Marketing Australia Pty. Ltd., Melbourne/Australia
100
– 7
– 18
RWE Renewables Europe & Australia GmbH, Essen
100
454
—1
RWE Renewables GYM 2 Limited, Swindon/United Kingdom
100
36,245
9,671
RWE Renewables GYM 3 Limited, Swindon/United Kingdom
100
36,243
9,681
RWE Renewables GYM 4 Limited, Swindon/United Kingdom
100
105,625
30,546
RWE Renewables Hellas Single Member S.A., Maroussi/Greece
100
617
– 2,552
RWE Renewables Iberia, S.A.U., Barcelona/Spain
100
150,930
38,108
RWE Renewables International Participations B.V., Geertruidenberg/Netherlands
100
7,585,800
264,900
RWE Renewables Ireland East Celtic Limited, Kilkenny/Ireland
100
– 69
– 35
RWE Renewables Ireland Limited, Kilkenny/Ireland
100
– 24,768
– 8,635
RWE Renewables Italia S.r.l., Rome/Italy
100
334,776
136,314
RWE Renewables Japan G.K., Tokyo/Japan
100
– 2,405
– 16,656
RWE Renewables Korea LLC, Seoul/South Korea
100
9,933
– 5,768
RWE Renewables Management UK Limited, Swindon/United Kingdom
100
254,464
22,331
RWE Renewables Norway AS, Oslo/Norway
100
12,352
– 10,620
311
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
RWE Renewables Offshore HoldCo One GmbH, Essen
100
25
—1
RWE Renewables Offshore HoldCo Three GmbH, Essen
100
28,490
—1
RWE Renewables Operations Australia Pty Ltd, Melbourne/Australia
100
1,708
176
RWE Renewables Poland Sp. z o.o., Warsaw/Poland
100
720,762
67,239
RWE Renewables PV Schönau GmbH, Essen
100
173
—1
RWE Renewables Sweden AB, Malmö/Sweden
100
135,374
68,890
RWE Renewables Taiwan Ltd., Taipeh/Taiwan
100
7,031
– 36,919
RWE Renewables Trident Offshore GmbH, Essen
100
25
—1
RWE Renewables UK Blyth Limited, Swindon/United Kingdom
100
164
– 84
RWE Renewables UK Dogger Bank South (East) Limited, Swindon/United Kingdom
51
– 1,024
– 26
RWE Renewables UK Dogger Bank South (West) Limited, Swindon/United Kingdom
51
– 1,024
– 26
RWE Renewables UK Holdings Limited, Swindon/United Kingdom
100
1,845,316
154,760
RWE Renewables UK Humber Wind Limited, Swindon/United Kingdom
51
501,729
82,724
RWE Renewables UK Limited, Swindon/United Kingdom
100
1,052,502
394,359
RWE Renewables UK London Array Limited, Swindon/United Kingdom
100
249,885
73,282
RWE Renewables UK Onshore Wind Limited, Swindon/United Kingdom
100
138,557
24,643
RWE Renewables UK Operations Limited, Swindon/United Kingdom
100
27,426
4,331
RWE Renewables UK Robin Rigg East Limited, Swindon/United Kingdom
100
40,934
25,684
RWE Renewables UK Robin Rigg West Limited, Swindon/United Kingdom
100
25,127
22,105
RWE Renewables UK Scroby Sands Limited, Swindon/United Kingdom
100
2,632
– 3,137
RWE Renewables UK Solar and Storage Limited, Swindon/United Kingdom
100
– 3,428
– 3,368
RWE Renewables UK Solar Holdings Limited, Swindon/United Kingdom
100
– 14,413
– 14,143
RWE Renewables UK Swindon Limited, Swindon/United Kingdom
100
2,270,638
183,429
RWE Renewables UK Wind Services Limited, Swindon/United Kingdom
100
62,509
12,155
RWE Renouvelables France SAS, Clichy/France
100
46,779
– 21,384
RWE SERVICE IBERIA, S.L.U., Barcelona/Spain
100
108
– 1
312
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
RWE Solar Development, LLC, Wilmington/USA
100
617,879
– 16,282
RWE Solar NC Lessee LLC, Wilmington/USA
100
6,534
1,068
RWE Solar NC Pledgor LLC, Wilmington/USA
100
2,743
—
RWE Solar Netherlands B.V., Geertruidenberg/Netherlands
100
1,141
– 4
RWE Solar Poland Sp. z o.o., Warsaw/Poland
100
– 826
84
RWE Solar PV, LLC, Wilmington/USA
100
85,541
– 960
RWE Sommerland Windparkbetriebsgesellschaft mbH, Sommerland
100
26
—1
RWEST Middle East Holdings B.V., 's-Hertogenbosch/Netherlands
100
6,629
743
RWE Supply and Trading (Shanghai) Co. Ltd, Shanghai/China
100
10,289
– 1,099
RWE Supply & Trading Americas Holdings, LLC, Wilmington/USA
100
949,362
—
RWE Supply & Trading Americas, LLC, Wilmington/USA
100
95,795
– 9,408
RWE Supply & Trading Asia-Pacific PTE. LTD., Singapore/Singapore
100
149,466
62,974
RWE Supply & Trading GmbH, Essen
100
100
446,778
—1
RWE Supply & Trading Japan KK, Tokyo/Japan
100
33,498
17,204
RWE Supply & Trading Participations Limited, London/United Kingdom
100
10,851
89,739
RWE Technology International GmbH, Essen
100
12,463
—1
RWE Technology NL B.V., Geertruidenberg/Netherlands
100
—
—
RWE Technology UK Limited, Swindon/United Kingdom
100
4,948
1,052
RWE THOR 1 B.V., Geertruidenberg/Netherlands
100
44,715
122
RWE THOR 2 B.V., Geertruidenberg/Netherlands
100
21,042
57
RWE THOR 3 B.V., Geertruidenberg/Netherlands
100
10,959
30
RWE THOR 4 B.V., Geertruidenberg/Netherlands
100
10,959
30
RWE Trading Americas Inc., New York City/USA
100
2,984
– 210
RWE Trading Services GmbH, Essen
100
45,735
—1
RWE & Turcas Güney Elektrik Üretim A.S., Ankara/Türkiye
70
275,222
6,907
RWE US Holdings, LLC, Wilmington/USA
100
9,551,783
219,271
313
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
RWE Wind Karehamn AB, Malmö/Sweden
100
22,073
21,125
RWE Wind Onshore & PV Deutschland GmbH, Hanover
100
84,326
—1
RWE Windpark Bedburg A44n GmbH & Co. KG, Bedburg
51
24,500
3,770
RWE Windpark Bedburg GmbH & Co. KG, Bedburg
51
43,213
7,997
RWE Windpark Garzweiler GmbH & Co. KG, Essen
51
38,982
3,875
RWE Windpower Netherlands B.V., Geertruidenberg/Netherlands
100
73,235
34,937
RWE Wind Services Denmark A/S, Rødby/Denmark
100
20,688
10,406
Sand Bluff WF Holdco, LLC, Wilmington/USA
100
– 3,440
—
Sand Bluff Wind Farm, LLC, Wilmington/USA
100
140,260
10,375
Sanford A, LLC, Wilmington/USA
100
—
—
Scioto Ridge Solar LLC, Wilmington/USA
100
– 1,536
– 1,476
Seohae Offshore Wind Power Co., Ltd., Taean-eup/South Korea
100
9,015
– 277
SEP II, LLC, Sacramento/USA
100
– 175,537
– 5,190
Settlers Trail Wind Farm, LLC, Wilmington/USA
100
46,605
– 780
Seward NY 1, LLC, Wilmington/USA
100
—
—
SF Wind Enterprises, LLC, Roseville/USA
100
—
—
Shenvalee Solar, LLC, Wilmington/USA
100
—
—
Shrewsbury Solar, LLC, Wilmington/USA
100
5,221
– 129
Sofia Offshore Wind Farm Holdings Limited, Swindon/United Kingdom
100
—
—
Sofia Offshore Wind Farm Limited, Swindon/United Kingdom
100
– 45,550
– 12,070
SOLARENGO Energia, Unipessoal, Lda., Cascais/Portugal
100
3,381
– 1,432
Solarengo Portugal, SGPS, Unipessoal Lda., Cascais/Portugal
100
9,653
– 10
South Boston VAA, LLC, Wilmington/USA
100
—
—
Stillwater Energy Storage, LLC, Wilmington/USA
100
192
233
Stoneridge Solar, LLC, Wilmington/USA
100
– 16,900
– 11,581
Stony Creek Holdco, Wilmington/USA
100
37,686
—
314
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Stony Creek Wind Farm, Wilmington/USA
100
34,416
1,977
Stormvinden DA, Oslo/Norway
89
– 378
– 382
Sunflower Holdco I, LLC, Wilmington/USA
100
41,576
—
Swansea MA 1, LLC, Wilmington/USA
100
—
—
Switchgrass BESS, LLC, Wilmington/USA
100
—
—
Switchgrass Solar I, LLC, Wilmington/USA
100
– 12,626
26
Taber Solar 1 Inc., Vancouver/Canada
100
9,836
– 827
Taber Solar 2 Inc., Vancouver/Canada
100
11,969
3,648
Tamworth Holdings, LLC, Raleigh/USA
100
9,088
77
Tanager Holdings, LLC, Raleigh/USA
100
8,154
– 8
Tech Park Solar, LLC, Wilmington/USA
100
14,931
602
TEP EAA BJC Class B, LLC, Wilmington/USA
100
222,671
– 476
TEP Financing Four, LLC, Wilmington/USA
100
343,117
– 11,547
TEP Financing Seven Class B, LLC, Wilmington/USA
100
—
—
TEP Financing Seven, LLC, Wilmington/USA
100
—
—
TEP Financing Six Class B, LLC, Wilmington/USA
100
168,800
– 32
TEP Financing Six, LLC, Wilmington/USA
100
168,970
131
TEP Orchard Arrow Class B, LLC, Wilmington/USA
100
530,614
– 16
TE Portfolio Financing One, LLC, Wilmington/USA
100
120,212
– 5,814
TE Portfolio Financing Two, LLC, Wilmington/USA
100
240,672
– 3,640
TEP Portfolio Financing Five, LLC, Wilmington/USA
100
510,251
3,789
TEP Portfolio Financing Three, LLC, Wilmington/USA
100
220,728
– 4,396
TEP Pyron Willowbrook Class B, LLC, Wilmington/USA
100
355,698
– 68
TEP Sand Baron Class B, LLC, Wilmington/USA
100
251,404
– 467
TEP Standard Class B, LLC, Wilmington/USA
100
227,049
– 496
Texas Waves, LLC, Wilmington/USA
100
15,670
– 593
315
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
The Hollies Wind Farm Limited, Swindon/United Kingdom
100
2,244
348
Thor Wind Farm I/S, Copenhagen/Denmark
100
84,707
– 123
Timberland Solar 3, LLC, Wilmington/USA
100
—
—
TLS-CES Services III, LLC, Wilmington/USA
100
—
—
TLS-CES Services II, LLC, Wilmington/USA
100
—
—
TLS-CES Services I, LLC, Wilmington/USA
100
—
—
Triton Knoll HoldCo Limited, Swindon/United Kingdom
59
100,254
20,729
Triton Knoll Offshore Wind Farm Limited, Swindon/United Kingdom
100
230,324
63,316
Union Ridge Solar, LLC, Wilmington/USA
100
– 2,041
– 1,962
Valencia Solar, LLC, Tucson/USA
100
15,572
1,830
Valley View Transmission, LLC, Roseville/USA
99
– 8,961
275
Valley View Wind Investors, LLC, Wilmington/USA
100
—
—
Vato Solar LLC, Wilmington/USA
100
—
—
Ventasso Energy Storage, LLC, Wilmington/USA
100
– 2,530
– 851
Virginia 1 Equity Holdings, LLC, Wilmington/USA
100
—
—
Virginia 1 Portfolio Holdings, LLC, Wilmington/USA
100
58,392
– 5,189
Wareham MA 3, LLC, Wilmington/USA
100
—
—
Warren MA 1, LLC, Wilmington/USA
100
—
—
Waterloo Solar I, LLC, Wilmington/USA
100
– 18
– 18
Water Strider Solar, LLC, Richmond/USA
100
– 268,537
– 2,034
Watlington BESS, LLC, Wilmington/USA
100
—
—
Watlington Solar, LLC, Wilmington/USA
100
– 39,111
– 197
WE 90 Technology Solar LLC, Wilmington/USA
100
– 11,434
– 323
West Greenwich Solar, LLC, Wilmington/USA
100
1,044
– 237
Westminster Reliability Project LLC, Wilmington/USA
100
—
—
West of the Pecos Holdco, LLC, Wilmington/USA
100
60,997
– 6
316
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
I. Affiliated companies which are included in the consolidated financial statements
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
West of the Pecos Solar, LLC, Wilmington/USA
100
64,532
– 3,765
Westside Canal 2A, LLC, Wilmington/USA
100
—
1,521
Willowbrook Solar I, LLC, Wilmington/USA
100
214,566
13,951
Windpark Eekerpolder B.V., Geertruidenberg/Netherlands
100
31,990
6,730
Windpark Kattenberg B.V., Geertruidenberg/Netherlands
100
3,566
940
Windpark Nordsee Ost GmbH, Heligoland
100
256
—1
Windpark Oostpolderdijk B.V., Geertruidenberg/Netherlands
100
2,035
353
Windwalkers, LLC, Des Moines/USA
100
—
—
Woodstock Hills LLC, Wilmington/USA
100
– 20,894
– 1,035
WR Graceland Solar, LLC, Wilmington/USA
100
– 2,943
– 239
Wythe County Solar Project, LLC, Wilmington/USA
100
– 28,363
– 4,656
Yellow Cat Wind LLC, Wilmington/USA
100
—
—
Zielone Glówczyce Sp. z o.o. w likwidacji, Slupsk/Poland
100
1,501
– 8,800
317
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
II. Affiliated companies which are not included in the consolidated financial statements due to secondary importance  
for the assets, liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
45th Parallel Solar, LLC, Wilmington/USA
100
—
—3
Acocil Recursos Ambientales, S. de R.L. de C.V., Mexico City/Mexico
100
—
—
Adams MIA, LLC, Wilmington/USA
100
—
—3
Agenzia Carboni S.r.l., Genoa/Italy
100
410
47
Ajolote Recursos Ambientales, S. de R.L. de C.V., Mexico City/Mexico
100
—
—
Amole Recursos Ambientales, S. de R.L. de C.V., Mexico City/Mexico
100
—
—
Anemos Ala Segarra, S.L., Barcelona/Spain
100
– 10
– 13
Antlers Road Solar, LLC, Wilmington/USA
100
—
—
Auzoberri Desarrollo, S.L.U., Barcelona/Spain
100
114
– 10
Azagra Energy Quel, S.L.U., Barcelona/Spain
100
363
– 9
Bayou Macon Solar, LLC, Wilmington/USA
100
—
—
Bazinga Offshore Wind Holding Pty. Ltd., Melbourne/Australia
100
—
—
Bazinga Offshore Wind Pty. Ltd., Melbourne/Australia
100
—
—
Beargrass Solar Inc., Vancouver/Canada
100
—
—
Big Pine Solar, LLC, Wilmington/USA
100
—
—3
Biznaga Recursos Ambientales, S. de R.L. de C.V., Mexico City/Mexico
100
—
—
Blackbeard Solar, LLC, Wilmington/USA
100
—
—
Blueberry Hills LLC, Chicago/USA
100
—
—
Bluestem Solar Farm, LLC, Wilmington/USA
100
—
—3
BO Baltic Offshore GmbH, Hamburg
98
2
—
Bowler Flats Energy Hub LLC, Chicago/USA
100
—
—
Bristol CTA, LLC, Wilmington/USA
100
—
—3
Buckeye Wind LLC, Chicago/USA
100
—
—
Burgar Hill Wind Farm Limited, Swindon/United Kingdom
100
—
—
Camaiore Sp. z o.o. w likwidacji, Warsaw/Poland
100
264
– 208
Camellia Solar LLC, Wilmington/USA
100
—
—
318
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
II. Affiliated companies which are not included in the consolidated financial statements due to secondary importance  
for the assets, liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Camellia Solar Member LLC, Wilmington/USA
100
—
—
Camster II Wind Farm Limited, Swindon/United Kingdom
100
—
—
Canal Crossing Solar, LLC, Wilmington/USA
100
—
—
Cardinal Wind Farm, LLC, Wilmington/USA
100
—
—
Casarano Sp. z o.o. w likwidacji, Warsaw/Poland
100
323
– 526
Cassius Blue Solar LLC, Wilmington/USA
100
—
—3
Cattleman Wind Farm II, LLC, Wilmington/USA
100
—
—
Cattleman Wind Farm, LLC, Wilmington/USA
100
—
—
Cecina Sp. z o.o. w likwidacji, Warsaw/Poland
100
247
– 224
Cedar Ridge PV I, LLC, Wilmington/USA
100
—
—3
Cempasúchil Recursos Ambientales, S. de R.L. de C.V., Mexico City/Mexico
100
—
—
Cercola Sp. z o.o. w likwidacji, Warsaw/Poland
100
978
– 181
Cerignola Sp. z o.o. w likwidacji, Warsaw/Poland
100
971
– 181
Champaign Wind LLC, Chicago/USA
100
—
—
Champlain PV I, LLC, Wilmington/USA
100
—
—3
Choptank Solar & Storage, LLC, Wilmington/USA
100
—
—3
Clinton Wind, LLC, Wilmington/USA
100
—
—
Colibri Recursos Ambientales, S. de R.L. de C.V., Mexico City/Mexico
100
—
—
Cordeneos Sp. z o.o. w likwidacji, Warsaw/Poland
100
1,123
– 166
Cordova Wind Farm, LLC, Wilmington/USA
100
—
—
Corning Solar, LLC, Wilmington/USA
100
—
—
Covina Reliability Project LLC, Wilmington/USA
100
—
—3
Coyote Road Solar, LLC, Wilmington/USA
100
—
—3
Cremona Sp. z o.o. w likwidacji, Warsaw/Poland
100
222
– 249
Crooked Creek Solar, LLC, Wilmington/USA
100
—
—3
Decadia GmbH, Essen
100
100
3,865
1,317
319
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
II. Affiliated companies which are not included in the consolidated financial statements due to secondary importance  
for the assets, liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Dohema Offshore sp. z o.o. w likwidacji, Slupsk/Poland
100
145
– 1
Duck Lake Power, LLC, Wilmington/USA
100
—
—3
Eko-En 5 Sp. z o.o., Warsaw/Poland
100
– 133
– 27
Eko-En 6 Sp. z o.o., Warsaw/Poland
100
– 25
– 25
Elbehafen LNG GmbH, Essen
100
13,141
—
Elliott Solar, LLC, Wilmington/USA
100
—
—
Elm Springs VAB, LLC, Wilmington/USA
100
—
—3
Enfield CTA, LLC, Wilmington/USA
100
—
—3
Eólica Alta Anoia, S.L., Barcelona/Spain
100
– 4
– 7
Eólica La Conca 2, S.L., Barcelona/Spain
100
3
—
Eólica La Conca 3, S.L., Barcelona/Spain
100
3
—
Eólica La Conca, S.L., Barcelona/Spain
100
3
—
ETI Green Gas Limited, London/United Kingdom
100
—
—3
ETI NA Investments GmbH, Essen
100
5,330
– 1,073
ETI UK Holding Limited, London/United Kingdom
100
—
—3
ETI Wind Holdings Limited, London/United Kingdom
100
9,059
– 241
EverPower Maine LLC, Chicago/USA
100
—
—
EverPower Ohio LLC, Chicago/USA
100
—
—
EverPower Solar LLC, Chicago/USA
100
—
—
EverPower Wind Development, LLC, Chicago/USA
100
—
—
E & Z Industrie-Lösungen GmbH, Essen
100
4,397
220
Farmington CTA, LLC, Wilmington/USA
100
—
—3
Flatlands Wind Farm, LLC, Wilmington/USA
100
—
—
Flexilis Power Limited, Kilkenny/Ireland
100
94
– 1
Florida Solar and Power Group LLC, Wilmington/USA
100
—
—
Fotovoltaica Delibes, S.A. de C.V., Mexico City/Mexico
100
—
—
320
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
II. Affiliated companies which are not included in the consolidated financial statements due to secondary importance  
for the assets, liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Fourth Quarter BESS, LLC, Wilmington/USA
100
—
—
Frankford DEA, LLC, Wilmington/USA
100
—
—3
Frazier Solar, LLC, Wilmington/USA
100
—
—
Gas Link Lubmin GmbH, Essen
100
1,302
—
GBV Achtunddreißigste Gesellschaft für Beteiligungsverwaltung mbH, Essen
100
25
—1
GBV Dreiunddreißigste Gesellschaft für Beteiligungsverwaltung mbH, Essen
100
100
25
—1
GBV Dreiundvierzigste Gesellschaft für Beteiligungsverwaltung mbH, Essen
100
100
23
– 1
GBV Einunddreißigste Gesellschaft für Beteiligungsverwaltung mbH, Essen
100
100
30
—1
GBV Siebte Gesellschaft für Beteiligungsverwaltung mbH, Essen
100
100
—1
GBV Zweiundvierzigste Gesellschaft für Beteiligungsverwaltung mbH, Essen
100
100
23
—
Gesellschaft für Beteiligungs- und Pensionsverwaltung 41 mbH, Essen
100
7,808
– 487
Geun Heung Offshore Wind Power Co., Ltd., Seoul/South Korea
100
6
—
Grand Junction MIA, LLC, Wilmington/USA
100
—
—3
Grandview Wind Farm III, LLC, Wilmington/USA
100
—
—
Grandview Wind Farm IV, LLC, Wilmington/USA
100
—
—
Grandview Wind Farm V, LLC, Wilmington/USA
100
—
—
Greene Solar, LLC, Wilmington/USA
100
—
—
Green Gecco Verwaltungs GmbH, Essen
51
41
—
Greensburg Solar, LLC, Wilmington/USA
100
—
—
Greenswitch Wind, LLC, Wilmington/USA
100
—
—
Green Twelve S.r.l., Verona/Italy
100
– 74
– 32
Greenwood Power, LLC, Wilmington/USA
100
—
—3
Groene Wind Power B.V., Geertruidenberg/Netherlands
100
—
—3
Groene Wind Power C.V., Geertruidenberg/Netherlands
100
—
—3
Grottoes VAA, LLC, Wilmington/USA
100
—
—
321
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
II. Affiliated companies which are not included in the consolidated financial statements due to secondary importance  
for the assets, liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Harryburn Wind Farm Limited, Swindon/United Kingdom
100
—
4
Haube Wind Sp. z o.o., Slupsk/Poland
100
106
– 1
Highland III LLC, Chicago/USA
100
—
—
Hillclimber Solar, LLC, Wilmington/USA
100
—
—3
Horse Thief Wind Project LLC, Chicago/USA
100
—
—
INDI Energie B.V., ’s-Hertogenbosch/Netherlands
100
351
32
INDI Solar-Projects 1 B.V., ’s-Hertogenbosch/Netherlands
100
305
22
Infraestructuras de Aldehuelas, S.A., Barcelona/Spain
100
428
—
Infrastrukturgesellschaft Netz Lübz mit beschränkter Haftung, Hanover
100
38
– 36
Iron Horse Battery Storage, LLC, Wilmington/USA
100
– 8,928
– 457
Janus Solar PV, LLC, Wilmington/USA
100
—
—
JBM Solar Projects 38 Ltd., Swindon/United Kingdom
100
– 13
– 8
Jimble Offshore Wind Holding Pty. Ltd., Melbourne/Australia
100
—
—
Jimble Offshore Wind Pty. Ltd., Melbourne/Australia
100
—
—
Jugondo Desarrollo, S.L.U., Barcelona/Spain
100
901
– 34
Kestrel Energy Storage, LLC, Wilmington/USA
100
—
—
Key Solar, LLC, Wilmington/USA
100
—
—
Kyan Solar, LLC, Wilmington/USA
100
—
—
Lake Fork Wind Farm, LLC, Wilmington/USA
100
—
—
Lampasas Wind LLC, Chicago/USA
100
—
—
Lasso Wind, LLC, Wilmington/USA
100
—
—
Las Vaguadas II Solar S.L., Barcelona/Spain
100
– 21
– 13
Lincoln Solar Farm, LLC, Wilmington/USA
100
—
—
Littlefield Tax Partners, LLC, New York City/USA
70
2,835
—
Mahanoy Mountain, LLC, Chicago/USA
100
—
—
322
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
II. Affiliated companies which are not included in the consolidated financial statements due to secondary importance  
for the assets, liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Major Wind Farm, LLC, Wilmington/USA
100
—
—
March Road Solar, LLC, Wilmington/USA
100
—
—
Maricopa East Solar PV 2, LLC, Wilmington/USA
100
—
—
Maricopa East Solar PV, LLC, Wilmington/USA
100
—
—
Maricopa Land Holding, LLC, Wilmington/USA
100
—
—
Maricopa West Solar PV 2, LLC, Wilmington/USA
100
—
—
Maryland Sunlight 1 LLC, Wilmington/USA
100
—
—
Midway Solar 1, LLC, Wilmington/USA
100
—
—3
Midway Solar, LLC, Wilmington/USA
100
—
—3
Moasi Solar 1, LLC, Wilmington/USA
100
—
—
Moasi Solar 2, LLC, Wilmington/USA
100
—
—
Monroe CTA, LLC, Wilmington/USA
100
—
—3
Morska Farma Wiatrowa Antares Sp. z o.o. w likwidacji, Warsaw/Poland
100
422
– 593
Mud Springs Wind Project LLC, Chicago/USA
100
—
—
Muñegre Desarrollo, S.L.U., Barcelona/Spain
100
172
– 19
Mur Power, LLC, Wilmington/USA
100
—
—3
Nathalie VAC, LLC, Wilmington/USA
100
—
—
Nathalie VAL, LLC, Wilmington/USA
100
—
—
Newington CTA, LLC, Wilmington/USA
100
—
—3
Newtown CTA, LLC, Wilmington/USA
100
—
—3
Northern Orchard Solar PV 2, LLC, Wilmington/USA
100
—
—
Nouvions Poste de Raccordement SAS, Clichy/France
100
– 8
– 1
NY Queens C, LLC, Wilmington/USA
100
—
—3
Offshore Wind Three GmbH, Essen
100
—
—3
OHD Offshore Hydrogen Development Administration Two GmbH, Berlin
100
39
8
323
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
II. Affiliated companies which are not included in the consolidated financial statements due to secondary importance  
for the assets, liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
OHD Offshore Hydrogen Development One GmbH, Essen
100
23
—
OHD Offshore Hydrogen Development Two GmbH & Co. KG, Essen
100
35
– 10
Ohio Sunlight 1 LLC, Wilmington/USA
100
—
—
Olmunite Investments sp. z o.o. w likwidacji, Slupsk/Poland
100
—
– 6
Oranje Wind Power B.V., Geertruidenberg/Netherlands
100
—
—
Oranje Wind Power C.V., Geertruidenberg/Netherlands
100
100
—
Ostsee LNG Holding GmbH, Essen
100
4,322
—
Ostsee LNG Terminal GmbH, Essen
100
24
—
Owen Prairie Wind Farm, LLC, Wilmington/USA
100
—
—
Oyamel Recursos Ambientales, S. de R.L. de C.V., Mexico City/Mexico
100
—
—
Palo Verde Wind, LLC, Wilmington/USA
100
—
—
Panther Creek Solar, LLC, Wilmington/USA
100
—
—
Parc Agrivoltaïque de Boeuf SAS, Clichy/France
100
—
—3
Parc Agrivoltaïque de Brécy et Villabon SAS, Clichy/France
100
37
—
Parc Agrivoltaïque de Dinay SAS, Clichy/France
100
37
—
Parc Agrivoltaique de la Plaigne SAS, Clichy/France
100
36
– 1
Parc Agrivoltaïque de Rougeot SAS, Clichy/France
100
—
—3
Parc Agrivoltaïque des Autriots SAS, Clichy/France
100
37
—
Parc Agrivoltaïque du Défens SAS, Clichy/France
100
—
—3
Parc de Stockage d'Electricité de Vésigneul SAS, Clichy/France
100
35
—
Parc Eolien 113 SAS, Clichy/France
100
36
– 1
Parc Eolien 121 SAS, Clichy/France
100
—
—3
Parc Eolien 122 SAS, Clichy/France
100
—
—3
Parc Eolien 124 SAS, Clichy/France
100
—
—3
Parc Eolien 125 SAS, Clichy/France
100
—
—3
324
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
II. Affiliated companies which are not included in the consolidated financial statements due to secondary importance  
for the assets, liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Parc Eolien d'Auppegard SAS, Clichy/France
100
37
—
Parc Eolien de Autmont SAS, Clichy/France
100
—
—3
Parc Eolien De Canny SAS, Clichy/France
100
29
– 2
Parc Eolien de Chazelles SAS, Clichy/France
100
—
—3
Parc Eolien de Ciré d’Aunis et d’Ardillières SAS, Clichy/France
100
– 2
– 22
Parc Eolien De Foissy-Sur-Vanne SAS, Clichy/France
100
28
– 2
Parc Eolien de Fouchères aux Bois SAS, Clichy/France
100
29
– 1
Parc Eolien De Ganochaud SAS, Clichy/France
100
13
– 4
Parc Eolien De La Cabane Blanche SAS, Clichy/France
100
– 761
– 781
Parc Eolien De La Croix Blanche SAS, Clichy/France
100
24
– 1
Parc Eolien de la Maison des Champs SAS, Clichy/France
100
37
—
Parc Eolien de Langonnet SAS, Clichy/France
100
38
1
Parc Eolien de la Petite Woëvre SAS, Clichy/France
100
—
—3
Parc Eolien de la Plaine des Vaulois SAS, Clichy/France
100
36
– 1
Parc Eolien de la Souche SAS, Clichy/France
100
36
—
Parc Eolien de la Vallée de l’Eaulne SAS, Clichy/France
100
23
– 4
Parc Eolien De Mesbrecourt-Richecourt SAS, Clichy/France
100
—
– 20
Parc Eolien de Morgat SAS, Clichy/France
100
30
– 2
Parc Eolien De Nuisement Et Cheniers SAS, Clichy/France
100
28
– 2
Parc Eolien de Pys et le Sars SAS, Clichy/France
100
—
—3
Parc Eolien de Rogny SAS, Clichy/France
100
—
—3
Parc Eolien des Ailes du Gatinais SAS, Clichy/France
100
– 9
– 40
Parc Eolien de Saint-Vaast-D'Equiqueville SAS, Clichy/France
100
36
– 1
Parc Eolien des Baumes SAS, Clichy/France
100
31
– 1
Parc Eolien des Cinq Poiriers SAS, Clichy/France
100
31
– 1
325
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
II. Affiliated companies which are not included in the consolidated financial statements due to secondary importance  
for the assets, liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Parc Eolien de Senan SAS, Clichy/France
100
37
—
Parc Eolien des Marchellions SAS, Clichy/France
100
37
—
Parc Eolien des Milles Vents SAS, Clichy/France
100
29
– 3
Parc Eolien De Soudron SAS, Clichy/France
100
28
– 1
Parc Eolien des Portes de Bourgogne SAS, Clichy/France
100
35
– 2
Parc Eolien des Pressoirs SAS, Clichy/France
100
31
– 1
Parc Eolien Des Raisinières SAS, Clichy/France
100
– 31
– 60
Parc Eolien des Retavernes SAS, Clichy/France
100
—
—3
Parc Eolien de Vallan SAS, Clichy/France
100
—
—3
Parc Eolien Du Bocage SAS, Clichy/France
100
– 148
– 44
Parc Eolien du Buis SAS, Clichy/France
100
—
—3
Parc Eolien Du Champ Madame SAS, Clichy/France
100
13
– 17
Parc Eolien du Chemin de Châlons 2 SAS, Clichy/France
100
36
– 1
Parc Eolien Du Chemin Vert SAS, Clichy/France
100
12
– 17
Parc Eolien du Fossé Chatillon SAS, Clichy/France
100
36
– 1
Parc Eolien Du Mont Hellet SAS, Clichy/France
100
29
– 1
Parc Eolien Du Mont Herbé SAS, Clichy/France
100
9
– 11
Parc Eolien du Plateau de la Chapelle-sur-Chézy SAS, Clichy/France
100
28
– 2
Parc Eolien Du Ru Garnier SAS, Clichy/France
100
2
– 17
Parc Eolien entre Pierre et Morains SAS, Clichy/France
100
21
– 2
Parc Eolien Les Beaux Piliers SAS, Clichy/France
100
—
—3
Parc Eolien les Cœurs de Bœuf SAS, Clichy/France
100
37
—
Parc Solaire 10 SAS, Clichy/France
100
—
—3
Parc Solaire 1 SAS, Clichy/France
100
—
—3
Parc Solaire de Cléré les Pins SAS, Clichy/France
100
37
—
326
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
II. Affiliated companies which are not included in the consolidated financial statements due to secondary importance  
for the assets, liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Parc Solaire de Courgeon SAS, Clichy/France
100
—
—3
Parc Solaire de Cressia SAS, Clichy/France
100
37
—
Parc Solaire de Gannat SAS, Clichy/France
100
37
—
Parc Solaire de la Boisselière SAS, Clichy/France
100
36
– 1
Parc Solaire de l'Echineau SAS, Clichy/France
100
31
– 2
Parc Solaire de Pimorin SAS, Clichy/France
100
31
– 2
Parc Solaire des Hermittes SAS, Clichy/France
100
36
– 1
Parc Solaire des Landes Barrades SAS, Clichy/France
100
37
—
Parc Solaire de Vergy SAS, Clichy/France
100
37
—
Parc Solaire du Piolay SAS, Clichy/France
100
—
—3
Parc Ynni Cymunedol Alwen Cyfyngedig, Swindon/United Kingdom
100
—
—
Parque Eólico El Ópalo, S. de R.L. de C.V., Mexico City/Mexico
100
—
—
Pawnee Spirit Wind Farm, LLC, Wilmington/USA
100
—
—
Paz 'Eole SAS, Clichy/France
100
– 10
– 32
Peaceful Hollow BESS, LLC, Wilmington/USA
100
—
—3
Pearl Moon Solar, LLC, Wilmington/USA
100
—
—3
Pe Ell North LLC, Chicago/USA
100
—
—
PI E&P US Holding LLC, New York City/USA
100
64,581
5,841
Pinckard Solar LLC, Wilmington/USA
100
—
—
Pinckard Solar Member LLC, Wilmington/USA
100
—
—
Pinto Pass, LLC, Wilmington/USA
100
—
—
Pipkin Ranch Wind Farm, LLC, Wilmington/USA
100
—
—
Pleasant Valley Solar Farm, LLC, Wilmington/USA
100
—
—
Poste HTB Centre 1 SAS, Clichy/France
100
—
—3
Poste HTB Grand Est 1 SAS, Clichy/France
100
22
– 8
327
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
II. Affiliated companies which are not included in the consolidated financial statements due to secondary importance  
for the assets, liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Poste HTB Hauts de France 1 SAS, Clichy/France
100
36
– 1
Poste HTB Hauts de France 2 SAS, Clichy/France
100
16
– 3
Poste HTB Normandie 1 SAS, Clichy/France
100
31
– 2
Projet Agrivoltaïque de la Charité SAS, Clichy/France
100
—
—3
Projet Agrivoltaïque de la Frenière d'en Haut SAS, Clichy/France
100
—
—3
Projet Agrivoltaïque de Montréal-du-Gers SAS, Clichy/France
100
—
—3
Projet Agrivoltaïque de Sallèles-d'Aude SAS, Clichy/France
100
—
—3
Proyectos Solares Iberia III, S.L., Barcelona/Spain
100
– 289
– 216
Proyectos Solares Iberia II, S.L., Barcelona/Spain
100
– 15
– 20
Proyectos Solares Iberia I, S.L., Barcelona/Spain
100
5
– 7
Proyectos Solares Iberia V, S.L., Barcelona/Spain
100
4
– 7
Pryor Caves Wind Project LLC, Chicago/USA
100
—
—
PT Rheincoal Supply & Trading Indonesia, PT, Jakarta/Indonesia
100
4,265
– 636
QC15 Transfer, LLC, Wilmington/USA
100
—
—3
Queens NYB, LLC, Wilmington/USA
100
—
—3
Queens NYD, LLC, Wilmington/USA
100
—
—3
Quintana Fotovoltaica S.L.U., Barcelona/Spain
100
– 22
– 15
R3 Antioch, LLC, Wilmington/USA
100
—
—
R3 Bear Run, LLC, Wilmington/USA
100
—
—
R3 Benton, LLC, Wilmington/USA
100
—
—
R3 Billings, LLC, Wilmington/USA
100
—
—
R3 Charger, LLC, Wilmington/USA
100
—
—
R3 Chinook, LLC, Wilmington/USA
100
—
—
R3 Francisco, LLC, Wilmington/USA
100
—
—
R3 Friendsville, LLC, Wilmington/USA
100
—
—
328
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
II. Affiliated companies which are not included in the consolidated financial statements due to secondary importance  
for the assets, liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
R3 Gateway, LLC, Wilmington/USA
100
—
—
R3 Old Ben, LLC, Wilmington/USA
100
—
—
R3 Renewables Land Holdings, LLC, Wilmington/USA
100
—
—
R3 Shamrock, LLC, Wilmington/USA
100
—
—
R3 Wild Boar, LLC, Wilmington/USA
100
—
—
Rabbit’s Foot Solar, LLC, Wilmington/USA
100
—
—3
RD Hanau GmbH, Hanau
100
2,050
—1
Remington BESS, LLC, Wilmington/USA
100
—
—3
Renewables JV GmbH, Essen
100
224
– 1
R-Gen Renewables Limited, Altrincham/United Kingdom
100
746
– 350
Ribaforada Energy Ribaforada, S.L.U., Barcelona/Spain
100
190
– 9
Rose Rock Wind Farm, LLC, Wilmington/USA
100
—
—
Rouget Road Solar Farm, LLC, Lake Mary/USA
100
—
—
R.O.W.P., Unipessoal Lda, Lisbon/Portugal
100
—
—3
RWE Carbon Sourcing North America, LLC, Wilmington/USA
100
—
—
RWE Cattle Creek Onshore Wind Holding Pty. Ltd., Melbourne/Australia
100
—
—3
RWE Cattle Creek Onshore Wind Pty. Ltd., Melbourne/Australia
100
—
—3
RWE CC, LLC, Wilmington/USA
100
—
—
RWE Clean Energy Land, LLC, Wilmington/USA
100
—
—
RWE Development Germany Four GmbH, Essen
100
25
—1
RWE Development Germany One GmbH, Essen
100
25
—1
RWE Development Germany Three GmbH, Essen
100
25
—1
RWE Development Germany Two GmbH, Essen
100
25
—1
RWE Dhabi Union Energy LLC, Abu Dhabi/United Arab Emirates
49
39
—
RWE Finance Europe B.V., Geertruidenberg/Netherlands
100
100
9,996
– 4
329
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
II. Affiliated companies which are not included in the consolidated financial statements due to secondary importance  
for the assets, liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
RWE Gas Storage Beteiligungsverwaltungs GmbH, Essen
100
11,257
246
RWE Generation Service GmbH, Essen
100
25
—1
RWE H2 DK A/S, Copenhagen/Denmark
100
632
15
RWE Hydrogen Lingen Management GmbH, Lingen (Ems)
100
27
—
RWE indeland Windpark Eschweiler Verwaltungs GmbH, Eschweiler
100
76
5
RWE Ingen!us Limited, Swindon/United Kingdom
100
5,941
2,872
RWE KL Limited, Swindon/United Kingdom
100
—
—
RWE Neuland Erneuerbare Energien Verwaltungs GmbH, Niederzier
100
32
7
RWE Offshore Belgium N.V., Brussels/Belgium
100
—
—3
RWE Offshore US Gulf, LLC, Wilmington/USA
100
—
—
RWE Offshore Wind Netherlands Participations I B.V., Geertruidenberg/Netherlands
100
—
—
RWE Offshore Wind Netherlands Participations II B.V., Geertruidenberg/Netherlands
100
—
—
RWE Offshore Wind Netherlands Participations III B.V., Geertruidenberg/Netherlands
100
—
—
RWE Offshore Wind Netherlands Participations IV B.V., Geertruidenberg/Netherlands
100
—
—
RWE Offshore Wind Netherlands Participations IX B.V., Geertruidenberg/Netherlands
100
—
—3
RWE Offshore Wind Netherlands Participations X B.V., Geertruidenberg/Netherlands
100
—
—3
RWE Offshore Wind Netherlands Participations XI B.V., Geertruidenberg/Netherlands
100
—
—3
RWE Offshore Wind Netherlands Participations XII B.V., Geertruidenberg/Netherlands
100
—
—3
RWE Offshore Wind Norway 2 AS, Oslo/Norway
100
—
– 10
RWE OWEL Beheer B.V., Geertruidenberg/Netherlands
100
—
—
RWE OWEL C.V., Geertruidenberg/Netherlands
100
100
—
RWE OWEL Participations I B.V., Geertruidenberg/Netherlands
100
—
—
RWE OWEL Participations II B.V., Geertruidenberg/Netherlands
100
—
—
RWE OWEL Participations III B.V., Geertruidenberg/Netherlands
100
—
—
RWE OWEL Participations IV B.V., Geertruidenberg/Netherlands
100
—
—
330
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
II. Affiliated companies which are not included in the consolidated financial statements due to secondary importance  
for the assets, liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
RWE Pensionsfonds AG, Essen
100
100
3,933
121
RWE Principal Investments UK Limited, Swindon/United Kingdom
100
1,035
– 1,123
RWE Principal Investments USA, LLC, New York City/USA
100
55,448
– 207
RWE Renewables Chile SpA, Santiago/Chile
100
—
—
RWE Renewables Erste Beteiligungs GmbH, Essen
100
—
—3
RWE Renewables Estonia 10 OÜ, Tallinn/Estonia
100
32
—
RWE Renewables Estonia 2 OÜ, Tallinn/Estonia
100
32
—
RWE Renewables Estonia 3 OÜ, Tallinn/Estonia
100
32
—
RWE Renewables Estonia 4 OÜ, Tallinn/Estonia
100
32
—
RWE Renewables Estonia 5 OÜ, Tallinn/Estonia
100
32
—
RWE Renewables Estonia 6 OÜ, Tallinn/Estonia
100
32
—
RWE Renewables Estonia 7 OÜ, Tallinn/Estonia
100
32
—
RWE Renewables Estonia 8 OÜ, Tallinn/Estonia
100
32
—
RWE Renewables Estonia 9 OÜ, Tallinn/Estonia
100
32
—
RWE Renewables Estonia OÜ, Tallinn/Estonia
100
4
– 24
RWE Renewables Finland Oy AB, Helsinki/Finland
100
85
– 115
RWE Renewables India Private Limited, Mumbai/India
100
64
– 456
RWE Renewables Inversiones Latinoamericana S.L., Barcelona/Spain
100
96
– 10
RWE Renewables InvestCo B.V., Geertruidenberg/Netherlands
100
– 1
—
RWE Renewables Mexico, S. de R.L. de C.V., Mexico City/Mexico
100
—
—
RWE Renewables Offshore Development One GmbH, Essen
100
25
—1
RWE Renewables Offshore HoldCo Four GmbH, Essen
100
25
—1
RWE RENEWABLES PROYECTO RENOVABLE 1, S.L.U., Barcelona/Spain
100
199
– 7
RWE RENEWABLES PROYECTO RENOVABLE 2, S.L.U., Barcelona/Spain
100
342
– 7
RWE Renewables Services GmbH, Essen
100
25
—1
331
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
II. Affiliated companies which are not included in the consolidated financial statements due to secondary importance  
for the assets, liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
RWE Renewables Services Mexico, S. de R.L. de C.V., Mexico City/Mexico
100
—
—
RWE Renewables Sweden Development AB, Malmö/Sweden
100
—
—3
RWE Renewables Sweden Operation AB, Malmö/Sweden
100
—
—3
RWE Renewables Sweden Services AB, Malmö/Sweden
100
—
—3
RWE Renewables UK Spareco Limited, Swindon/United Kingdom
100
—
—
RWE Renewables UK Zone Six Limited, Swindon/United Kingdom
100
—
—
RWE Renewables Wind Project Offshore AB, Malmö/Sweden
100
2
—
RWE Renewables Zweite Beteiligungs GmbH, Essen
100
—
—3
RWEST PI FRE Holding LLC, New York City/USA
100
3
– 15
RWE Supply & Trading Australia Pty Ltd, Melbourne/Australia
100
—
—3
RWE Supply & Trading CZ, a.s., Prague/Czechia
100
268,673
8,104
RWE Supply & Trading (India) Private Limited, Mumbai/India
100
953
127
RWE Supply & Trading Services CZ s.r.o., Prague/Czechia
100
1,632
139
RWE SUPPLY TRADING TURKEY ENERJI ANONIM SIRKETI, Istanbul/Türkiye
100
320
28
RWE Supply & Trading US, LLC, Chicago/USA
100
—
—
RWE TECNOLOGIA LTDA, Rio de Janeiro/Brazil
100
70
– 12
RWE Trading Services Australia Pty Ltd, Melbourne/Australia
100
1,111
– 83
RWE Trading Services Limited, Swindon/United Kingdom
100
884
11
RWE & Turcas Dogalgaz Ithalat ve Ihracat A.S., Istanbul/Türkiye
100
481
61
RWE Utsira Wind Services AS, Oslo/Norway
100
1
– 8
RWE Wind Holding A/S, Copenhagen/Denmark
100
657
17
RWE Windpark Bedburg A44n Verwaltungs GmbH, Bedburg
100
49
7
RWE Windpark Bedburg Verwaltungs GmbH, Bedburg
51
51
1
RWE Windpark Garzweiler Verwaltungs GmbH, Essen
100
16
– 4
RWE Windpark Papenhagen GmbH & Co. KG, Hanover
100
507
– 31
332
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
II. Affiliated companies which are not included in the consolidated financial statements due to secondary importance  
for the assets, liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
RWE Windpark Papenhagen Verwaltungs GmbH, Hanover
100
62
8
RWE Wind Service Italia S.r.l., Rome/Italy
100
448
87
RWE Wind Services Estonia OÜ, Tallinn/Estonia
100
– 445
– 945
RWE Wind Services Norway AS, Oslo/Norway
100
– 1,444
– 198
RWE Wind Transmission AB, Malmö/Sweden
100
16
—
Sand Dune BESS, LLC, Wilmington/USA
100
—
—3
Sculpin Solar LLC, Wilmington/USA
100
—
—3
Sergenite Investments Sp. z o.o. w likwidacji, Slupsk/Poland
100
– 1
– 6
Sharco Wind sp. z o.o. w likwidacji, Slupsk/Poland
100
– 2
– 6
Shay Solar, LLC, Wilmington/USA
100
—
—
Sisal Recursos Ambientales, S. de R.L. de C.V., Mexico City/Mexico
100
—
—
Snow Shoe Wind Farm, LLC, Wilmington/USA
100
—
—
Solar PV Construction Poland sp. z o.o., Warsaw/Poland
100
– 315
– 56
Southington CTA, LLC, Wilmington/USA
100
—
—3
South Park Battery Storage, LLC, Wilmington/USA
100
—
—3
Sparta North, LLC, Wilmington/USA
100
—
—
Sparta South, LLC, Wilmington/USA
100
—
—
SRS EcoTherm GmbH, Salzbergen
90
28,247
3,259
Stodola BESS, LLC, Wilmington/USA
100
—
—
Stoneridge Class B, LLC, Wilmington/USA
100
—
—3
Stoneridge Holdco, LLC, Wilmington/USA
100
—
—3
Storage Facility 1 Ltd., Swindon/United Kingdom
100
– 2
—
Sugar Maple Wind, LLC, Chicago/USA
100
—
—
Sunflower Holdco II, LLC, Wilmington/USA
100
—
—3
Sunrise Wind Holdings, LLC, Chicago/USA
100
—
—
333
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
II. Affiliated companies which are not included in the consolidated financial statements due to secondary importance  
for the assets, liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Tecolote Recursos Ambientales, S. de R.L. de C.V., Mexico City/Mexico
100
—
—
TEP Financing Eight Class B, LLC, Wilmington/USA
100
—
—3
TEP Financing Eight, LLC, Wilmington/USA
100
—
—3
Teporingo Recursos Ambientales, S. de R.L. de C.V., Mexico City/Mexico
100
—
—
Tepozan Recursos Ambientales, S. de R.L. de C.V., Mexico City/Mexico
100
—
—
Terrapin Hills LLC, Chicago/USA
100
—
—
Theodore Energy Development Pty. Ltd., Melbourne/Australia
100
—
—3
Theodore Energy Holding Pty. Ltd., Melbourne/Australia
100
—
—3
Three Rocks Solar, LLC, Wilmington/USA
100
—
—
Tierra Blanca Wind Farm, LLC, Wilmington/USA
100
—
—
Tika Solar, S. de R.L. de C.V., Mexico City/Mexico
100
—
—
Tipton Wind, LLC, Wilmington/USA
100
—
—
Todd Solar Farm, LLC, Wilmington/USA
100
—
—
Torrontes Sp. z o.o. w likwidacji, Warsaw/Poland
100
24
– 10
Trink Security Assets, LLC, Wilmington/USA
100
—
—3
Valverde Wind Farm, LLC, Wilmington/USA
100
—
—
VDE Komplementär GmbH, Hanover
100
13
– 2
Venado Wind Farm, LLC, Wilmington/USA
100
—
—
Ventus Victoria Offshore Wind Holding Pty. Ltd, Melbourne/Australia
100
—
—
Ventus Victoria Offshore Wind Pty. Ltd, Melbourne/Australia
100
—
—
Versorium Energy (GP) Ltd., Calgary/Canada
95
– 1
—
Versorium Energy LP, Calgary/Canada
93
24,809
– 1,334
Vici Wind Farm III, LLC, Wilmington/USA
100
—
—
Vici Wind Farm II, LLC, Wilmington/USA
100
—
—
Vici Wind Farm, LLC, Wilmington/USA
100
—
—
334
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
II. Affiliated companies which are not included in the consolidated financial statements due to secondary importance  
for the assets, liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Villarrobledo Desarrollo 2, S.L.U., Barcelona/Spain
100
998
– 15
Vindkraftpark Aurvandil AB, Malmö/Sweden
100
655
– 1
Vortex Energy Deutschland GmbH i.L., Kassel
100
3,510
– 10
Walker Road Solar Farm, LLC, Lake Mary/USA
100
—
—
Waynesboro VAB, LLC, Wilmington/USA
100
—
—
West Fork Solar, LLC, Wilmington/USA
100
—
—
Weyers Cave VAA, LLC, Wilmington/USA
100
—
—
Wildcat Wind Farm III, LLC, Wilmington/USA
100
—
—
Wildcat Wind Farm II, LLC, Wilmington/USA
100
—
—
WIT Ranch Wind Farm, LLC, Wilmington/USA
100
—
—
Wythe BESS, LLC, Wilmington/USA
100
—
—3
Xolo Recursos Ambientales, S. de R.L. de C.V., Mexico City/Mexico
100
—
—
Yellow Bell Solar, LLC, Wilmington/USA
100
—
—
335
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
III. Joint operations
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Greater Gabbard Offshore Winds Limited, Reading/United Kingdom
50
809,233
172,307
N.V. Elektriciteits Produktiemaatschappij Zuid-Nederland EPZ, Borssele/Netherlands
30
100,792
6,609
IV. Affiliated companies of joint operations
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Enzee B.V., Borssele/Netherlands
100
892
133
336
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
V. Joint ventures accounted for using the equity method
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
AS 3 Beteiligungs GmbH, Essen
515
21,913
1,895
AWE-Arkona-Windpark Entwicklungs-GmbH, Hamburg
50
861,315
144,904
Awel y Môr Offshore Wind Farm Limited, Swindon/United Kingdom
605
68,394
– 41
Community Offshore Wind, LLC, Wilmington/USA
735
—
—
C-Power N.V., Oostende/Belgium
27
290,674
32,690
Galloper Wind Farm Holding Company Limited, Swindon/United Kingdom
25
100,186
134,124
Grandview Wind Farm, LLC, Wilmington/USA
50
—
—
Gwynt y Môr Offshore Wind Farm Limited, Swindon/United Kingdom
50
– 3,729
—
Meton Energy S.A., Maroussi/Greece
515
154,461
1,147
Murakami Tainai Offshore Wind Co., Ltd., Tokyo/Japan
40
—
—3
Oranje Wind Power II C.V., Geertruidenberg/Netherlands
50
– 3,155
– 3,255
Parc Eolien Du Coupru SAS, Béziers/France
50
940
899
Parc Eolien Du Vilpion SAS, Béziers/France
50
– 15
84
Rampion Extension Development Limited, Swindon/United Kingdom
50
39,228
36
RWE Venture Capital GmbH, Essen
755
329
– 65
Société Electrique de l'Our S.A., Luxembourg/Luxembourg
40
40,504
2,044
TCP Petcoke Corporation, Dover/USA
50
35,902
– 3762
URANIT GmbH, Jülich
50
72,312
98,279
337
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
VI. Associates accounted for using the equity method
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Amprion GmbH, Dortmund
25
25
2,785,300
293,200
DOTI Deutsche Offshore-Testfeld- und Infrastruktur-GmbH & Co. KG, Oldenburg
26
21,565
– 38,578
GNS Gesellschaft für Nuklear-Service mbH, Essen
28
39,242
6,9042
Grosskraftwerk Mannheim Aktiengesellschaft, Mannheim
40
160,669
6,647
Kärntner Energieholding Beteiligungs GmbH, Klagenfurt/Austria
49
1,659,328
463,2022
KELAG-Kärntner Elektrizitäts-AG, Klagenfurt/Austria
136
1,656,369
462,8262
Magicat Holdco, LLC, Wilmington/USA
20
267,866
– 2,307
Mingas-Power GmbH, Essen
40
5,297
4,628
Nysäter Wind AB, Malmö/Sweden
20
12,243
– 16,054
PEARL PETROLEUM COMPANY LIMITED, Road Town/British Virgin Islands
107
2,517,932
409,288
Rodsand 2 Offshore Wind Farm AB, Malmö/Sweden
20
169,213
42,682
Schluchseewerk Aktiengesellschaft, Laufenburg Baden
50
73,384
2,809
Vela Wind Holdco, LLC, Wilmington/USA
25
848,377
120
338
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
VII. Companies which are not accounted for using the equity method due to secondary importance for the assets,  
 liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Abwasser-Gesellschaft Knapsack, Gesellschaft mit beschränkter Haftung, Hürth
33
1,270
278
Alfred Thiel-Gedächtnis-Unterstützungskasse GmbH, Essen
50
5,356
247
Ascent Energy LLC, Wilmington/USA
50
1,584
– 554
CARBON Climate Protection GmbH, Langenlois/Austria
50
1,412
178
Deutsche Gesellschaft für Wiederaufarbeitung von Kernbrennstoffen AG & Co. oHG, Essen
31
1,867
1,356
DOTI Management GmbH, Oldenburg
26
112
– 3
Five Estuaries Offshore Wind Farm Limited, Swindon/United Kingdom
33
31,004
– 37
Fond du Moulin SAS, Asnières sur Seine/France
25
– 7
7
Gazules Renovables, S.L., Sevilla/Spain
38
6,522
– 42
Gemeinschaftswerk Hattingen Gesellschaft mit beschränkter Haftung, Essen
52
2,281
236
GfS Gesellschaft für Simulatorschulung mbH i.L., Essen
33
74
2
GREEN CAT HYDROGEN DEVELOPMENTS LIMITED, Roslin/United Kingdom
50
—
—3
GREEN CAT HYDROGEN LIMITED, Roslin/United Kingdom
25
– 451
– 514
GREEN GAS HOLDCO 1 LIMITED, London/United Kingdom
23
—
—3
Kieswerk Kaarst GmbH & Co. KG, Bergheim
51
3,044
1,594
Kieswerk Kaarst Verwaltungs GmbH, Bergheim
51
32
—
Klärschlamm-Verwertung-Rheinland GmbH, Hürth
50
—
—3
Kraftwerk Buer eGbR, Gelsenkirchen
50
5,113
—
KSG Kraftwerks-Simulator-Gesellschaft mbH i.L., Essen
33
737
19
London Array Limited, Swindon/United Kingdom
30
—
—
Netzanbindung Tewel OHG, Cuxhaven
25
613
—
North Falls Offshore Wind Farm HoldCo Limited, Swindon/United Kingdom
50
– 116
5
Offshore Wind Four GmbH, Essen
50
—
—3
Offshore Wind Two GmbH, Essen
50
—
—3
Oranje Wind Power II B.V., Geertruidenberg/Netherlands
50
—
—
Parc Eolien de Dissay-sous-Courcillon SAS, Angers/France
40
26
– 1
339
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
VII. Companies which are not accounted for using the equity method due to secondary importance for the assets,  
 liabilities, financial position and profit or loss of the Group
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Parc Eolien de l’Espérance SAS, Sars-et-Rosieres/France
30
– 171
– 116
Parc Eolien de Saint-Pierremont SAS, Clichy/France
50
36
– 1
Parc Eolien De Sepmes SAS, Angers/France
50
14
– 6
Perspektive.Struktur.Wandel GmbH, Bergheim
50
163
75
rostock EnergyPort cooperation GmbH, Rostock
25
3,871
– 537
Subestacion Y Linea Los Siglos 2004 AIE, Valencia/Spain
35
221
11
TetraSpar Demonstrator ApS, Copenhagen/Denmark
23
2,835
– 3,352
Toledo PV A.E.I.E., Madrid/Spain
33
1,057
725
two4H2 GmbH, Münster
50
—
—3
Umspannwerk Putlitz GmbH & Co. KG, Oldenburg
30
– 3,765
175
Versorium Energy Ltd., Calgary/Canada
30
24,810
– 1,269
Walden Renewables Development LLC, New York City/USA
94
49,328
– 12,230
WINDTEST Grevenbroich GmbH, Grevenbroich
38
1,228
117
WP France 15 SAS, Puteaux/France
40
– 99
– 17
340
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
VIII. Other investments
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
APEP Dachfonds GmbH & Co. KG i.L., Munich
36
36
– 798,062
– 1,780
BitOoda Holdings, Inc., Greenwich/USA
5
7,446
– 2,578
Chrysalix Energy III U.S. Limited Partnership, Vancouver/Canada
5
78,033
– 4,079
Chrysalix Energy II U.S. Limited Partnership, Vancouver/Canada
6
13,961
– 20,877
Elexon Limited, London/United Kingdom
8
—
—
Energías Renovables de Ávila, S.A., Madrid/Spain
17
—
—
E.ON SE, Essen
15
12,359,100
1,952,600
German LNG Terminal GmbH, Brunsbüttel
10
152,505
– 4,127
Heliatek GmbH, Dresden
1
49,103
– 44,898
High-Tech Gründerfonds II GmbH & Co. KG, Bonn
1
82,048
– 120
HOCHTEMPERATUR-KERNKRAFTWERK Gesellschaft mit beschränkter Haftung (HKG)  
Gemeinsames Europäisches Unternehmen, Hamm
318
– 894,275
– 4,077
Nordsee One GmbH, Oststeinbek
15
179,302
52,047
Parque Eólico Cassiopea, S.L., Oviedo/Spain
10
45
– 14
Parque Eólico Escorpio, S.A., Oviedo/Spain
10
2,346
– 27
Parque Eólico Leo, S.L., Oviedo/Spain
10
268
– 10
PEAG Holding GmbH, Dortmund
12
12
17,954
– 266
Promocion y Gestion Cáncer, S.L., Oviedo/Spain
10
69
– 9
Q-Portal GmbH, Grevenbroich
10
1,570
– 643
Renercycle S.L., Pamplona/Spain
16
2,152
– 208
Ryse Energy Holdings Limited, Abu Dhabi/United Arab Emirates
14
6,514
– 957
SET Fund II C.V., Amsterdam/Netherlands
6
6,585
– 4,631
Sustainable Energy Technology Fund C.V., Amsterdam/Netherlands
448
13,616
– 10,274
341
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Profit and loss-pooling agreement.
2  Figures from the Group’s consolidated financial statements.
3  Newly founded, financial statements not yet available.
4  Control by virtue of company contract.
5  No control by virtue of company contract.
6  Significant influence via indirect investments.
7  Significant influence by virtue of company contract.
8  No significant influence by virtue of company contract.
VIII. Other investments
Shareholding in %
Equity
Net income / loss
Direct
Total
€ ’000
€ ’000
Technologiezentrum Jülich GmbH, Jülich
5
2,525
158
Transport- und Frischbeton-Gesellschaft mit beschränkter Haftung & Co. Kommanditgesellschaft Aachen, Aachen
17
390
39
Umspannwerk Lübz GbR, Lübz
18
53
– 1
Voltpost, Inc., New York City/USA
11
1,924
– 1,752
Windesco Inc, Boston/USA
9
6,921
– 3,998
342
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

Changes in shareholding with change of control
Shareholding in %
31 Dec 2024
Shareholding in %
31 Dec 2023
Change
Additions to affiliated companies included in the consolidated financial statements
Blue Rock Solar, LLC, Wilmington/USA
100
—
100
Crowned Heron 2, LLC, Wilmington/USA
100
—
100
Honey Mesquite Wind Farm, LLC, Wilmington/USA
100
—
100
NB HoldCo Limited, Swindon/United Kingdom
100
—
100
NB TopCo Limited, Swindon/United Kingdom
100
—
100
Norfolk Boreas Limited, Swindon/United Kingdom
100
—
100
Norfolk Vanguard East Limited, Swindon/United Kingdom
100
—
100
Norfolk Vanguard West Limited, Swindon/United Kingdom
100
—
100
NVE HoldCo Limited, Swindon/United Kingdom
100
—
100
NVE TopCo Limited, Swindon/United Kingdom
100
—
100
NVW HoldCo Limited, Swindon/United Kingdom
100
—
100
NVW TopCo Limited, Swindon/United Kingdom
100
—
100
R3 Renewables II, LLC, Wilmington/USA
75
—
75
RWE Clean Energy DCE Development, LLC, Wilmington/USA
100
—
100
RWE Clean Energy DCE Holdco, LLC, Wilmington/USA
100
—
100
RWE Clean Energy DCE Operations, LLC, Wilmington/USA
100
—
100
RWE Clean Energy, LLC, Wilmington/USA
100
—
100
RWE Investco EPC Mgmt 2, LLC, Wilmington/USA
100
—
100
RWE Supply & Trading Americas Holdings, LLC, Wilmington/USA
100
—
100
Sunflower Holdco I, LLC, Wilmington/USA
100
—
100
TEP Financing Seven Class B, LLC, Wilmington/USA
100
—
100
TEP Financing Seven, LLC, Wilmington/USA
100
—
100
TEP Financing Six Class B, LLC, Wilmington/USA
100
—
100
TEP Financing Six, LLC, Wilmington/USA
100
—
100
Union Ridge Solar, LLC, Wilmington/USA
100
—
100
343
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

Changes in shareholding with change of control
Shareholding in %
31 Dec 2024
Shareholding in %
31 Dec 2023
Change
Additions to affiliated companies included in the consolidated financial statements
Westminster Reliability Project LLC, Wilmington/USA
100
—
100
Westside Canal 2A, LLC, Wilmington/USA
100
—
100
Yellow Cat Wind LLC, Wilmington/USA
100
—
100
Changes in shareholding with change of control
Shareholding in %
31 Dec 2024
Shareholding in %
31 Dec 2023
Change
Additions to joint ventures accounted for using the equity method
Murakami Tainai Offshore Wind Co., Ltd., Tokyo/Japan
40
—
40
Changes in shareholding with change of control
Shareholding in %
31 Dec 2024
Shareholding in %
31 Dec 2023
Change
Disposal of affiliated companies included in the consolidated financial statements
JBM Solar Projects 16 Ltd., London/United Kingdom
—
100
– 100
JBM Solar Projects 42 Ltd., London/United Kingdom
—
100
– 100
JBM Solar Projects 43 Ltd., London/United Kingdom
—
100
– 100
JBM Solar Projects 44 Ltd., London/United Kingdom
—
100
– 100
JBM Solar Projects 45 Ltd., London/United Kingdom
—
100
– 100
Rampion Renewables Limited, Swindon/United Kingdom
—
100
– 100
RWE Offshore Wind Netherlands Participations V B.V., Geertruidenberg/Netherlands
—
100
– 100
RWE Offshore Wind Netherlands Participations VI B.V., Geertruidenberg/Netherlands
—
100
– 100
South Boston VAB, LLC, Wilmington/USA
—
100
– 100
344
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

Changes in shareholding with change of control
Shareholding in %
31 Dec 2024
Shareholding in %
31 Dec 2023
Change
Change from affiliated companies which are included in the consolidated financial statements 
to joint ventures accounted for using the equity method
Oranje Wind Power II C.V., Geertruidenberg/Netherlands
50
100
– 50
Changes in shareholding with change of control
Shareholding in %
31 Dec 2024
Shareholding in %
31 Dec 2023
Change
Change from affiliated companies which are included in the consolidated financial statements 
to companies which are not accounted for using the equity method due to secondary importance 
for the assets, liabilities, financial position and profit or loss of the Group
Oranje Wind Power II B.V., Geertruidenberg/Netherlands
50
100
– 50
Changes in shareholding without change of control
Shareholding in %
31 Dec 2024
Shareholding in %
31 Dec 2023
Change
Affiliated companies which are included in the consolidated financial statements
RWE & Turcas Güney Elektrik Üretim A.S., Ankara/Türkiye
70
70
—
RWE Neuland Erneuerbare Energien GmbH & Co. KG, Essen
51
100
– 49
RWE Renewables UK Dogger Bank South (East) Limited, Swindon/United Kingdom
51
100
– 49
RWE Renewables UK Dogger Bank South (West) Limited, Swindon/United Kingdom
51
100
– 49
345
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
List of Shareholdings 
(part of the Notes)
5
Responsibility statement
6
Further information

1  Listed company. 
2  Employee representative.
3  Office within the Group.
•	 Member of other mandatory supervisory boards as defined in Section 125 of the 
German Stock Corporation Act.
–	 Member of comparable domestic and foreign supervisory boards of commercial 
 enterprises as defined in Section 125 of the German Stock Corporation Act.
Michael Bochinsky2
Grevenbroich
Deputy Chairman of the General Works  
Council of RWE Power AG
Year of birth: 1967
Member since 1 August 2018
End of term: 2026 
Other appointments:
•	 RWE Power AG3
Supervisory Board
Dr. Werner Brandt
Bad Homburg
Chairman
Member of the Supervisory Board of Siemens AG
Year of birth: 1954 
Member since 18 April 2013 
End of term: 2025
Other appointments:
•	 Siemens AG1
Ralf Sikorski2
Hanover
Deputy Chairman
Former Deputy Chairman of IGBCE
Year of birth: 1961
Member since 1 July 2014
End of term: 2026
Other appointments:
•	 Lanxess AG1
•	 Lanxess Deutschland GmbH
•	 RAG AG
•	 RWE Power AG3
Dr. Frank Appel
Königswinter
Chairman of the Supervisory Board of  
Deutsche Telekom AG 
Year of birth: 1961
Member since 3 May 2024
End of term: 2027 
Other appointments:
•	 Deutsche Telekom AG (Chairman)1
•	 Fresenius Management SE
3.8 Boards (part of the Notes)
As of 27 February 2025
346
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Boards (part of the Notes)
5
Responsibility statement
6
Further information

Mag. Dr. h. c. Monika Kircher
Krumpendorf, Austria
Independent Corporate Consultant
Year of birth: 1957
Member since 15 October 2016
End of term: 2025 
Other appointments:
	– Kärntner Energieholding Beteiligungs GmbH 
(Chairwoman)
	– KELAG-Kärntner Elektrizitäts AG
	– Siemens AG Österreich
Thomas Kufen
Essen
Mayor of the City of Essen
Year of birth: 1973
Member since 18 October 2021
End of term: 2025
Other appointments:
•	 Stadtwerke Essen AG (Chairman)
	– Sparkasse Essen (Chairman of the Administrative 
Council)
	– RAG Stiftung (Member of the Board of Trustees)
Sandra Bossemeyer2
Duisburg
Chairwoman of the Works Council of RWE AG,
Representative of the disabled
Year of birth: 1965
Member since 20 April 2016
End of term: 2026
Dr. Hans Friedrich Bünting
Mülheim an der Ruhr
Independent Corporate Consultant
Year of birth: 1964
Member since 28 April 2021
End of term: 2025 
Matthias Dürbaum2
Heimbach
Chairman of the Works Council of the Hambach  
Opencast Mine, RWE Power AG
Year of birth: 1987
Member since 30 September 2019 
End of term: 2026
Ute Gerbaulet
Bielefeld
General Partner at Dr. August Oetker KG 
Year of birth: 1968
Member since 27 April 2017
End of term: 2027
Other appointments:
•	 Flaschenpost SE
	– Dr. August Oetker Nahrungsmittel KG (Chairwoman)
	– OEDIV Oetker Daten- und  
Informationsverarbeitung KG (Chairwoman)
	– Oetker Digital GmbH (Chairwoman)
	– Radeberger Gruppe KG 
	– NRW.Bank AöR
Prof. Dr.-Ing. Dr.-Ing. E. h. Hans-Peter Keitel
Essen
Former Chairman of the Executive  
Board of HOCHTIEF AG
Independent Corporate Consultant
Year of birth: 1947
Member from 18 April 2013 to 3 May 2024
1  Listed company. 
2  Employee representative.
3  Office within the Group.
•	 Member of other mandatory supervisory boards as defined in Section 125 of the 
German Stock Corporation Act.
–	 Member of comparable domestic and foreign supervisory boards of commercial 
 enterprises as defined in Section 125 of the German Stock Corporation Act.
347
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Boards (part of the Notes)
5
Responsibility statement
6
Further information

Dr. Erhard Schipporeit
Hamburg
Independent Corporate Consultant
Year of birth: 1949
Member from 20 April 2016 to 3 May 2024
Other appointments:
•	 BDO AG Wirtschaftsprüfungsgesellschaft
Dirk Schumacher2
Rommerskirchen
Chairman of the HW Grefrath / Workshops Works Council, 
RWE Power AG
Year of birth: 1970
Member since 15 September 2021
End of term: 2026
Ullrich Sierau
Dortmund
Independent Consultant for Companies, Administrations, 
Political Parties and Civil Society Initiatives
Year of birth: 1956
Member from 20 April 2011 to 3 May 2024 
Dagmar Paasch2
Solingen
Regional Head of the Financial Services, Communication, 
Technology, Culture, Supply and Waste Management 
Division at ver.di NRW
Year of birth: 1974 
Member since 15 September 2021
End of term: 2026 
Other appointments:
•	 RWE Generation SE3
Prof. Jörg Rocholl, PhD 
Berlin
President of the European School of Management and 
Technology (ESMT Berlin)
Year of birth: 1973 
Member since 3 May 2024
End of term: 2027 
Reiner van Limbeck2
Dinslaken
Chairman of the Works Council of the Essen 
Headquarters, RWE Generation SE 
and RWE Technology International GmbH
Year of birth: 1965
Member since 15 September 2021
End of term: 2026
Other appointments:
•	 RWE Generation SE3
Harald Louis2
Jülich
Chairman of the General Works Council  
of RWE Power AG
Year of birth: 1967
Member since 20 April 2016
End of term: 2026
Other appointments:
•	 RWE Power AG3
1  Listed company. 
2  Employee representative.
3  Office within the Group.
•	 Member of other mandatory supervisory boards as defined in Section 125 of the 
German Stock Corporation Act.
–	 Member of comparable domestic and foreign supervisory boards of commercial 
 enterprises as defined in Section 125 of the German Stock Corporation Act.
348
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Boards (part of the Notes)
5
Responsibility statement
6
Further information

Thomas Westphal
Dortmund
Mayor of the City of Dortmund 
Year of birth: 1967
Member since 3 May 2024 
End of term: 2027
Other appointments:
•	 Dortmunder Stadtwerke Holding GmbH (Chairman)
•	 Dortmunder Stadtwerke AG (Chairman)
•	 Dortmunder Energie- und Wasserversorgung GmbH 
(Chairman)
•	 KEB Holding Aktiengesellschaft (Chairman) 
	– Klinikum Dortmund gGmbH
	– Schüchtermannn-Schiller’sche Kliniken 
Bad Rothenfelde GmbH & Co. KG
	– Sparkasse Dortmund (Chairman of the Administrative 
Council)
Dr. Andreas Wagner2
Grevenbroich
Head of Drilling and Water Management, RWE Power AG
Year of birth: 1967
Member since 15 September 2021
End of term: 2026 
Marion Weckes2
Dormagen
Assistant to the Senior Vice President Corporate 
Legal of GEA Group AG
Year of birth: 1975
Member since 20 April 2016
End of term: 2026 
Hauke Stars
Königstein
Member of the Executive Board of Volkswagen AG
Year of birth: 1967
Member since 28 April 2021
End of term: 2025
Other appointments:
•	 AUDI AG
•	 Dr. Ing. h. c. F. Porsche AG
•	 PowerCo SE
•	 CARIAD SE
	– Kühne + Nagel International AG1
Helle Valentin
Birkerœd, Denmark
Managing Partner, IBM Consulting EMEA,  
IBM Corporation 
Year of birth: 1967
Member since 28 April 2021
End of term: 2025
Other appointments:
	– Danske Bank A / S, Denmark1
	– IBM Danmark ApS, Denmark
1  Listed company. 
2  Employee representative.
3  Office within the Group.
•	 Member of other mandatory supervisory boards as defined in Section 125 of the 
German Stock Corporation Act.
–	 Member of comparable domestic and foreign supervisory boards of commercial 
 enterprises as defined in Section 125 of the German Stock Corporation Act.
349
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Boards (part of the Notes)
5
Responsibility statement
6
Further information

Nomination Committee
Dr. Frank Appel (Chairman since 3 May 2024)
Dr. Werner Brandt (Chairman until 3 May 2024) 
Thomas Kufen
Hauke Stars
Strategy and Sustainability Committee
Dr. Werner Brandt (Chairman)
Dr. Frank Appel 
Michael Bochinsky
Dr. Hans Friedrich Bünting
Harald Louis
Dagmar Paasch
Ralf Sikorski
Helle Valentin
Supervisory Board Committees
Executive Committee of the Supervisory Board
Dr. Werner Brandt (Chairman)
Dr. Frank Appel
Ute Gerbaulet
Reiner van Limbeck
Dirk Schumacher
Ralf Sikorski
Mediation Committee in accordance with Section 27, 
Paragraph 3 of the German Co-Determination Act
Dr. Werner Brandt (Chairman)
Thomas Kufen
Ralf Sikorski
Marion Weckes
Personnel Affairs Committee
Dr. Werner Brandt (Chairman)
Dr. Frank Appel 
Sandra Bossemeyer
Harald Louis
Ralf Sikorski
Hauke Stars
Audit Committee
Mag. Dr. h. c. Monika Kircher (Chairwoman)
Michael Bochinsky
Dr. Hans Friedrich Bünting 
Matthias Dürbaum
Dagmar Paasch
Thomas Westphal
350
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Boards (part of the Notes)
5
Responsibility statement
6
Further information

1  Listed company. 
2  Office within the Group.
Katja van Doren
Chief Human Resources Officer and Labour Director  
since 1 August 2023
Member of the Executive Board of RWE AG  
since 1 August 2023, appointed until 31 July 2026
Group departments:
•	 Corporate Transformation
•	 Human Resources
•	 Information Technology
•	 Internal Audit & Security
Other appointments:
•	 RWE Generation SE2 (Chairwoman)
•	 RWE Offshore Wind GmbH2
•	 RWE Pensionsfonds AG2 (Chairwoman)
•	 RWE Power AG2 
•	 RWE Renewables Europe & Australia GmbH2
•	 RWE Supply & Trading GmbH2
	– KELAG-Kärntner Elektrizitäts-AG
	– Kärntner Energieholding Beteiligungs GmbH
	– RWE Clean Energy, LLC,  
Non-Executive Member of the Board of Directors2
Executive Board
Dr. Markus Krebber 
Chief Executive Officer since 1 May 2021
Member of the Executive Board of RWE AG  
since 1 October 2016, appointed until 30 June 2026
Group departments:
•	 Group Communications & Public Affairs
•	 Energy Transition & Regulatory Affairs
•	 Legal, Compliance & Insurance
•	 Mergers & Acquisitions
•	 Strategy & Sustainability
Other appointments:
•	 RWE Generation SE2 
•	 RWE Offshore Wind GmbH2 (Chairman)
•	 RWE Power AG2
•	 RWE Renewables Europe & Australia GmbH2 (Chairman)
•	 RWE Supply & Trading GmbH2 
	– RWE Clean Energy, LLC,  
Non-Executive Member of the Board of Directors2  
(Chairman)
Dr. Michael Müller 
Chief Financial Officer since 1 May 2021
Member of the Executive Board of RWE AG  
since 1 November 2020, appointed until 31 October 
2028
Group departments:
•	 Accounting
•	 Controlling & Risk Management
•	 Finance & Credit Risk
•	 Investor Relations
•	 Tax
Other appointments:
•	 Amprion GmbH
•	 RWE Generation SE2
•	 RWE Offshore Wind GmbH2
•	 RWE Power AG2 (Chairman)
•	 RWE Renewables Europe & Australia GmbH2
•	 RWE Supply & Trading GmbH2 (Chairman)
	– RWE Clean Energy, LLC,  
Non-Executive Member of the Board of Directors2
•	 Member of other mandatory supervisory boards as defined in Section 125 of the 
German Stock Corporation Act..
–	 Member of comparable domestic and foreign supervisory boards of commercial 
 enterprises as defined in Section 125 of the German Stock Corporation Act.
351
RWE
Annual Report 2024
4
Notes from the auditor
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
Boards (part of the Notes)
5
Responsibility statement
6
Further information

4.1	
Independent auditor’s report	
353
4.2	
Information on the auditor	
364
4.3	
Assurance report in relation to 	
 
the Group Sustainability Statement 	
365
Notes from the  auditor
4

4.1 Independent auditor’s report
To RWE Aktiengesellschaft, Essen
REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS 
AND OF THE COMBINED MANAGEMENT REPORT 
Audit Opinions
We have audited the consolidated financial statements of RWE Aktiengesellschaft,  
Essen / Germany, and its subsidiaries (the Group), which comprise the consolidated balance 
sheet as at 31 December 2024, the consolidated income statement, the consolidated 
statement of comprehensive income, the consolidated statement of changes in equity 
and the consolidated cash flow statement for the financial year from 1 January to 
31 December 2024, and the notes to the consolidated financial statements, including 
material accounting policy information. In addition, we have audited the combined 
management report for the Parent and the Group of RWE Aktiengesellschaft, Essen /  
Germany, for the financial year from 1 January to 31 December 2024. In accordance with 
the German legal requirements, we have not audited the content of the group sustainability 
report included in the combined management report, as well as the corporate governance 
statement pursuant to Section 289f and 315d German Commercial Code (HGB), which 
is referenced in the “Notes to the financial statements of RWE AG (holding company)” 
section of the combined management report. In addition, we have not audited the content 
of the passages extraneous to combined management reports and disclosures of the 
combined management report that are marked as unaudited.
In our opinion, on the basis of the knowledge obtained in the audit,
•	 the accompanying consolidated financial statements comply, in all material respects, 
with the IFRS® Accounting Standards issued by the International Accounting Standards 
Board (IASB) (hereinafter “IFRS Accounting Standards”) as adopted by the EU and the 
additional requirements of German commercial law pursuant to Section 315e (1) HGB 
and, in compliance with these requirements, give a true and fair view of the assets, 
liabilities and financial position of the Group as at 31 December 2024 and of its 
financial performance for the financial year from 1 January to 31 December 2024, and
•	 the accompanying combined management report as a whole provides an appropriate 
view of the Group’s position. In all material respects, this combined management  
report is consistent with the consolidated financial statements, complies with German 
legal requirements and appropriately presents the opportunities and risks of future 
development. Our audit opinion on the combined management report does not cover 
the content of the group sustainability report, the corporate governance statement and 
of the passages extraneous to combined management reports and disclosures that are 
marked as unaudited.
353
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
Independent  
auditor’s report
5
Responsibility statement
6
Further information

In the following, we present the key audit matters we have determined in the course  
of our audit: 
1 	 recoverability of goodwill
2 	 recoverability of property, plant and equipment 
3 	 measurement of provisions for mining damage and provisions for  
nuclear waste management
Our presentation of these key audit matters has been structured as follows:
a 	 description  
(including reference to corresponding information in the  
consolidated financial statements)
b 	 auditor’s response
1 	 Recoverability of goodwill
a 	 In the consolidated financial statements of RWE Aktiengesellschaft as at 
31 December 2024, the “Intangible assets” balance sheet item includes goodwill  
of mEUR 4,596, which represents about 4.7 % of total assets and 13.7 % of the 
Group’s balance sheet equity.
Goodwill is tested for impairment at least once a year as at 31 December or when 
there are indications that goodwill may be impaired. The impairment tests involve 
comparing the carrying amounts of the cash-generating units or groups of cash-
generating units (CGUs), including the goodwill allocated to them, with the recoverable 
amounts, i. e. the higher of fair value less costs of disposal or value in use. The 
recoverable amount as at the reporting date is calculated by discounting the projected 
cash flows using a calculation model (discounted cash flow method). The cash flow 
projections are based on the corporate planning for the CGUs, which in turn is the 
basis for the group planning for the next three years (medium-term planning) prepared 
by the executive directors, approved by the supervisory board and valid at the time of 
Pursuant to Section 322 (3) sentence 1 HGB, we declare that our audit has not led to any 
reservations relating to the legal compliance of the consolidated financial statements and 
of the combined management report.
Basis for the Audit Opinions
We conducted our audit of the consolidated financial statements and of the combined 
management report in accordance with Section 317 HGB and the EU Audit Regulation 
(No. 537 / 2014; referred to subsequently as “EU Audit Regulation”) and in compliance 
with German Generally Accepted Standards for Financial Statement Audits promulgated 
by the Institut der Wirtschaftsprüfer (IDW). We performed the audit of the consolidated 
financial statements in supplementary compliance with the International Standards on 
Auditing (ISA). Our responsibilities under those requirements, principles and standards  
are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated 
Financial Statements and of the Combined Management Report” section of our auditor’s 
report. We are independent of the group entities in accordance with the requirements of 
European law and German commercial and professional law, and we have fulfilled our 
other German professional responsibilities in accordance with these requirements. In 
addition, in accordance with Article 10 (2) point (f) of the EU Audit Regulation, we declare 
that we have not provided non-audit services prohibited under Article 5 (1) of the EU Audit 
Regulation. We believe that the audit evidence we have obtained is sufficient and 
appropriate to provide a basis for our audit opinions on the consolidated financial 
statements and on the combined management report.
Key Audit Matters in the Audit of the Consolidated Financial Statements
Key audit matters are those matters that, in our professional judgement, were of most 
significance in our audit of the consolidated financial statements for the financial year 
from 1 January to 31 December 2024. These matters were addressed in the context of 
our audit of the consolidated financial statements as a whole and in forming our audit 
opinion thereon; we do not provide a separate audit opinion on these matters.
354
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
Independent  
auditor’s report
5
Responsibility statement
6
Further information

In the case of estimates made by the executive directors, we assessed the 
reasonableness of the methods applied, the assumptions made and the data used.  
In particular, we satisfied ourselves that the future cash flows used in the calculation 
models were appropriate. To do this, we verified, among other things, that these values 
were consistent with the values used in the medium-term planning prepared by the 
executive directors and approved by the supervisory board, and that the planning was 
consistent with general and industry-specific market expectations. We examined the 
parameters used to determine the discount rates applied and checked the calculation 
models used for factual and mathematical accuracy. We reviewed and used the work 
of the external expert engaged by the executive directors, taking into account our 
evaluation of this expert’s competence, capabilities and objectivity. We also reviewed 
the sensitivity analyses performed by the executive directors. During our audit 
procedures, we received support from our internal valuation experts.
Finally, we verified that the disclosures relevant to the notes to the consolidated financial 
statements were complete and appropriate.
2 	 Recoverability of property, plant and equipment 
a 	 In the consolidated financial statements of RWE Aktiengesellschaft as at 
31 December 2024, property, plant and equipment in the total amount of 
mEUR 38,458 is recognised, which represents about 39.1 % of total assets  
and 114.4 % of the Group’s balance sheet equity. 
The executive directors assess whether there are any indications of impairment of 
property, plant and equipment as at the reporting date using internal and external 
criteria. Such indications were identified in particular in the Onshore Wind / Solar  
and Offshore Wind segments for individual development projects in early stages of 
development. Due to the discontinuation of development work on these projects,  
the capitalised development costs were written off in full. In addition, indications of 
potential impairment were identified particularly in the Flexible Generation segment 
due to changes in the economic environment in the Netherlands and in the Offshore 
Wind segment due to declining feed-in tariffs in Germany, resulting in impairment 
tests being performed in the financial year. For this purpose, the recoverable amounts 
the impairment test, as well as an extrapolation based on assumptions regarding 
long-term growth rates. Discounting is based on the CGUs’ weighted average cost of 
capital. To determine the discount rates, the executive directors used, among other 
things, the work of an external expert they engaged. In the financial year 2024, no 
need for impairment was identified.
The result of this valuation is highly dependent on the assumptions made by the 
executive directors when determining future cash flows and the parameters for the 
discount rates used, and is therefore subject to considerable uncertainty. Against  
this background and due to the complexity of the valuation method applied, as well  
as the material significance of goodwill, this matter was particularly relevant in the 
context of our audit. 
In the notes to the consolidated financial statements, the executive directors’ 
disclosures on goodwill are included in note “(10) Intangible assets” of the  
“Notes to the Balance Sheet” section.
b 	 As part of our audit, we first gained an understanding of the process for performing 
the impairment tests of goodwill, as well as the accounting-related controls 
implemented in this process. In doing so, we verified the methodology used to  
perform the impairment tests, including the calculation of the weighted average  
cost of capital. We assessed the design of identified controls that were relevant to our 
audit and determined whether they had been properly implemented. 
355
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
Independent  
auditor’s report
5
Responsibility statement
6
Further information

In the notes to the consolidated financial statements, the executive directors’ 
disclosures on property, plant and equipment and its measurement are included  
in note “(11) Property, plant and equipment” of the “Notes to the Balance Sheet” 
section and note “(5) Depreciation, amortisation and impairment losses” of the  
“Notes to the Income Statement” section.
b 	 As part of our audit of the recoverability of property, plant and equipment, we first 
verified the criteria used by the executive directors to identify indications of possible 
impairment and assessed whether these criteria were suitable for ensuring that all 
possible indications of impairments are identified. With regard to the planning process, 
we referred to our findings from the audit of the recoverability of goodwill. We examined 
whether the cash flows from the medium-term planning and the underlying corporate 
planning used to calculate the recoverable amounts were derived appropriately. In the 
case of estimates made by the executive directors, we assessed the reasonableness 
of the methods applied, the assumptions made and the data used. We also verified 
the appropriateness of the future cash flows used in the calculations by comparing 
them with general and industry-specific market expectations and, in the Flexible 
Generation segment, with the planned service lives of the power plants. We examined 
the parameters used to determine the discount rates applied and checked the 
calculation models used for factual and mathematical accuracy. We reviewed and 
used the work of the external expert engaged by the executive directors, taking into 
account our evaluation of this expert’s competence, capabilities and objectivity. 
During our audit procedures, we received support from our internal valuation experts. 
Finally, we verified that the disclosures relevant to the notes to the consolidated 
financial statements were complete and appropriate. 
of the property, plant and equipment concerned were determined on the basis of 
discounted cash flow models. The future cash flows used in the calculation models 
were based on the respective corporate planning, which in turn formed the basis for 
the group planning for the next three years (medium-term planning) prepared by the 
executive directors, approved by the supervisory board and valid at the time of the 
impairment tests. They were extrapolated on the basis of long-term assumptions 
regarding the price of electricity, natural gas and CO2 certificates. In the Flexible 
Generation segment, long-term assumptions regarding the planned service lives  
of the power plants were also taken into account. Discounting was based on the 
weighted average cost of capital. To determine the discount rates, the executive 
directors used, among other things, the work of an external expert they engaged. 
The impairment test for property, plant and equipment revealed a need for 
impairment totalling mEUR 1,162, which was recognised under depreciation, 
amortization and impairment losses and was mostly attributable to the Flexible 
Generation segment in the Netherlands (mEUR 654), as well as Offshore Wind 
(mEUR 332).
The identification of indications of a possible impairment by the executive directors 
requires judgement. The result of impairment tests performed is highly dependent  
on the assumptions made by the executive directors when determining future cash 
flows and the parameters for the discount rates used, and is therefore subject to 
considerable uncertainty. Against this background and due to the complexity of the 
valuation method applied, as well as the material significance of property, plant and 
equipment, this matter was particularly relevant in the context of our audit.
356
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
Independent  
auditor’s report
5
Responsibility statement
6
Further information

In the notes to the consolidated financial statements, the executive directors’ 
disclosures on provisions are included in note “(22) Provisions” of the “Notes to the 
Balance Sheet” section.
b 	 As part of our audit, we first gained an understanding of the process for measuring 
the provisions and the accounting-related controls implemented in this process. In 
doing so, we verified the methodology used to perform the valuations in the 
calculation models applied, including the assumptions made and the data used, and 
assessed them in terms of their reasonableness. We assessed the design of identified 
controls that were relevant to our audit and determined whether they had been 
properly implemented. We compared the future payments used in the calculations 
with the projections and recultivation plans prepared by the executive directors and 
assessed their plausibility. For this purpose, we reviewed, and used within the scope of 
our audit, any relevant work of the external experts engaged by the executive directors 
that was used in the projections, taking into account our evaluation of these experts’ 
competence, capabilities and objectivity. We assessed the discount rates used as  
well as the escalation rates applied in the inflation of the expected future payments 
by, among other things, comparing them with general and industry-specific market 
expectations, and also checked the calculation models used for factual and 
mathematical accuracy. During our audit procedures, we received support from our 
internal valuation experts.
Finally, we verified that the disclosures in the notes to the consolidated financial 
statements were complete and accurate. 
3 	 Measurement of provisions for mining damage and provisions  
for nuclear waste management
a 	 In the consolidated financial statements of RWE Aktiengesellschaft as at 
31 December 2024, provisions for mining damage and provisions for nuclear waste 
management in the combined amount of mEUR 11,260 are recognised in the 
“Provisions” balance sheet item, representing about 11.4 % of total assets.
The provisions are measured at the settlement amount. They are determined by first 
calculating the expected future payments at reporting date prices and escalating them 
using expected price increase rates. They are then discounted to the reporting date. 
The expected future payments are based, among other things, on the recultivation 
plans for opencast mines and cost estimates made by the executive directors for the 
residual operation and dismantling of nuclear power plant facilities as well as waste 
treatment. As part of their calculations, the executive directors used, among other 
things, the work of external experts they engaged.
The result of the valuation of the provisions is highly dependent on the planning 
assumptions and estimates made by the executive directors regarding the amount 
and timing of the expected future payments, as well as the escalation and discount 
rates used in the calculation models, and is therefore subject to significant uncertainty. 
Against this background and due to the complexity of the valuation method applied, 
as well as the material significance of the provisions for mining damage and nuclear 
waste management, this matter was particularly relevant in the context of our audit.
357
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
Independent  
auditor’s report
5
Responsibility statement
6
Further information

In connection with our audit, our responsibility is to read the other information identified 
above and, in doing so, to consider whether the other information
•	 is materially inconsistent with the consolidated financial statements, with the audited 
content of the disclosures in the combined management report or our knowledge 
obtained in the audit, or
•	 otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material 
misstatement of this other information, we are required to report that fact. We have 
nothing to report in this regard. 
Responsibilities of the Executive Directors and the Supervisory Board for the 
Consolidated Financial Statements and the Combined Management Report
The executive directors are responsible for the preparation of the consolidated financial 
statements that comply, in all material respects, with IFRS Accounting Standards as 
adopted by the EU and the additional requirements of German commercial law pursuant 
to Section 315e (1) HGB, and that the consolidated financial statements, in compliance 
with these requirements, give a true and fair view of the assets, liabilities, financial position 
and financial performance of the Group. In addition, the executive directors are responsible 
for such internal control as they have determined necessary to enable the preparation of 
consolidated financial statements that are free from material misstatement, whether due 
to fraud (i. e. fraudulent financial reporting and misappropriation of assets) or error.
Other Information
The executive directors and / or the supervisory board are responsible for the other 
information. The other information comprises:
•	 the report of the supervisory board, which is expected to be presented to us after the 
date of the auditor’s report,
•	 the group sustainability report, which includes the disclosures of the non-financial 
statement pursuant to Section 289b to 289e as well as 315b and 315c HGB, 
•	 the corporate governance statement,
•	 the passages extraneous to combined management reports and disclosures in the 
combined management report that are marked as unaudited, 
•	 the executive directors’ confirmations pursuant to Section 297 (2) sentence 4 and  
315 (1) sentence 5 HGB regarding the consolidated financial statements and the 
combined management report, and
•	 all other parts of the annual report, which are expected to be presented to us after the 
date of the auditor’s report,
•	 but not the consolidated financial statements, not the audited content of the disclosures 
in the combined management report and not our auditor’s report thereon. 
The supervisory board is responsible for the report of the supervisory board. The executive 
directors and the supervisory board are responsible for the statement according to 
Section 161 German Stock Corporation Act (AktG) concerning the German Corporate 
Governance Code, which is part of the corporate governance statement. Otherwise the 
executive directors are responsible for the other information.
Our audit opinions on the consolidated financial statements and on the combined 
management report do not cover the other information, and consequently we do not 
express an audit opinion or any other form of assurance conclusion thereon.
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To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
Independent  
auditor’s report
5
Responsibility statement
6
Further information

future development, as well as to issue an auditor’s report that includes our audit opinions 
on the consolidated financial statements and on the combined management report.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit 
conducted in accordance with Section 317 HGB and the EU Audit Regulation and in 
compliance with German Generally Accepted Standards for Financial Statement Audits 
promulgated by the Institut der Wirtschaftsprüfer (IDW) and in supplementary compliance 
with the ISA will always detect a material misstatement. Misstatements can arise from 
fraud or error and are considered material if, individually or in the aggregate, they could 
reasonably be expected to influence the economic decisions of users taken on the basis of 
these consolidated financial statements and this combined management report.
We exercise professional judgement and maintain professional scepticism throughout  
the audit. We also
•	 identify and assess the risks of material misstatement of the consolidated financial 
statements and of the combined management report, whether due to fraud or error, 
design and perform audit procedures responsive to those risks, and obtain audit 
evidence that is sufficient and appropriate to provide a basis for our audit opinions.  
The risk of not detecting a material misstatement resulting from fraud is higher than  
the risk of not detecting a material misstatement resulting from error, as fraud may 
involve collusion, forgery, intentional omissions, misrepresentations, or the override of 
internal control.
•	 obtain an understanding of internal control relevant to the audit of the consolidated 
financial statements and of arrangements and measures relevant to the audit of the 
combined management report in order to design audit procedures that are appropriate 
in the circumstances, but not for the purpose of expressing an audit opinion on the 
effectiveness of internal control or these arrangements and measures of the Group.
In preparing the consolidated financial statements, the executive directors are responsible 
for assessing the Group’s ability to continue as a going concern. They also have the 
responsibility for disclosing, as applicable, matters related to going concern. In addition, 
they are responsible for financial reporting based on the going concern basis of accounting 
unless there is an intention to liquidate the Group or to cease operations, or there is no 
realistic alternative but to do so.
Furthermore, the executive directors are responsible for the preparation of the combined 
management report that as a whole provides an appropriate view of the Group’s position 
and is, in all material respects, consistent with the consolidated financial statements, 
complies with German legal requirements, and appropriately presents the opportunities 
and risks of future development. In addition, the executive directors are responsible for 
such arrangements and measures (systems) as they have considered necessary to enable 
the preparation of a combined management report that is in accordance with the 
applicable German legal requirements, and to be able to provide sufficient appropriate 
evidence for the assertions in the combined management report.
The supervisory board is responsible for overseeing the Group’s financial reporting  
process for the preparation of the consolidated financial statements and of the combined 
management report. 
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements 
and of the Combined Management Report
Our objectives are to obtain reasonable assurance about whether the consolidated 
financial statements as a whole are free from material misstatement, whether due to 
fraud or error, and whether the combined management report as a whole provides an 
appropriate view of the Group’s position and, in all material respects, is consistent with the 
consolidated financial statements and the knowledge obtained in the audit, complies with 
the German legal requirements and appropriately presents the opportunities and risks of 
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To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
Independent  
auditor’s report
5
Responsibility statement
6
Further information

•	 evaluate the consistency of the combined management report with the consolidated 
financial statements, its conformity with German law, and the view of the Group’s 
position it provides.
•	 perform audit procedures on the prospective information presented by the executive 
directors in the combined management report. On the basis of sufficient appropriate 
audit evidence we evaluate, in particular, the significant assumptions used by the 
executive directors as a basis for the prospective information, and evaluate the proper 
derivation of the prospective information from these assumptions. We do not express a 
separate audit opinion on the prospective information and on the assumptions used as 
a basis. There is a substantial unavoidable risk that future events will differ materially 
from the prospective information.
We communicate with those charged with governance regarding, among other matters, 
the planned scope and timing of the audit and significant audit findings, including any 
significant deficiencies in internal control that we identify during our audit.
We provide those charged with governance with a statement that we have complied with 
the relevant independence requirements, and communicate with them all relationships 
and other matters that may reasonably be thought to bear on our independence, and 
where applicable, the actions taken or safeguards applied to eliminate independence 
threats.
From the matters communicated with those charged with governance, we determine 
those matters that were of most significance in the audit of the consolidated financial 
statements for the current period and are therefore the key audit matters. We describe 
these matters in the auditor’s report unless law or regulation precludes public disclosure 
about the matter.
•	 evaluate the appropriateness of accounting policies used by the executive directors and 
the reasonableness of estimates made by the executive directors and related 
disclosures.
•	 conclude on the appropriateness of the executive directors’ use of the going concern 
basis of accounting and, based on the audit evidence obtained, whether a material 
uncertainty exists related to events or conditions that may cast significant doubt on the 
Group’s ability to continue as a going concern. If we conclude that a material uncertainty 
exists, we are required to draw attention in the auditor’s report to the related disclosures 
in the consolidated financial statements and in the combined management report or, if 
such disclosures are inadequate, to modify our respective audit opinions. Our conclusions 
are based on the audit evidence obtained up to the date of our auditor’s report. However, 
future events or conditions may cause the Group to cease to be able to continue as a 
going concern.
•	 evaluate the overall presentation, structure and content of the consolidated financial 
statements, including the disclosures, and whether the consolidated financial statements 
present the underlying transactions and events in a manner that the consolidated 
financial statements give a true and fair view of the assets, liabilities, financial position 
and financial performance of the Group in compliance with IFRS Accounting Standards 
as adopted by the EU and with the additional requirements of German commercial law 
pursuant to Section 315e (1) HGB.
•	 plan and perform the audit of the consolidated financial statements in order to obtain 
sufficient appropriate audit evidence regarding the financial information of the entities 
or of the business activities within the Group, which serves as a basis for forming audit 
opinions on the consolidated financial statements and on the combined management 
report. We are responsible for the direction, supervision and inspection of the audit 
procedures performed for the purposes of the group audit. We remain solely responsible 
for our audit opinions.
360
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
Independent  
auditor’s report
5
Responsibility statement
6
Further information

Basis for the Audit Opinion
We conducted our audit of the electronic reproductions of the consolidated financial 
statements and of the combined management report contained in the file identified 
above in accordance with Section 317 (3a) HGB and on the basis of the IDW Auditing 
Standard: Audit of the Electronic Reproductions of Financial Statements and Management 
Reports Prepared for Publication Purposes Pursuant to Section 317 (3a) HGB 
(IDW AuS 410 (06.2022)). Our responsibilities in this context are further described in the 
“Group Auditor’s Responsibilities for the Audit of the ESEF Documents” section. Our audit 
firm has applied the requirements of the IDW Quality Management Standards.
Responsibilities of the Executive Directors and the Supervisory Board  
for the ESEF Documents
The executive directors of the Parent are responsible for the preparation of the ESEF 
documents based on the electronic files of the consolidated financial statements and of 
the combined management report according to Section 328 (1) sentence 4 no. 1 HGB 
and for the tagging of the consolidated financial statements according to Section 328 (1) 
sentence 4 no. 2 HGB.
In addition, the executive directors of the Company are responsible for such internal control 
that they have considered necessary to enable the preparation of ESEF documents that 
are free from material intentional or unintentional non-compliance with the requirements 
for the electronic reporting format pursuant to Section 328 (1) HGB.
The supervisory board is responsible for overseeing the process for preparing the ESEF 
documents as part of the financial reporting process. 
OTHER LEGAL AND REGULATORY REQUIREMENTS
Report on the Audit of the Electronic Reproductions of the Consolidated Financial 
Statements and of the Combined Management Report Prepared for Publication 
Pursuant to Section 317 (3a) HGB
Audit Opinion
We have performed an audit in accordance with Section 317 (3a) HGB to obtain reasonable 
assurance whether the electronic reproductions of the consolidated financial statements 
and of the combined management report (hereinafter referred to as “ESEF documents”) 
prepared for publication, contained in the file, which has the SHA-256 value 
03060b03c76421c0f1f31a1ea8acfa298794346628c19c77202d710aaac367ba, 
meet, in all material respects, the requirements for the electronic reporting format 
pursuant to Section 328 (1) HGB (“ESEF format”). In accordance with the German legal 
requirements, this audit only covers the conversion of the information contained in the 
consolidated financial statements and the combined management report into the ESEF 
format, and therefore covers neither the information contained in these electronic 
reproductions nor any other information contained in the file identified above.
In our opinion, the electronic reproductions of the consolidated financial statements  
and of the combined management report prepared for publication contained in the file 
identified above meet, in all material respects, the requirements for the electronic 
reporting format pursuant to Section 328 (1) HGB. Beyond this audit opinion and our 
audit opinions on the accompanying consolidated financial statements and on the 
accompanying combined management report for the financial year from 1 January to 
31 December 2024 contained in the “Report on the Audit of the Consolidated Financial 
Statements and of the Combined Management Report” above, we do not express any 
assurance opinion on the information contained within these electronic reproductions  
or on any other information contained in the file identified above.
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Annual Report 2024
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
Independent  
auditor’s report
5
Responsibility statement
6
Further information

Further Information Pursuant to Article 10 of the EU Audit Regulation
We were elected as group auditor by the general meeting on 3 May 2024. We were 
engaged by the supervisory board on 3 May 2024. We have been the group auditor of 
RWE Aktiengesellschaft, Essen / Germany, since the financial year 2024.
We declare that the audit opinions expressed in this auditor’s report are consistent with the 
additional report to the audit committee pursuant to Article 11 of the EU Audit Regulation 
(long-form audit report).
In addition to the financial statement audit, we have provided to the audited Company or 
its controlled entities the following services that are not disclosed in the consolidated 
financial statements or in the combined management report: the audit of the group 
sustainability report and the audit of the remuneration report of RWE Aktiengesellschaft, 
Essen / Germany.
OTHER MATTER –  
USE OF THE AUDITOR’S REPORT
Our auditor’s report must always be read together with the audited consolidated financial 
statements and the audited combined management report as well as with the audited 
ESEF documents. The consolidated financial statements and the combined management 
report converted into the ESEF format – including the versions to be submitted for inclusion 
in the Company Register – are merely electronic reproductions of the audited consolidated 
financial statements and the audited combined management report and do not take their 
place. In particular, the ESEF report and our audit opinion contained therein are to be used 
solely together with the audited ESEF documents made available in electronic form.
Group Auditor’s Responsibilities for the Audit of the ESEF Documents
Our objective is to obtain reasonable assurance about whether the ESEF documents are 
free from material intentional or unintentional non-compliance with the requirements of 
Section 328 (1) HGB. We exercise professional judgement and maintain professional 
scepticism throughout the audit. We also
•	 identify and assess the risks of material intentional or unintentional non-compliance 
with the requirements of Section 328 (1) HGB, design and perform audit procedures 
responsive to those risks, and obtain audit evidence that is sufficient and appropriate  
to provide a basis for our audit opinion.
•	 obtain an understanding of internal control relevant to the audit on the ESEF documents 
in order to design audit procedures that are appropriate in the circumstances, but not 
for the purpose of expressing an assurance opinion on the effectiveness of these 
controls.
•	 evaluate the technical validity of the ESEF documents, i. e. whether the file containing the 
ESEF documents meets the requirements of the Delegated Regulation (EU) 2019 / 815, 
in the version in force at the reporting date, on the technical specification for this 
electronic file.
•	 evaluate whether the ESEF documents enable an XHTML reproduction with content 
equivalent to the audited consolidated financial statements and to the audited 
combined management report.
•	 evaluate whether the tagging of the ESEF documents with Inline XBRL technology 
(iXBRL) in accordance with the requirements of Articles 4 and 6 of the Delegated 
Regulation (EU) 2019 / 815, in the version in force at the reporting date, enables an 
appropriate and complete machine-readable XBRL copy of the XHTML reproduction. 
362
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
Independent  
auditor’s report
5
Responsibility statement
6
Further information

GERMAN PUBLIC AUDITOR RESPONSIBLE FOR THE ENGAGEMENT
The German Public Auditor responsible for the engagement is Dr Benedikt Brüggemann.
Düsseldorf / Germany, 28 February 2025
Deloitte GmbH
Wirtschaftsprüfungsgesellschaft
Signed:	
Signed: 
Martin C. Bornhofen	
Dr Benedikt Brüggemann
Wirtschaftsprüfer	
Wirtschaftsprüfer 
(German Public Auditor)	
(German Public Auditor)
363
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
Independent  
auditor’s report
5
Responsibility statement
6
Further information

4.2 Information on the auditor
RWE AG’s group financial statements for fiscal 2024 – consisting of the  
Group balance sheet, Group income statement, Group statement of comprehensive 
income, Group statement of changes in equity, Group cash flow statement and the  
Notes to the Group financial statements – were audited by Deloitte GmbH 
Wirtschaftsprüfungsgesellschaft. 
Dr Benedikt Brüggemann was the responsible auditor for RWE’s group financial 
statements. Dr Brüggemann took on this role for the first time.
364
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
Information  
on the auditor
5
Responsibility statement
6
Further information

Article 8 of Regulation (EU) 2020 / 852, Sections 289b to 289e, 315b and 315c HGB for 
a combined non-financial statement, and the specifying criteria presented by the 
executive directors of the Company. This assurance conclusion includes that nothing has 
come to our attention that causes us to believe 
•	 that the consolidated sustainability statement included in the accompanying Combined 
Sustainability Statement does not comply, in all material respects, with the European 
Sustainability Reporting Standards (ESRS), including that the process carried out by the 
entity to identify information to be included in the consolidated sustainability statement 
(the materiality assessment) is not, in all material respects, in accordance with the 
description set out in section “Double materiality analysis – methodology” of the 
consolidated sustainability statement, or
•	 that the disclosures in the Combined Sustainability Statement do not comply, in all 
material respects, with Article 8 of Regulation (EU) 2020 / 852.
In addition, based on the procedures performed and the evidence obtained, the 
disclosures subject to a reasonable assurance engagement comply, in all respects 
material to the Combined Sustainability Statement, with the related requirements of 
To RWE Aktiengesellschaft, Essen
ASSURANCE REPORT OF THE INDEPENDENT GERMAN PUBLIC AUDITOR 
ON AN ASSURANCE ENGAGEMENT TO OBTAIN LIMITED AND REASONABLE 
ASSURANCE IN RELATION TO THE COMBINED SUSTAINABILITY 
STATEMENT
Assurance Conclusion and Opinion
We have conducted a limited assurance engagement on the sustainability statement  
of RWE Aktiengesellschaft, Essen / Germany, combining the consolidated sustainability 
statement and the non-financial statement of the parent, included in section “Group 
Sustainability statement” of the combined management report for the parent and the 
group, (“the Combined Sustainability Statement”) for the financial year from 1 January to 
31 December 2024. In addition, we have performed a reasonable assurance engagement 
on the disclosures on the “proportion of capital expenditure to assets or processes 
associated with economic activities that qualify as environmentally sustainable under 
Article 3 and Article 9 of Regulation (EU) 2020 / 852” (Article 8 (2) b) of Regulation (EU) 
2020 / 852 (EU Taxonomy)) included in the Combined Sustainability Statement. The 
Combined Sustainability Statement was prepared to fulfil the requirements of Directive 
(EU) 2022 / 2464 of the European Parliament and of the Council of 14 December 2022 
(Corporate Sustainability Reporting Directive, CSRD) and Article 8 of Regulation (EU) 
2020 / 852 and Sections 289b to 289e, 315b and 315c German Commercial Code 
(HGB) for a combined non-financial statement.
Based on the procedures performed and the evidence obtained, nothing has come to our 
attention that causes us to believe that the Combined Sustainability Statement is not 
prepared, in all material respects, in accordance with the requirements of the CSRD and 
4.3 Assurance report in relation to the Group Sustainability Statement
365
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
Assurance report  
in relation to the Group 
Sustainability Statement
5
Responsibility statement
6
Further information

Responsibilities of the Executive Directors and the Supervisory Board for the 
Combined Sustainability Statement
The executive directors are responsible for the preparation of the Combined Sustainability 
Statement in accordance with the requirements of the CSRD and the applicable German 
legal and other European requirements as well as with the specifying criteria presented by 
the executive directors of the Company and for designing, implementing and maintaining 
such internal control as they have considered necessary to enable the preparation of a 
combined sustainability statement in accordance with these requirements that is free 
from material misstatement, whether due to fraud (i. e. fraudulent reporting in the 
Combined Sustainability Statement) or error. 
This responsibility of the executive directors includes establishing and maintaining the 
materiality assessment process, selecting and applying appropriate reporting policies for 
preparing the Combined Sustainability Statement as well as making assumptions and 
estimates and ascertaining forward-looking information for individual sustainability-
related disclosures.
The supervisory board is responsible for overseeing the process for the preparation of the 
Combined Sustainability Statement.
Inherent Limitations in Preparing the Combined Sustainability Statement
The CSRD and the applicable German legal and other European requirements contain 
wording and terms that are subject to considerable interpretation uncertainties and for 
which no authoritative comprehensive interpretations have yet been published. The 
executive directors have made interpretations of such wording and terms in the Combined 
Sustainability Statement. The executive directors are responsible for the reasonableness 
of these interpretations. As such wording and terms may be interpreted differently by 
Article 8 of Regulation (EU) 2020 / 852 and Sections 315b and 315c HGB for a 
consolidated non-financial statement, and the specifying criteria presented by the 
executive directors of the Company.
We do not express an assurance conclusion or assurance opinion on individual disclosures.
Basis for the Assurance Conclusion and Opinion
We conducted our assurance engagement in accordance with the International Standard 
on Assurance Engagements (ISAE) 3000 (Revised): “Assurance Engagements Other Than 
Audits or Reviews of Historical Financial Information”, issued by the International Auditing 
and Assurance Standards Board (IAASB). 
The procedures performed in a limited assurance engagement vary in nature and timing 
from, and are less in extent than for, a reasonable assurance engagement. Consequently, 
the level of assurance obtained is substantially lower than the assurance that would have 
been obtained had a reasonable assurance engagement been performed. 
Our responsibilities under ISAE 3000 (Revised) are further described in section  
“German Public Auditor’s Responsibilities for the Assurance Engagement on the  
Combined Sustainability Statement”.
We are independent of the entity in accordance with the requirements of European law 
and German commercial and professional law, and we have fulfilled our other German 
professional responsibilities in accordance with these requirements. Our audit firm has 
applied the requirements of the IDW Quality Management Standards. We believe that  
the evidence we have obtained is sufficient and appropriate to provide a basis for our 
assurance conclusion and opinion.
366
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
Assurance report  
in relation to the Group 
Sustainability Statement
5
Responsibility statement
6
Further information

•	 obtain an understanding of the process used to prepare the Combined Sustainability 
Statement, including the materiality assessment process carried out by the entity to 
identify the disclosures to be reported in the Combined Sustainability Statement.  
In respect of the disclosures subject to a reasonable assurance engagement, we also 
obtain an understanding of the controls that are relevant for preparing these 
disclosures. 
•	 identify disclosures where a material misstatement due to fraud or error is likely to  
arise, design and perform procedures to address these disclosures and obtain limited 
assurance to support the assurance conclusion. In respect of the disclosures subject  
to a reasonable assurance engagement, we identify and assess the risks of material 
misstatement due to fraud or error, and design and perform procedures to address 
these risks and obtain reasonable assurance for our assurance opinion. The risk of not 
detecting a material misstatement resulting from fraud is higher than the risk of not 
detecting a material misstatement resulting from error, as fraud may involve collusion, 
forgery, intentional omissions, misrepresentations or the override of internal control. In 
addition, the risk of not detecting a material misstatement in information obtained from 
sources not within the entity’s control (value chain information) is ordinarily higher than 
the risk of not detecting a material misstatement in information obtained from sources 
within the entity’s control, as both the entity’s executive directors and we as practitioners 
are ordinarily subject to restrictions on direct access to the sources of the value chain 
information. 
regulators or courts, the legality of measurements or evaluations of the sustainability 
matters based on these interpretations is uncertain. The quantification of non-financial 
performance indicators disclosed in the Combined Sustainability Statement is also subject 
to inherent uncertainties. 
These inherent limitations also affect the assurance engagement on the  
Combined Sustainability Statement.
German Public Auditor’s Responsibilities for the Assurance Engagement  
on the Combined Sustainability Statement
Our objective is to express a limited assurance conclusion based on the assurance 
engagement we have conducted, on whether any matters have come to our attention that 
cause us to believe that the Combined Sustainability Statement has not been prepared, in 
all material respects, in accordance with the CSRD, the applicable German legal and other 
European requirements and the specifying criteria presented by the executive directors of 
the Company.
In addition, our objective is to express a reasonable assurance opinion based on the 
assurance engagement we have conducted, on whether the concerned disclosures of the 
Combined Sustainability Statement are prepared, in all material respects, in accordance 
with Article 8 (2) b) of Regulation (EU) 2020 / 852 and the applicable German legal and 
other European requirements and the specifying criteria presented by the executive 
directors of the Company.
Furthermore, our objective is to issue an assurance report that includes our assurance 
conclusion and opinion on the Combined Sustainability Statement. 
As part of a limited and reasonable assurance engagement in accordance with ISAE 
3000 (Revised), we exercise professional judgement and maintain professional scepticism. 
We also
367
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
Assurance report  
in relation to the Group 
Sustainability Statement
5
Responsibility statement
6
Further information

directors have undertaken these estimates in accordance with the ESRS and assessing 
the reasonableness of these estimates, but does not include identifying information in 
the value chain that the executive directors were unable to obtain.
•	 performed analytical procedures or tests of details and made inquiries in relation to 
selected information in the Combined Sustainability Statement. 
•	 considered the presentation of the information in the Combined Sustainability 
Statement. 
•	 considered the process for identifying taxonomy-eligible and taxonomy-aligned 
economic activities and the corresponding disclosures in the Combined Sustainability 
Statement.
In performing our reasonable assurance engagement in relation to the disclosures on  
the “proportion of capital expenditure to assets or processes associated with economic 
activities that qualify as environmentally sustainable under Article 3 and Article 9 of 
Regulation (EU) 2020 / 852”, we also
•	 evaluated the concept and implementation of the systems and processes to determine, 
process and monitor the disclosures. 
•	 obtained an understanding of internal controls also for control activities and monitoring 
of internal controls.
•	 conducted a test of design and implementation for controls relevant to the assurance 
engagement.
•	 conducted a risk analysis and risk assessment.
•	 conducted substantive procedures.
•	 prepared analytical evaluations of data and trends of quantitative disclosures.
•	 consider the forward-looking information, including the appropriateness of the 
underlying assumptions. There is a substantial unavoidable risk that future events  
will differ materially from the forward-looking information.
Summary of the Procedures Performed by the German Public Auditor
A limited and reasonable assurance engagement involves the performance of procedures 
to obtain evidence about the sustainability information. The nature, timing and extent of 
the selected procedures are subject to our professional judgement.
In performing our limited assurance engagement, we 
•	 evaluated the suitability of the criteria as a whole presented by the executive directors  
in the Combined Sustainability Statement. 
•	 inquired of the executive directors and relevant employees involved in the preparation of 
the Combined Sustainability Statement about the preparation process, including the 
materiality assessment processes carried out by the entity to identify the disclosures to 
be reported in the Combined Sustainability Statement, and about the internal controls 
related to this process. 
•	 evaluated the reporting policies used by the executive directors to prepare the 
Combined Sustainability Statement. 
•	 evaluated the reasonableness of the estimates and related information provided by  
the executive directors. If, in accordance with the ESRS, the executive directors estimate 
the value chain information to be reported for a case in which the executive directors 
are unable to obtain the information from the value chain despite making reasonable 
efforts, our assurance engagement is limited to evaluating whether the executive 
368
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
Assurance report  
in relation to the Group 
Sustainability Statement
5
Responsibility statement
6
Further information

Restriction of Use
We issue this report as stipulated in the engagement letter agreed with the Company 
(including the “General Engagement Terms for Wirtschaftsprüferinnen, Wirtschaftsprüfer 
and Wirtschaftsprüfungsgesellschaften (German Public Auditors and Public Audit Firms)” 
dated 1 January 2024 of the Institut der Wirtschaftsprüfer (IDW)). We draw attention to 
the fact that the assurance engagement was conducted for the Company’s purposes and 
that the report is intended solely to inform the Company about the result of the assurance 
engagement. Consequently, it may not be suitable for any other than the aforementioned 
purpose. Accordingly, the report is not intended to be used by third parties as a basis for 
making (financial) decisions based on it. 
Our responsibility is to the Company alone. We do not accept any responsibility to third 
parties. Our assurance conclusion and opinion are not modified in this respect.
Düsseldorf / Germany, 28 February 2025
Deloitte GmbH
Wirtschaftsprüfungsgesellschaft
Signed:	
Signed: 
Martin C. Bornhofen	
Dr Benedikt Brüggemann
Wirtschaftsprüfer	
Wirtschaftsprüfer 
(German Public Auditor)	
(German Public Auditor)
369
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
Assurance report  
in relation to the Group 
Sustainability Statement
5
Responsibility statement
6
Further information

Responsibility statement
5

	
	
	
5 Responsibility statement
To the best of our knowledge, and in accordance with the applicable reporting principles, 
the consolidated financial statements give a true and fair view of the assets, liabilities, 
financial position and profit or loss of the Group, and the combined management report 
includes a fair review of the development and performance of the business and the 
position of the Group, together with a description of the principal opportunities and risks 
associated with the expected development of the Group.
Essen, 27 February 2025
The Executive Board
	
Krebber	
Müller	
van Doren
371
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information

Further information
6
6.1	
Five-year overview	
373
6.2	
Imprint	
374
6.3	
Financial calendar 2025 / 2026	
375

6.1 Five-year overview
Five-year overview of the RWE Group1
2024
2023
2022
2021
2020
External revenue (excluding natural gas tax / electricity tax)
€ million
24,224
28,521
38,415
24,571
13,688
Adjusted EBITDA
€ million
5,680
7,749
6,310
3,650
3,286
Adjusted EBIT
€ million
3,561
5,802
4,568
2,185
1,823
Income before tax
€ million
6,343
3,999
715
1,522
1,265
Net income / RWE AG shareholders’ share in income
€ million
5,135
1,515
2,717
721
1,051
Adjusted net income
€ million
2,322
4,098
3,253
1,554
1,257
Earnings per share
€
6.91
2.04
3.93
1.07
1.65
Adjusted net income per share
€
3.12
6.10
4.71
2.30
1.97
Cash flows from operating activities
€ million
6,620
4,223
2,406
7,274
4,125
Free cash flow
€ million
– 4,106
– 4,594
– 1,968
4,562
1,132
Non-current assets
€ million
63,418
55,881
42,299
38,863
34,418
Current assets
€ million
35,022
50,631
96,274
103,446
27,224
Balance sheet equity
€ million
33,623
33,604
29,304
16,996
17,706
Non-current liabilities
€ million
37,242
39,815
29,584
28,306
27,435
Current liabilities
€ million
27,575
33,093
79,685
97,007
16,501
Balance sheet total
€ million
98,440
106,512
138,573
142,309
61,642
Equity ratio
%
34.2
31.5
21.1
11.9
28.7
Net debt (–) / net cash (+)
€ million
– 11,177
– 6,587
1,630
360
– 4,432
Workforce at the end of the year2
20,985
20,135
18,310
18,246
19,498
CO2 emissions of our power stations
million metric tons
52.6
60.6
83.0
80.9
67.0
1  The comparability of some of the figures for various fiscal years is limited due to changes in reporting.
2  Converted to full-time equivalent.
373
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information
Five-year overview

Typesetting and production
wagneralliance Kommunikation GmbH, Offenbach am Main, Germany
Translation
Olu Taylor, Geretsried, Germany
Photography
André Laaks, Essen, Germany 
RWE media library
This document was published on 20 March 2025. It is a translation of the German annual 
report. The consolidated financial statements and the management report are also 
­published in the Commercial Register. These are the definitive versions. 
Forward-looking statements. This Annual Report contains statements regarding the 
future development of the RWE Group and its companies as well as economic and political 
developments. These statements are assessments that we have made based on 
information available to us at the time this document was prepared. Despite this, actual 
developments can deviate from our expectations, for instance, if underlying assumptions 
do not materialise or unforeseen risks arise. Therefore, we cannot assume responsibility 
for the correctness of forward-looking statements.
6.2 Imprint	
RWE Aktiengesellschaft
RWE Platz 1
45141 Essen
Germany
Phone	
+49 201 5179-0
Fax	
+49 201 5179-5299
E-mail	
contact@rwe.com
Investor Relations
Phone	
+49 201 5179-3557
Internet	 www.rwe.com/en/ir
E-mail	
invest@rwe.com
Corporate Communications
Phone	
+49 201 5179-5008 
E-mail	
communications@rwe.com 
For annual reports, interim reports, interim statements and further information on RWE, 
please visit us online at www.rwe.com/en.
RWE is a member of DIRK – the German Investor Relations Association.
374
RWE
Annual Report 2024
1
To our investors
2
Combined  
management report
3
Consolidated  
financial statements
4
Notes from the auditor
5
Responsibility statement
6
Further information
Imprint	

Financial calendar 2025 / 2026
30 April 2025
Annual General Meeting
02 May 2025
Ex-dividend date
06 May 2025
Dividend payment
15 May 2025
Interim statement on the first quarter of 2025
14 August 2025
Interim report on the first half of 2025
12 November 2025
Interim statement on the first three quarters of 2025
12 March 2026
Annual report for fiscal 2025
30 April 2026
Annual General Meeting
04 May 2026
Ex-dividend date
06 May 2026
Dividend payment
13 May 2026
Interim statement on the first quarter of 2026
13 August 2026
Interim report on the first half of 2026
11 November 2026
Interim statement on the first three quarters of 2026
The Annual General Meeting and all events concerning the publication of our financial reports are broadcast live 
online and recorded. We will keep recordings on our website for at least twelve months.