FRANKFURT, Aug 14 Reuters RWE, Germany39;s largest power producer, on Wednesday released higherthanexpected profits for the first half, supported by its fleet of gasfired power plants that beat earnings expectations.

Firsthalf adjusted core profit EBITDA fell 30 to 2.9 billion euros 3.2 billion, beating the 2.8 billion forecast in a poll provided by the company. Firsthalf adjusted net profit fell 43 to 1.36 billion euros, also higher than the 1.28 billion poll.

The group confirmed its 2024 outlook, expecting to reach the lower end of a 5.2 billion to 5.8 billion euro target range for adjusted EBITDA.

Guidance now looks more conservative after betterthanexpected H124 report. This should help shares today, said a Frankfurtbased trader.

The beat was mainly driven by higherthanexpected profits at RWE39;s flexible generation division, which comprises its gasfired power plants and which posted adjusted EBITDA of 1.014 billion euros, compared with the 938 million poll.

1 0.9100 euros

Reporting by Christoph Steitz, Editing by Miranda Murray

Source Reuters