RWE Fires Up Hydrogen-Ready Turbine in Lingen as Barclays Lifts Target to €73
Published on 11/14/2026 at 18:01 | Editorial boerse-global.de
RWE has switched on a hydrogen-capable gas turbine at its Lingen site, giving the German utility a live testing ground for one of the fuels central to its long-term generation strategy. The 34 MW unit, commissioned on 6 November with partner Kawasaki Heavy Industries, will spend the coming months in trial operation — including runs designed to test power generation on up to 100% hydrogen.
The turbine is not an isolated experiment. RWE has also announced the construction of three further hydrogen-ready power plants in Germany following a successful auction, extending a build-out that pairs conventional gas capacity with a pathway to cleaner fuel.
Italian storage and a British wind tie-up
On the deployment side, RWE began construction on Tuesday of its first battery storage facility in Italy. The Ragusa plant on Sicily will carry 62.5 MW of capacity, with commissioning targeted for the end of 2027.
The larger capital commitment sits offshore Britain. RWE and KKR completed their 50:50 joint venture for the Vanguard West and Vanguard East wind farms on Wednesday, alongside the non-recourse project financing for both. The two North Sea projects together account for roughly 2.8 GW of capacity, and the investment volume for the wind farms and their grid infrastructure comes to around ÂŁ12 billion. Offshore construction is scheduled to begin in early 2027, with full commissioning planned for 2030.
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Earnings beat and a raised outlook
Wednesday also brought the group's nine-month figures. Adjusted EBITDA for the first three quarters of 2026 reached €4.6 billion, up 35% from €3.4 billion a year earlier. RWE credited more favourable wind conditions, newly commissioned plants and a strong trading result for the increase.
Management confirmed its full-year guidance of €5.75 billion to €6.35 billion in adjusted EBITDA and said it expects to land at the upper end of that range. In energy trading, the company now projects adjusted EBITDA above its previous €100 million to €500 million band.
Berlin circles the Urenco stake
A possible disposal is taking shape on the portfolio front. According to Reuters, the German government plans to acquire the Urenco shares held by RWE and E.ON, with a budget line of up to €4 billion potentially earmarked for the purchase. A deal is not expected before mid-2027, Reuters reported on Monday.
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Analysts, meanwhile, are nudging their valuations higher. Barclays raised its price target on RWE from €72 to €73 on Thursday and reiterated its "Overweight" rating.
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