RWE earnings recovery lags peer E.ON

RWE earnings recovery lags peer E.ON
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German energy firm RWE did not do as well as its main rival E.ON in terms of profit growth in the first half of the year.

Announcing its results one day after E.ON, the second largest utility company said its earnings rose nine percent year-on-year to just over five billion euros.

That reflected a slower adjustment by RWE to Germany’s decision to shut its nuclear power stations.

European utilities faced with weak energy demand are slimming down after years of acquiring assets and piling up debt.

RWE also said as part of its efficiency and cost-cutting programmes — including a total of more than 10,000 job cuts — it will set up a European power generation company which will combine German, British and Dutch coal and gas-fired power stations.

The new entity will include all plants operated by German RWE Power, Germany’s biggest power producer, Britain’s RWE npower and Dutch Essent.

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