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RWE is latest European energy firm to cut back

RWE is latest European energy firm to cut back
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Germany´s second largest utility RWE has announced it will cut more jobs and reduce its capital spending in response to plunging wholesale power prices, a switch to renewable energy and weak demand in Europe.

It plans to cut 6,750 jobs between next year and 2016.

That means it will have laid off one in five of its workers since 2011.

The company also said it cannot rule out further job cuts after that and gave profit guidance for this year that was significantly lower than last year.

It is the latest in the European energy industry to warn of a deep crisis that will limit growth in the foreseeable future.