Peter Terium, the boss of Europe’s second-largest utility, RWE — which lost €2.76bn ($3.8bn) last year after a €2.5bn net profit in 2012 — describes the situation as “the valley of tears”.
“There is no gas power plant making money in [mainland] Europe,” explains E.ON board member Leonard Birnbaum. “[Margins] are such that the entire gas generation fleet is bringing tears to our eyes.”
The
